Most of the crypto trading tips found on the internet are really useless one. They actually don’t work at all; if you follow those tips, it will spoil your valuable time only. So I wrote these ten crypto trading tips for absolute beginners with my ten years of experience in the crypto field. My kind advice is to follow anyone the tip at a time else it will make many confusions.
Trade only with your own knowledge
Before starting any trading process, you must understand the market very clearly. To do this, analyze the daily ups and downs of any coin and make a chart about it. Repeat this process until you get a clear knowledge of that coin. It takes more time to understand the market value of a coin, but once you did it, there will be no failure at all.
Trade what you see
As said earlier, analyzing the value chart is the most important one in trading. A value chart will show the positive and negativity of any coin. You have to spend some time in understanding these concepts very clearly else you will end up in losing your money. Without believing any third party persons, you have to trade with what you have seen through the value chart.
Don’t follow other traders concepts.
Don’t trust any traders around you because they want to earn money for themselves and not for you. So you have to make your trading decision by yourself with your guts, then only you will understand the market very precisely. No matter it makes profit or loss do the decision process yourself; that is my strong recommendation for you.
Note down your trading setups.
Once you understand the trading market, you will have many trading setups in your mind. Take note and write all those setups on it. Try one by one to check your understanding skill. Anyone of the setup will actually work for you. Mark that particular setup and study more about it and improve the strategies on it. At last, you will make good money with your own setup.
Study your trading mistakes
Even a professional trader also makes mistakes, so don’t believe yourself 100%. Always double the mistakes done by you, then only you can able to overcome it. It is one of the best practices that every trader must follow. If you can’t find an answer for your mistake means ask any industry experts help. Keep this work on your daily routine.
Learn to make profits
Profit is the only reason for your trading. So always keep that in your mind while doing the trading process. Profit may be of any percentage, but making that profit is the very hard one. At the starting stage, a 10% profit is also a good sign for your overall work. Periodically improves your strategy to increase the profit percentage.
Don’t trust the news.
All news is not a trusted one, so don’t believe it blindly always double-check the news source before believing them. Some big shots may play with this to make you fail, so don’t fall on this trap. Doing research is the only way to overcome this issue. My best advice is to Don’t read the news if you want to be professional in crypto trading.
Lose small amount
Sometimes losing amount also makes you stronger in hard times. So try to lose some small part of your money in trading. It will definitely help you to improve your trading knowledge to far better. In case if you lose a big amount, also don’t make you feel sad if you follow this method.
Don’t trade big
No matter if you are a fast learner or experienced one, don’t put all of your money in trading. Sometimes the market will never be expected, so always practice with small amounts and make profits. Always keep backup amount for yourself if you fail regularly.