How To Stop Losing Money In Crypto

By Bigcrypt | BigcryptNFT | 12 Jan 2022

Please note that contents in my articles are not financial advice hence do your research.

I once had a friend that I advised to start investing in cryptocurrencies. He took my advice and started seeing some profits. But when the dip came,he put all blame on me as though I controlled the market. He even went further to request that I pay up for the loses.
Following this incidence, I gave him some advice which has proven to be essential in making profit and I'm going to share it with you in this article.
Please take note of this advice and make sure to do your research.

*One of the most useful advice anyone can give you in cryptocurrency trading is to control your greed. It is already a fact that at a point,all crypto traders may become greedy and refuse to take profit or search for means to get into profit more rapidly. This isn't a healthy thing and all crypto traders should avoid if you're interested in making profits. It better to have a slow but progressive growth than searching for ways to attain a more rapid growth and end up loosing your money.
To do this, you should study how to mark tops in a bullish cycle and take some profits. Alternatively,you can keep increasing your stop loss to a support zone that is above your entry but this also means that you only set up such stop losses above your entry when you're already in profits. Or you can devote your time to monitor chart patterns at resistance level where you watching out for breakout or reversa patterns. You take profits when you notice a reversal pattern but you keep your trades open when you notice breakout patterns.
*Another way of ensuring that you're always in profits is using a good Dollar Cost Averaging (DCA) strategy.
Personally, I only apply DCA to new fundamentally strong coins that I'm willing to hold for long term investment.
Here, I mark strong demand zones on the chart and split my money into parts while buying dips only at these strong demand zones.
You might be wondering if that means that you have to keep your money in fiat. No, you can keep your money in stable coins like $USDC ,$USDT and a host of others while staking them for profits which are usually higher than interests paid by commercial banks.
If you find this article useful, don't forget to follow me on Twitter handle @usehidongesit_1 for more articles like this.
Also don't forget to to tip the author below. If you need guidance on any of these, you can private message me on my Twitter account.

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Crypto enthusiast, market analyst, NFT creator and a medical laboratory scientist. I'll give out top notch advice and guidance on all that concerns cryptocurrencies

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