I think I am a relatively safe investor / trader. I test muddy waters, make a small margin, exit and am ready for my next trade. And I do it all over again and again on a daily basis. My aim is to be able to trade everyday but some weeks I can get in only about a trade a week, and that too is fine.
If you are a beginner, here are some of the things that you should know before you start trading in cryptos:
- Don’t invest all your savings in crypto coins - This is the first and most important rule in investing. Don’t put all your eggs in one basket. Having said that, take a small amount (that you would otherwise spend on shopping) and get started. So, there is no stress of losing all your money.
- Don’t invest your money in one crypto – No matter how large or how small your investment amount, pick a few crypto coins to invest in. Choose what you would like to invest in for the long term and the short term. Be realistic and do your research.
- Automate Buy and Sell – Create a buy order and always, always create a sell order once your buy order has been fulfilled, unless you want to hold the crypto for long term.
The cryptocurrency is a highly volatile market. You can get high yields of return or you can see your investment take a nose dive in to the deep. Choose your coins to invest in wisely.
Here are my favorite coins to trade in for the short term:
- BTC – Why Not. We all know the BTC is here is to stay.
- BUSD - For those days, when I am in no mood to pay attention. Well, I could rather stay away from the trade itself, but I would like to get in a trade every day that I can.
- LUNA – I am still waiting to fulfil a sell order created 2 days ago.
- XRP and Matic – Some days are a hit and some days a miss. And I might even wait a few days to fulfil an order.
I am not a financial advisor and do not promote any specific crypto currency.
I am merely writing my experiences and learnings.
You are advised to do your own research before investing in any crypto currency and on any platform.
