Rules of success written with blood: Yes, yes, you read that right, that’s how any soldier fighting for cryptocurrency should see it. While we don’t face the risk of losing lives, the risk of losing your precious Bitcoins by making trading mistakes is certainly not fun. Make a visit to https://elitetrading.de/trading-software/bitcoin-revolution-review/ for the best results here.
Bitcoins and altcoin
So how can we avoid these mistakes in our trading? How to stay in the green as often as possible? First of all, it is important to note that to negotiate properly, you need one hundred percent attention and concentration. Second, trading is not for everyone. What you can call rules, are the basis of any business in the world of cryptocurrency, a blood pact towards yourself. However, it is still difficult to apply them in real-time. After all, we are not rational all the time.
Have a reason before making any transaction:
Start a transaction only when you know why you are starting and have a clear strategy for what to do next. The altcoin market is led by large predators yes, the same ones who are responsible for building huge blocks of hundreds of Bitcoins on the order book. These predators are patiently waiting for innocent little prey like us to make mistakes. Even with the intention of trading days, it is sometimes better not to make money and do nothing. The prey will be trapped in all cases otherwise. In our experience, there are days when you don’t have to negotiate to keep your profits.
Define your goal and threshold before transactions:
For each transaction, you must set a goal in terms of gains, more importantly, a loss threshold to minimize losses. A loss threshold is a level from which the transaction will be blocked. Again, it is important to consider a number of factors when choosing a loss threshold correctly. Most traders fail when they fall in love with currency and its features itself. They can say, “Now it’s going to roll, and I’m going to get out of this business with minimal losses.” They let their ego take control of them and unlike the traditional stock market where daily fluctuations of 2-3% are considered extreme, crypto transactions are much riskier: some traders told us that they saw dumping of 80% in a few hours. And nobody wants to be the one collecting the crumbs.
The fear of missing out:
Indeed, it’s not really fun to see such situations from the outside when the speculative bubble inflates as with huge double-digit gains in a few minutes it can be right away the madness. This beautiful green light seems to speak to you: “You are the only one who does not hold me in your arms”. At this precise moment, you will notice that unscrupulous people flood the forums on the cryptocurrency and troll the exchange platforms to speak about the new wave which breaks. But what are we going to do then? It is very simple, keep moving forward. Certainly, it is possible that many of them took advantage of the planned hike and that it can continue, but keep in mind that predators are only waiting for small buyers on their way to sell them the currency they bought at lower prices. These are now quite high and it is clear that the current money holders are only small prey. Needless to say, the next step is usually plenty of food.