Thirteen golden rules of a crypto-currency trader:
- Bitcoin – at the moment is the main crypto currency. Calculate profits, keep the crypt for any time (short or long term) only in bitcoin. In your working portfolio, it should be at least 60%. Leave the crypt “unattended” only in bitcoin, not even in a fiat currency (dollar, euro, or tree).
- Never store bitcoins that are not in “work” on exchanges (it’s not safe, and not a bank). Exchange only for working crypto currency.
- Never store bitcoins on the Internet, in Mobile, in Hardware purses, etc. Keep bitcoins in your local wallet. With reliable copies on removable media.
- The market for crypto-currency “nobody” is not regulated. There is no insurance in it. Making translations, do it only at your own peril and risk.
- Never create a warrant on the market for all cash, have a stock in bitcoin, in order to pay off in case of a fall.
- Do not create 10 -15 orders (optimally 2-5), the market of crypto-currencies is very volatile, even in time predicted to react quickly and own a situation with such a number of orders without loss, but the possibility of critical errors increases.
- Do not drive on sharp jumps of currency on 40% and more within 1 – 12 hours. Sharp currency surges are pamp. And the higher it is, the lower the currency will then fall. If you do not have time to buy a crypto currency before the start of the upgrade and it has already risen more than 10%, then do not climb, “cool down” and “put” on this crypto currency. There is another option, wait, when it, after the peak of take-off, begins to fall and buy when it falls by about 50% of this last rise, but not fact, the crypt itself can not behave in general inadequately.
- Analyze the market of crypto currency at different time intervals, starting from 5 hours, then 24 hours, 4 days, and 15 days. Analyze the bitcoin market at these same intervals and compare how they depend.
- No margin! Yes, the market for crypto currency is very volatile so far, but it is not only unpredictable, but it is not subject to stock market analysis. My opinion is that the bitcoin market is the most controlled exchange market. The market for other currencies is much less controlled, it depends very much on the bitcoin market. And the algorithm of the bitcoin market is defined or determined by a narrow circle of people, it is easier to win the lottery than to predict their chain of manners.
- Win your emotions!
- Greed with trading is not compatible. It’s better to get a small profit than to stay with missed opportunities. A trader is a profession. And he does the work, but does not play.
- Think about it! At the exchange, all traders think like you and act like you. If you decided to do it this time, not like a crowd, but vice versa. You were mistaken, the crowd also thought this time and did exactly the same as you are the other way around.
If, you are a novice trader, do not bring the last means to the stock exchange, do not “play” on the latter.