In crypto, there is a lot things that we need to remember , the different aspects of emotion you can encounter when a certain time or phenomenon happened. We all know that it may conclude in Bad And Good effect.
In Trading we can conclude that there is a good chance of getting a profit in an invested coin or worth coin, but there is also a risk about this kind of decision and may be turn into a kind of a scam. To make things right before investing in a project, always keep in mind that there are times that emotional will effects as and thats why there is some tips i've search.
Plan Making
This is like your statement of the problem in Cryptotrading. These are the question that is needed to be answered.
Do you have sufficient money to spend or invest on it.
Is it okay to for you to get to use money in this kind of business
What types of crypto business you'd like to take, is it Buy and Hold, or trade
Fear Of Losing money is the most emotional behavior that effects the crypto traders.
Research about your project you want to invest with.
Doing research about the project will surely keep you in step, looking about their whitepaper is the best thing to do. also ask yourself a question "Is this project worth"
Best Trading Exchange
There are two types of Exchange The Fiat Exchange which includes exchanging in Government Bill, paper bill etc . And the Cryptocurrency to Cryptocurrency exchange (C2C)
You should consider this one in an exchange platforms:
- How safe is the website and server? Secure exchanges are better.
- How is the liquidity? The higher the exchange’s volume, the better.
- What are the exchanges fees? The lower the better.
- How is the exchanges customer support?
- What trading pairs are available?
- How many different payment options does it have?
- Is the exchange beginner friendly?
Risk what you can only Risk
You need to know how far you can go and how much can you still spend in the projects you into with, just like the PLAN MAKING, you need to know what is your limit in investing and how much can you still afford
Limit Orders
Its much better to be secured in a certain way. If you know that there is a chance that the coin might drop its much better to use this kind of technique, i.e You buy a coin at $10 and you expect it that there is chance the coin might drop, you can default your account to sell the coin if the value of it hits $9.9
Sticking in Market Charts
We all know what is the effect of Market Chart, and we all know that the price of coin is not stable and sticking to market looking for something may effect you in both and bad effects. Yes there is a time that the value of coin will pump and a get a good profit but also there's a chance that the coin is also dropping and it may cause you an emotional effect in the risk you take that can conclude a panic selling.
Links:
https://hackernoon.com/6-ways-to-keep-your-emotions-under-control-when-trading-cryptocurrencies-1ca05f504cf0
https://www.bitpremier.com/best-exchanges )
In short buying crypto may effect our emotional behavior directly. we may feel happy that we will get profit about the project we invest with, but also there is a bad effect that may we encounter, chances that are coins may turn into a scam or just a shitcoin. Drop Down your Opinion. please don't be harsh on me, I'm still trying my best to do like this. I've also posted it in other forum so that i can spread my little knowledge about it.
;D ;D HAVE A NICE AND BLESSED DAY EVERYONE ;D ;D
In crypto, there is a lot things that we need to remember , the different aspects of emotion you can encounter when a certain time or phenomenon happened. We all know that it may conclude in Bad And Good effect.
In Trading we can conclude that there is a good chance of getting a profit in an invested coin or worth coin, but there is also a risk about this kind of decision and may be turn into a kind of a scam. To make things right before investing in a project, always keep in mind that there are times that emotional will effects as and thats why there is some tips i've search.
Plan Making
This is like your statement of the problem in Cryptotrading. These are the question that is needed to be answered.
Do you have sufficient money to spend or invest on it.
Is it okay to for you to get to use money in this kind of business
What types of crypto business you'd like to take, is it Buy and Hold, or trade
Fear Of Losing money is the most emotional behavior that effects the crypto traders.
Research about your project you want to invest with.
Doing research about the project will surely keep you in step, looking about their whitepaper is the best thing to do. also ask yourself a question "Is this project worth"
Best Trading Exchange
There are two types of Exchange The Fiat Exchange which includes exchanging in Government Bill, paper bill etc . And the Cryptocurrency to Cryptocurrency exchange (C2C)
You should consider this one in an exchange platforms:
- How safe is the website and server? Secure exchanges are better.
- How is the liquidity? The higher the exchange’s volume, the better.
- What are the exchanges fees? The lower the better.
- How is the exchanges customer support?
- What trading pairs are available?
- How many different payment options does it have?
- Is the exchange beginner friendly?
Risk what you can only Risk
You need to know how far you can go and how much can you still spend in the projects you into with, just like the PLAN MAKING, you need to know what is your limit in investing and how much can you still afford
Limit Orders
Its much better to be secured in a certain way. If you know that there is a chance that the coin might drop its much better to use this kind of technique, i.e You buy a coin at $10 and you expect it that there is chance the coin might drop, you can default your account to sell the coin if the value of it hits $9.9
Sticking in Market Charts
We all know what is the effect of Market Chart, and we all know that the price of coin is not stable and sticking to market looking for something may effect you in both and bad effects. Yes there is a time that the value of coin will pump and a get a good profit but also there's a chance that the coin is also dropping and it may cause you an emotional effect in the risk you take that can conclude a panic selling.
Links:
https://hackernoon.com/6-ways-to-keep-your-emotions-under-control-when-trading-cryptocurrencies-1ca05f504cf0
https://www.bitpremier.com/best-exchanges )
In short buying crypto may effect our emotional behavior directly. we may feel happy that we will get profit about the project we invest with, but also there is a bad effect that may we encounter, chances that are coins may turn into a scam or just a shitcoin. Drop Down your Opinion. please don't be harsh on me, I'm still trying my best to do like this. I've also posted it in other forum so that i can spread my little knowledge about it.
;D ;D HAVE A NICE AND BLESSED DAY EVERYONE ;D ;D
Thank you for this wonderful Ideas put together, I really appreciate this. I have learnt something good here.