🔻5 DONT’S for cryptocurrency trading 🔻
1️⃣ Don't overinvest
One of the first rules of any kind of trading is not to invest more than you can afford to lose. Instead of putting the majority of your savings onto a trading platform, start with a small percentage - perhaps maximum of 10%. This should allow you enough money to play around with, but not so much that you will spend years playing catchup if you make a wrong move.
2️⃣ Don't put all your eggs in one basket
While some coins fall, others may rise, so by spreading your resources to a few coins that you think are good, you can improve your chances of success through smart trading.
3️⃣ Don't make any sudden moves
Trading with emotion is by far the worst thing you can do. FOMO can be a real money killer, especially when you see a coin rising fast and quickly buy in only to fall victim to a dump while your back's turned a few minutes later. The same applies to selling a coin prematurely because you've given up on it, only to find that it regains some value further down the line. The bottom line: DON'T PANIC.
4️⃣ Don't freak out
In such a volatile market, it's easy to make mistakes, even if you've followed all the above advice and then some. It's also easy to lose money without making any mistakes at all due to the unpredictability that is often a hallmark of cryptocurrency. Unless you've overinvested (which, really guys, that was rule #1!) any losses you incur shouldn't be life-altering - rather view each one as a lesson in what not to do next time. Keep calm and carry on!
5️⃣ Don't believe the hype
A far more useful strategy is to follow your own judgement, objective information, and do some good research to decide on the best time to buy or sell.
