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The Washington Independent

A Summary Of Crypto Rules To Follow

A Summary Of Crypto Rules To Follow

If you could have the list of rules to follow when trading crypto, it would be so much easier for you to start investing in one of the riskiest investments in the world. But, how could you get the list when people say different things about trading?

Anita Barnes
CryptoFinance
Last updated: Dec 30, 2021 | Dec 27, 2021

Table of Contents

If you could have the list of rules to follow when trading crypto, it would be so much easier for you to start investing in one of the riskiest investments in the world. But, how could you get the list when people say different things about trading?

It's normal for people to say a lot of things about trading crypto. Remember that experiences are different per person. So, you will hear different things from different people. But, there's always a lesson you can learn from them.

And in this article, you will know the basic rules to follow in case you want to start your crypto trading journey.

Having Your Own Watchlist Is A Must

Keeping an eye on your watchlist on a daily or even multiple times daily basis can allow you to see whether any activity has taken place, but you will inevitably miss a breakout if you do this. Instead, you may choose to get an SMS notice once a certain price threshold is crossed.

Place stop orders in the market so that you may purchase (or sell) a coin automatically when the breakout starts if you don't want to miss even the initial minutes. As a result, there are a number of annoying fake breakouts, in which the price swiftly rises and then falls back to where it started from. If you're not careful, you might end up losing a lot of money in a matter of seconds. Setting alerts allows you to rapidly inspect the chart before making a trading decision.

cryptocurrency rules

Never Stare On The Screen All Day

Sitting in front of your trading screen hoping anything happens is a mistake. If you do this, your fingers will start to itch as a result. You'll perceive possibilities where none exist and get into deals with a poor possibility of success if your brain becomes bored and starts looking for other things to do. For the sake of your health and financial well-being, don't waste your time looking at screens. Reading a good book is a great way to take your mind off the stock market.

Make Sure To Add Crypto To Your Existing Portfolio

If you currently trade stocks, commodities, FX, or perhaps all of the above, adding cryptocurrency to the mix might improve your overall results. Additionally, non-correlation is a significant feature of the trading in the crypto market.

There is a lot of risk in relying only on the UK stock market, for example. If it fails miserably, you stand to lose a substantial sum of money. It's a smart idea to diversify your portfolio by investing in US stocks as well as British ones. It's possible that your portfolio will be less volatile than if you were just invested in one market.

Only modest links between cryptocurrency fluctuations and stock prices, government bonds or the price of gold have been found so far, according to all available data. Cryptocurrencies are mostly unaffected by stock market declines. Great news for those who want to reduce their total risk by investing in cryptocurrency.

Everything has to be put together immediately. Some of the most important points in this book are summarized here:

  • A rise in your revenue, cut your losses
  • Trade until the trend breaks
  • To help you sleep at night, make your trades modest enough to let you read the white paper and conduct your research on the coin you're interested in.
  • To lessen your exposure to risk, diversify and spread out your exposure
  • Charts should be basic and straightforward. The money you win is yours, not a fictitious token. never attempt to grab a falling knife never pursue missed breakouts
  • Don't listen to or act on rumors, tidbits of information, or advice from others
  • The golden rule of scam avoidance is to assume the worst.
Anita Barnes | With over twenty years of professional experience in the design industry, I'm a web designer and front-end web developer. As a small business owner, I am familiar with the difficulties that come with running a business. One of those challenges is creating a strong online presence. One that not only represents your ever-changing brand and personality, but also appeals to your target audience. Throughout my web design career, I've built a distinct design style that emphasizes attention to detail. I assume that less is enough when it comes to design. You don't have to have all the bells and whistles only because you can. It's critical to figure out which elements are essential for getting your message through to your customers – and which ones are unnecessary. I'll assist you in sorting through the choices to see what works best for you.

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