2017 Bitcoin frenzy has spilled over into 2018, and people are going crazy about cryptocurrency. Have you heard of the number of new investors this year? Well, various reports put it at millions of investors. But how real is this euphoria? The market projections are very positive based on the 2017’s bitcoin bullish explosion. In fact, Bitcoin is the most discussed topic this year so far. Please check this article we did a while back about 5 Cryptocurrency Predictions 2018. Below are hacks to help investors make a kill from the current euphoria?
Just like any other industry, it’s all about how to position oneself in the industry. As it is in most markets, many are those who will lose with only a few smart one making millions with a lot of ease. By just learning the market forces and some common sense, it will be enough to make you a millionaire with minimal effort. Here are 3 hacks to perfect on;
Risk what You Can Afford
One glaring mistake that new traders make is investing with their emotions, rather than their brain. Are you getting in it because your friend and family are doing it? Or are you competing with your friends on volumes? Well, if this you, then you’ve probably started on a wrong foot. Only invest what you can afford to risk.
You also need to diversify your investments by buying in multiple currencies to avoid blowing your entire venture if one drops. ‘Imagine investing all your money in Bitcoin only for the prices to start falling…….. That’s how tricky it can get. You also need to research widely before opting for a currency. Research about the future of the cryptocurrency and its growing popularity. The market is also very fluid where a few seconds can change the entire market. You, therefore, need to be updated promptly about the new trend in the market.
Optimism is everything in this market. Don’t freak out if the currency starts dropping since you will end up making poor decisions. Develop a thick skin by being confident, resilient and be ready to take risks. Once get into the market, be prepared for lows and highs and learn how to navigate such situations. You should learn how to make right decisions within a short time.
I always say that such a market where fluidity is very high, the ‘fear of the known’ is a ruthless killer. It is something that you have to fight for you to survive in this industry. Otherwise, you will end up doing stupid stuff like selling or buying. It’s also highly recommended that you learn the use of Bitcoin bots such as CAT bot as an essential trading tool. This will help you trade smart.
Learn From your Mistakes
Last but not the least is learning from your mistakes. As the saying goes, only a fool does the same thing and expects different results. For starters, you’ll be making mistakes here and there, and that’s allowed. Making errors is not necessarily a bad thing for starters and even veterans. But learn and do not repeat them.
I strong advise traders to record their activities for easy retrieval. That’s an excellent way to better your skills and become a guru in trading cryptocurrency. There is nothing like perfection in cryptocurrency. Things keep changing so drastic that probabilities of making mistakes are very high. Avoid panic trading, making emotional decisions, and you are good to go. Also try as much as you can to automate your trading by using Bitcoin bots to avoid most of the stupid mistakes.