I know, I know. You have heard this for the millionth time but I’m here to rub it in a little bit. Not too much. Perhaps this will cement the discipline needed for you to be a successful trader. It doesn’t matter the route because all market participants are keen on making above normal ROI.
No doubt, the route is bumpy, volatile and risky. But if it wasn’t risky then there would be no profit and that will be boring, even for you. Because it is November—just like last year, the crypto market is ready to erupt and traders and investors of all caliber realign their crypto portfolio ready to make money. However, I want you to be different. Remember, a wrong move and all your rewards will be gone.
As you to search for entries, this is what you should do:
Have a Good Working Strategy
The precipitous rise of crypto did create millionaires who got in early. And with the human propensity of following advice from people whom they think are successful, many have had their accounts wiped clean. Don’t be this kind of an investor who sinks their money in pumps and the latest FUD without confirmation. Instead, have a good trading strategy clearly stating what you are willing to risk, entry and exit strategy, investment time frame and most importantly, the time you are willing to experiment before submerging yourself deep in crypto.
Many novice traders think the crypto is a one-way ticket to millions. Well, it isn’t. In fact, the street is littered with broken dreams and negative trade accounts. Like every business, the market tends to reward skillful traders. That is why starting out small will allow you to sharpen your skills while allowing you to maneuver around as you make mistakes. Mistakes are inevitable in any form of trading. As the market recovers, you may be tempted to sink in all your money and this is what I highly discourage. Take your time, grow your initial capital and after sometimes, your skills will allow you to expand as you grow more confident.
Do Your Own Research
Unlike traditional markets, the hype element can spawn Fear, Uncertainty, and Doubt (FUD) and Fear of Missing Out (FOMO). The later was the cause of last years unprecedented rise while the former did crash the market in 2018. As you can see, hype—unconfirmed hype, is a double edge sword. More like margin trading but you can tame it. Place the hype element under control by first realizing that there are no seers in the market. Learn to have your own opinion because if you don’t then you will be relying on the guesses of other market participants. Once you master the skill of doing your own research and becoming an early adopter, then you won’t go wrong. In fact, getting it right by discovering on your own shaping blockchain projects is very lucrative. What I recommend is taking your time, investing in yourself and begin discovering this essential skill and you won’t go wrong.