Every day there is a person who, tired of the routine, decides to become a trader. Many people think that the cryptocurrency market is a very easy niche for beginners. And this is the first and most important mistake that leads to failure.
Interest in cryptocurrencies has grown considerably recently. This is due both to the fact that people are beginning to realize the importance and prospects of blockchain technology, and to the fact that many people want to make money from the rapidly growing rates of cryptocurrencies.
This article gives the basic aspects of crypto trading in the form of a brief instruction.
Usually, there are three main types of trading — short-term, medium-term and long-term. In the cryptocurrency industry, there are only two main types — short-term and long-term. Mid-term traders here are quite difficult to distinguish.
What does short-term work imply? It is trading cryptocurrencies on a small time distance with the aim of getting a quick profit.
Given the high volatility, some cryptocurrencies can earn more in a month than some conventional assets in a year.
As for investments, they are usually made over the long term. A trader can buy a particular coin and hold it for 6 months, a year or longer. The ultimate goal of such investments is to profit from the difference in quotations, but only on a larger scale.
Step 1: Decide on the type of trade
After the user has become a client of the exchange, it is possible to start trading. There are several variants — to begin at once, relying on intuition and advice of analysts, or to be trained in technical analysis, to learn more about the psychology of trading and then, fully prepared to make the first steps in the maвалвытаывтаывлдатылдваы вьадлывтаы test !!!!!!!!!!!
The first option is a good one in its own way as it allows you to start trading almost immediately. But there are great risks of losing capital.
The thing is that it is rather difficult to predict the market fluctuations. And if you don’t have the proper knowledge you can only do it at random with minimal chances for success. Though it is unlikely you will want to play roulette with your own money.