We all want to make money and be rich like Elon Musk, but we always forget that he did not become the richest man on Earth in a day. Crypto trading is just like any other trading activity. Profits are made when traders buy wisely; losses are incurred when trades go wrong. Patience and discipline are key virtues when it comes to cryptocurrency trading.
Always keep in mind that when investing in the crypto world, the market is highly volatile. Cryptocurrencies tend to fluctuate in price within seconds; prices increase and decrease at a high percentage. Crypto trading is not a market you can easily manipulate, you know, like bribing Bitcoin to continue rallying in a bullish trend.
As long as people are trading in crypto, prices can increase because the demand is high and supply is low. When the traders stop or pause trading in crypto, the prices fall because the supply is high and low demand. Like Bugatti La Voiture Noire, with only 10 in production, it makes it the most expensive car in the world right now.
Patience is always a virtue. It is one of the oldest sayings but also very accurate. In the crypto trading, you need to be patient. Suppose you are wondering how and why patience is necessary when trading, consider the following example.
On 31st January 2020, Bitcoin was priced at $9,501.38, while as of 31st July 2020, $11,113.66. Now assuming we have Trader A and B who both bought Bitcoin on 31st January 2020. Trader A decides to sell his Bitcoin on July 31, 2020 at $11,113.66, making $1,612.28, while trader B continues to hold his Bitcoin until 10th March 2021, trading at $54,458.04, making a profit of $44,956.66.
Patience can make you earn more profits and sometimes lose money. The crypto market is very volatile. You can not predict how the market might behave, but you can predict the prices to near accuracy with experience and research. Investing in crypto without patience can make you miss out on incredible opportunities.
Do your research
Never invest blindly. It can help you a lot in the future if you understand what you are investing in. I know that it is easy to jump into the cryptocurrency world’s bandwagon right now because it is what many people are doing but as you do it, understand what Bitcoin means, what it does. Research on the other cryptos, learn all you can about what they are used for. Sufficient knowledge helps when making decisions on which coin you can invest in.
It is an online trading software that enables its users to trade from anywhere at any time. It has a substantial win rate and performs transactions up to 0.01 seconds faster, and a high accuracy rate. It is better compared to most trading platforms.
CFD Trader uses AI and machine learning technologies to generate a high return rate on any investment done by its user. You can check out the CFD Trading platform and confirm this platform’s transparency and how to create an account. It does not hide any details, making a user trust it more as all the information is revealed before you start trading.
With CFD Trader, you can rest assured that your money is in trustworthy hands. However, like all marketplaces, crypto trade is not a market with 100% guarantee for profits all the time; you might make money and lose money other days.
If there is one thing that makes trading hard when using online methods, it is to find out that you cannot withdraw funds from your account with ease. CFD Trader has solved this problem by ensuring that they have a seamless payment system. There are no withdrawal restrictions, and you are not charged any hidden fees. In case you experience any issues or delays when trading, customer support is always available to help. You can contact them via phone, email, or live chat.
Coinbase is one of the easiest and convenient trading platforms available. It is also one of the best crypto apps. It is simple, easy to use, and convenient. It has features that allow you to check how your portfolio is performing. You can transfer crypto to your coinbase wallet and then convert it into different other coins, or you can load up your wallet and buy crypto. To load up your wallet, you only need to link your bank account to your Coinbase account.
Coinbase enables you to set intervals and schedule when you want to buy or sell crypto. It offers resources on all the coins available on their platform, and you only need to click on prices, the crypto you are interested in, and there you can find all the available information about that coin. It saves time since you do not need to spend much time on Google or social media researching.
If you love setting price targets for your crypto and selling when it hits that price, Gemini can make this happen. It is easy to use and enables you to track real-time information and data on any crypto you want as long as it is on the Gemini platform.
It is simple to create a Gemini account. It takes roughly 3 minutes, and you are set to trade. You only need to fund your wallet to enable you to trade, and you do not even have to worry about your data being shared with third parties.
After going through all this article, it’s time to put what you have learnt into real practice. If you need a reliable platform to kickstart your journey, Check out the CFD Trading platform, create an account, fund your account and start trading cryptocurrencies. Bitcoin was the best performing asset class of 2020, and it has intensified the momentum in 2021. To win in the cryptocurrency market, you need to practice patience and avoid greed; have a clear exit strategy for every trade.