SOME ATTRIBUTES TO CONSIDER TOWARDS CRYTOPCURRENCY WHEN NEW IN TO THE MARKET
My first advice to share is to do more research on the portfolio you hold or what cryptocurrency you would want to trade or invest in.
Trying to learn about your portfolio or the cryptocurrency you want to trade or invest in helps you to know about some factors that affect the trend of that particular cryptocurrency. You may get to know if short-term trading or long-term trading would be ideal to make you productive in your decisions. Some cryptocurrencies need a lot of knowledge required to handle them. If you have less knowledge about what you trade or invest in you might fetch yourself some losses. Even expert traders or investors learn more because sometimes their expectations or predictions go wrong. So I would advise you to do more research as a newbie.
Try to be patient with the market
Like I was told, holding on to the market will fetch you more. Sometimes we may lose but there's no ultimate advice I would rather give other than being patient. We must maintain our patience at all times when we see a crash or mooning in whatever ways it's not going well for you. There's this quote I came along whiles learning more about being patient by Benjamin Graham
"Holding assets for a few ours at a time is one of the best weapons ever invented for committing financial suicide."
Try not to track your portfolio and prices in short time frames if you tend to be a long term trader or investor. It is not really encouraging.
There would be crashed prices along
It feels very heartbreaking when there's a deep drop in price.
As a newbie, we start to wonder if we made a wrong decision. Mostly every trader or investor who buys a cryptocurrency hopes to see a surge or mooning in price to recover what they are losing. Sometimes this incident discourages beginners when they lose a lot. But we should consider the risk. There's a quote that says
"He who is not courageous enough to take risk will accomplish nothing in life".
Learning to deal with disappointments in the cryptocurrency market builds your level of confidence.
Cryptocurrency going is fun
Yeah when we predict and buy any cryptocurrency, we expect to see a rise in price because that's where we would gain profit. We sometimes feel we made the right decision when our expectations are met. But we should always keep in mind that nothing goes up forever in the cryptocurrency market, there would be a drop along the line. It's a market psychology we should never forget.
I hope this little suggestion would contribute in helping grow our knowledge and experience as a trader or investor with little knowledge.
Thank you.
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These are very sound advice for one to excel in the crypto market. Most times when we buy coin or token, we are eager and want a surge so we could sell off but it doesn't work that way. Patience is required.
Research is very important too. Updating our knowledge is essential because crypto world is versatile and dynamic. We should stay in touch and be current. Thanks for sharing these tips. 🙂
Aww you're welcome. Thank you very much @kemmyb
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