3 Questions You Should Ask Yourself Before Trading CryptoCurrencies
1. What are my goals?
If you have NOT set a single goal in life then you have NOT achieved anything at all.
Goal setting allows you to establish checkpoints towards your success in trading. If you frequently correct yourself after evaluation of each small steps (short term goals) you become better and better towards achieving an overall goal (long term). Establish short term (days), medium term (months) and long term (years) goals that are SMART
S pecific
M easurable
A chievable
R ealistic
T ime-bound
2. How much can I afford to lose?
Going all-in to something that is not regulated and not insured is not smart at all. The opportunity is given but never be too complacent and always be secure with your investments. Two years ago I gave someone a seed fund (bitcoin) to kickstart her trading career. Few months after she said she sent complaints to the exchange saying she never received her withdrawal. I went on to help her and found out she made a lot of gains except, when she withdrew, she transferred ethereum (ETH) to a bitcoin address. Unlike banks where you can tell the banks you mis-spelled on your withdrawal forms, in the blockchain, transactions are immutable. Of course she ended up losing everything luckily it wasn't her retirement fund or her entire bankroll.
If you think you are threading on shallow waters, only invest an amount you can afford to lose.
3. How much time do I have?
Unlike the traditional stocks market, crypto-trading exchanges runs 24-hours, 7 days a week. Opportunities come and go anytime of the day and when you are not trading you need to keep up with the non-stop news and updates for your fundamental analysis. Time-management is paramount to your trading success. You don't need to be awake and be active 24-hours but make sure you choose the right time when to trade for optimal profit and when to do your research.
VOTE @precise for witness at https://steemit.com/~witnesses
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Kuya, i have heard of this acronym from my dad.
Maybe aside from cyberspace, I neef to start making my life outside from it.
@gailbelga it's very simple yet powerful tool for goal setting. have you set your goals yet :)
I had actually. Law school was top of my list but now it is marriage above law school kuya. Haha life.
Hahaha nice nice, invited ko ? have you check it with the acronym? 😅
YES AND TIME BOUND KAAYO. MANIGOM kog steem ug SBD ya para nay pambayad sa reception =)
kinsa ang SPECIFIC? hahaha ...grabe jud na nga steemit story ..sponsored by STEEM and SBD :)
Unsa ng kinsa ang specific ya hahaha
Thank you for the trading tips friendship! Keep them coming!!!!
😃 watch out for new posts , hinintay ko din season 2 ng ATC pero parang hindi na mag organize but i'll post "entries" anyway para sa friendships LOL
Yoohhoooo!!! Magpeprepare na ko for Season 2 ng ATC. :) Prepare na mag-abang sa mga posts mo. lol :)
Your post is very interesting and useful!
Hopefully the next post more interesting.
thank you, you can check out my other posts as well.
I am also a witness and if you want to support me VOTE @precise for witness at https://steemit.com/~witnesses
Gitanaw nz nuon nko if nBotar n ba tika
Ay human n diay
awww thanks kaayo :)
When bullish..should i sell all or just the invested amount? Or get the gains and left the original investment?
The goal is to save the gains to fiat.
i'd say, take out portions of the original investment every time you gain until all the capital is out (converted back to fiat). When you get your original investment back to fiat (ROI), you are essentially just trading using your gains. At this point you can then set another approach for example, if you gain 20%, you can convert 10% to fiat and 10% added back to your portfolio. Remember at this point you are only trading your gains - and this is essentially something you can afford to lose... you can even adopt a more risky strategy onwards.
U gonna post about those risky strategies😃😃😃
are you a risk taker lola ?
open minded din ?
Both low to high risk taker depends😂😂
this is really helpful for newbies who wants to try cryptocurrency. i started with trading just a month ago, i used the money i earned here to play with trading and i'm actually enjoying it already 😁
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this is an awesome post @precise. :) thank you for being helpful. Now these 3 questions lead me to another 100 questions. :D haha
you're welcome :) then let's answer those 100 questions...