🚦Here is a list of tips and advice to succeed in cryptocurrency trading:
1️⃣ Learn about Bitcoin and blockchain technology
2️⃣ Learn technical analysis and use candlesticks – You need to learn technical analysis and use candlestick charts because it contains much more information than line diagrams.
3️⃣ Use a trading journal – Write down all your orders, check your statistics and evaluate your trading strategies.
4️⃣ Learn from your mistakes – All traders make mistakes, but it’s better to make mistakes in the beginning when your capital is less. Learn from your mistakes, you paid for them.
5️⃣ Don’t risk too much in the beginning – Start slowly but surely and improve your trading every day.
6️⃣ Have achievable goals with a reasonable time horizon – Many who start trading have too high expectations.
7️⃣ Protect profits and limit losses – A tip is to start with lock-in winnings and always use a stop loss. You need to be consistent as a trader.
8️⃣ Learn the correlation between cryptocurrencies – There are clear correlations between Bitcoin and different cryptocurrencies. This can give you an advantage when trading cryptocurrency.
Have a nice day (evening), and happy trading.
THANKS
