Today’s we are talking about the To 8 Effective tips to get guaranteed profits in crypto market so lets get started.
• Research on Crypto
When you buy any crypto from crypto market then the profit comes from that crypto is yours and the loss comes from that crypto is also yours, you can’t blame anyone for loss you got from that crypto. So always keep in mind don’t buy any crypto because of someone told you to buy that crypto. First research on that crypto, keep eye on what project they are making with this crypto, project really worth that value, team behind that project, there roadmap and read their white paper and then decide whether you want to be invest in that crypto or not.
• Don’t Store Your Fund into One Crypto or Exchange
Some of the new investors buys only one crypto and thinks that they will get high profit from that specific crypto. they don’t think about that if this crypto dumped then they gets huge loss from that crypto and in future if they need money for any emergency then they have to sell it with loss and if they want to buy another crypto then they can’t buy because of their fund is stuck into that crypto so always divide your fund into different cryptocurrencies and make a nice portfolio because If one crypto in loss then another will recover that loss with profit.
One more thing I want to tell you that if you are storing your all crypto in one exchange and if that exchange got hacked or some bugs found in there exchange then you may lose your entire fund so for preventing that you should always store your funds in different exchanges.
• Use StopLoss
If you believe in crypto which you buy in and thinks that this crypto is having better potential and future, and you will get nice profit from that crypto then trust me, because of any reason big project with high potential may also fail in such a crypto market so always use stop loss to prevent from such a huge loss. When stop loss trigger the price then you may lose small percentage of money but it is better to having small loss than big one.
• Don’t FOMO.
When a specific crypto already raised to its peak only because of its hype and you thinks that it can rise more from that peak and you have fear that you will miss that profit and you buy it without thinking if this crypto will dump then you will be at huge loss known as FOMO (Fear Of Missing Out).
There is high chance of losing in FOMO than making profit so always do not buy any crypto with FOMO.If you already miss that rise then don’t get into it there are lots of opportunities you will get in crypto market.
• Understand Volatile Market
We all know that crypto market is highly volatile market than other market where any crypto can be pump at any time and dump at any time so whenever you invest into crypto then prepare for this volatility in market and find those coins who having low volatility than others like bicoin, ethereum, neo, nano, binance and so on which gives you low loss than other.
• Knowledge about Technical Analysis
There are so many indicators which prove that technical analysis is working in crypto market. So it is better to having knowledge about technical analysis which can help you to get small profits in short term. The effective indicators which are most probably used in crypto are Moving Average, Bollinger Band, RSI, Fibonacci retracement to get short term position in cryptocurrency. The technical analysis may not always true so always use stoploss to prevent losses.
• Don’t be Greedy
One thing that always keeps in your mind is you are not actually gets profit or loss, until you are not selling your coins. If you buy crypto and it gives you profit then don’t be greedy just sell this at that time because if that coin dumps in future then you can’t get that profit and you may also get loss from that crypto. So before buying, always decide targets where you want to sell and when those targets reached then sell it.
• Stop Looking at Portfolio Daily
If you daily look at your portfolio then you may get stress from that and that can be affects on your health. Also there is more chance of losing money in crypto market from daily looking at portfolio because of volatility in crypto market you may panic and sell your coins and if you are looking with long term perspective then you may get profit from that crypto.
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