Do’s and Don’ts of Crypto Trading
DO’S
Manage your risks
Some people offering crypto trading tips might not have your best interests at heart. So don’t get stung making the same mistakes as others. Use stop loss orders to help minimize your losses when there are sell-offs
Set Prices
Setting prices when you are prepared to sell helps eliminate emotion in trading.
Read the news
Some traders are listening to the news and actively sharing breaking news e.g bitcoin price fluctuations can often be related to real-world events. You can always keep up with the latest trends using our news feed.
DON’TS
Buy coins in a panic
Low prices do not always represent bargains. Sometimes prices are low for a reason! Watch out for cryptocurrencies with falling user rates. Chasing gains when cryptocurrencies surge can leave you holding the bag
Put all of your eggs in one basket
It doesn’t pay to have too much invested in one single cryptocurrency. Or as they say: don’t put all your eggs in one basket. As with stocks and shares, spread your money out among different digital currencies. Diversifying your portfolio and gaining exposure to several coins is recommended.
Invest more than you can afford
Some of the more suspect trading platforms suggest you should maximize your money by betting as much as possible. This is a quick way to the poor house. The crypto markets are prone to flash crashes and it can take months to recover.
