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RE: ❓Answering Common Questions: What should I Know when I Start Trading Cryptocurrency? 💱
Ye and really really emphasize on not making emotional decisions. That's key point to trading and it's always so hard for me to stick to this rule.
I know I lost money learning that aspect to it. Funny how it's completely backwards from what you really want to do (most the time.)
And that's why I couldn't invest larger sums in crypto, at least now while this market is so unstable. I am checking coinmarketcap even now All The Time even with my small amount in crypto. If I had larger sum I wouldn't be able to sleep at night!
For me it helps that all the money I'm trading with came from Steemit post earnings. I will admit that I got lucky getting in at a great time and not even really knowing it.
I tried the short term trading, but reached my limit both on the stress and the time commitment of wanting to be at the computer all the time. For a long while now I've enjoyed holding for longer periods of time across a handful of coins. Periodically I cash some out after have fantastic gains, sometimes moving to other coins, more often my fiat bank, and I've recently gotten interested in potentially putting some into gold.
While I get how people view a drop in their holdings value as 'I lost money', I tend to keep the focus that I paid in nothing originally and/or what my total gains were from when I bought in. Takes a lot of the stress off me to make calm, rational decisions. (just like when I play poker, lol)
Oh it must help with stress if all you invest comes only from Steemit. Who knows, maybe I'll be able to say the same in a year or so ;) cheers!