What advise would you give someone who wants to go into crypto trading??
Img source : nano.do/mistaken-clot-parliament
To be honest, if you're still a beginner, don't take a shortcut by jumping into the world of crypto trading. There are a lot of risks and dangers that lurk your funds, and at any time you can lose most or even all of your investment.
Ok, let's start! There are some suggestions from me:
Don't use money that important for your life
The first thing you should note, and I emphasize carefully is never to use hot money that is used for your life expenses.
If you insist on using it, I guarantee you will FAILED 100%! before you get a dime profit.
Hot money will make your psychology chaotic !, and you will only risk bigger when you experience a loss.
So, what money can be risked?
is it savings? NOT !, once again not !, saving money is your guarantee money when you really need cash quickly.
Then what should I do?
Make a Plan!
Calculate your savings, maximize it first according to the needs of you and your family in the future. After that, if there is more money, you can risk it in crypto trading.
Indeed, there are many people who are instantly rich because they enter the world of crypto investment earlier. But not for now. Crypto market has found a more terrible price volatiity, and not only focused on UP TREND, but also DOWN TREND. This is even more dangerous than forex trading that I have done.
Diversify Your Crypto Portfolio
For this point, you can read a very good reference from here:
nano.do/lifetime-induce-foam
Portfolio distribution is very important to do. Proverb says :
"Don't put all of your eggs in one basketball" - Quoted.
It can be true, but it can also be wrong. The sure thing is, you must prepare yourself with all the risks first.
Watch News and Fundamental
If you have already entered the professional stage, you can analyze which Altcoins have the most chance to rise.
News like Hardfork, Regulation, Hacking, Airdrops, Adoption, etc.l, you can make the right reference for your trading.
Don't Play PUMP & DUMP
Indeed, newly released altcoins can provide hundreds or even thousands of percent of profits IF YOU ARE TRUE !, but what if you are wrong, and actually side with the DUMP ???
Never play fire that you can't control!
Make Crypto Trading a Side Job
Before you can really "LIVE" from your crypto trading activities, don't let you leave your main job. This can be a boomerang that can destroy your life briefly.
The burden of life will burden your psychology in trading, it is not good, and should be avoided.
Lastly, think wisely
There is no way to get rich quickly in this world, unless you have high level of luck and courage.
Trading is a dangerous activity. Even though it offers maximum ROI (Return of Investment), you have the same bad coin side.
Think wisely, risk what you can lose. Risk money that if you lose it, it will not have an impact on your lifestyle.