Experts in the field of Bitcoin, Litecoin, and other Digital Currencies were assembled to give their top ten tips for those starting off in the CryptoCurrency world. Those who want a winning edge need to pay close attention to the following ten rules.
1) Biased sources seem like a good idea, but they are not
They are nothing more than a stomping ground for pump and dump schemes. So it just merely fishing for traders who are novices. They post false rumors in hopes that suckers will fall for them. Your source information needs to come from a reliable, unbiased person in the trading world.
2) You should watch how much you spend and invest in digital currency, such as Bitcoin and Litecoin
We should not invest money you are afraid or cannot afford to lose, such as your child’s school fund or the rent. You should “plan for the worst and hope for the best” because nothing is going to be a guarantee.
3) Digital currency is not a “get-rich-quick scheme”
You should not treat it that way. Since you need to set realistic goals and stick to your plan.
4) You should never make a snap decision
You need to be proactive and not reactive. Sit back, do your homework, and learn. Do not panic when something falls in the market. It is the market. Something will always fall.
5) It does not matter how experienced you become in the market
You should never rely on guesswork and make an assumption. Follow the trends, because learn some helpful tips from other professionals and pay attention to the news. Digital currency is like anything else in life, you need to know what is going on, so you can prepare yourself.
6) Every investor makes mistakes, even the professional ones
The trick is to learn from your mistakes and apply it to your future strategies. Do not get too hung up on your mistakes because that will cost you.
“The definition of insanity is doing the same thing over and over, expecting different results each time”.
Pick yourself up by your bootstraps and keep moving on.
7) You need to pay attention to the charts in the digital currencies market more than anything else
You should never make a knee-jerk reaction based on a momentary fluctuation in the market because that is where you get into trouble.tradesprime You need to buy and sell based on a long-term approach.
8) You need to be passionate about your investments because
They will get mundane and boring. You need to believe in the principles and technology behind cryptocurrency and other forms of digital currencies.
9) Education has always been and will always be the key
The more you educate yourself, the better you will do. There are lots of resources available to use, so use them.
10) Have some fun with it
We cannot stress that enough. Some people take investing too seriously, hence leads to more stress in their lives. You need to chill out and just enjoy the process.