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Crypto Trading 101 | 5 Golden Rules for Successful Trading

August 20, 2020 No Comments
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Do you follow some crypto trading rules? If you don’t have any, you should use these five golden rules for successful trading.

Crypto trading isn’t about getting lucky a few times. If you want to find success with trading cryptocurrencies, you must base your good results on fundamentals, good habits, and experience. Making money as a crypto trader requires some discipline, and that means following some trading rules.

1. Invest Only What You Can Afford to Lose

Like with any other type of investment, crypto trading is a risky business. And sometimes traders take a loss even if they did everything “right.”

Take the recent crash in January 2018, also known as the Bitcoin Crash and the Great Crypto Crash, for example. After an unprecedented boom in the precedent year, in 2018, the price of Bitcoin fell by nearly 65% in the first month of the year. The results? Broken monitors, smashed laptops, and the most massive monetary losses ever suffered by the traders on that market. So, markets like the crypto market are unpredictable sometimes. That’s why this is perhaps the most essential rule in crypto trading: don’t invest more than you afford to lose!

Whenever you are trading, there’s no 100% guarantee that you’ll get your money back. Loses don’t just come from other investors’ better strategies but can also be caused by extraordinary factors, such as hacks, bugs, or even government regulations.

So, before every investment you make, take a step back, and re-evaluate your current financial situation. If you can’t afford to invest at all, don’t take any desperate decision such as using a credit card, taking out a mortgage, or applying for loans. Simply wait for the moment when your financial situation allows you to invest.

2. Diversify Your Investments

One golden rule that all pro investors know is that you should never put all your eggs in one basket when it comes to investing.

Although you have a greater potential to get a more substantial amount of money when you invest in a single coin, the risk of losing more money is equally magnified, if not bigger. So, the smart thing to do to avoid losing a lot of money if a particular coin takes a hit is diversifying your investments and investing in different currencies.

Let us give you an example to help you understand the importance of diversifying your investments. Between January 2016 and January 2018, different coins enjoyed different levels of success. While Corgicoin has increased by 60,000 times, Verge currency increased by 13,000 times. However, Bitcoin only increased by 34 times. So, if you had invested in Bitcoin, this would have gotten you impressive gains, but investing in other coins too would have helped you gain potentially more significant amounts of money.

3. Choose a Reliable Broker

Choosing the best crypto trading Forex broker is a battle half won. Hundreds of online brokers offer crypto and Forex trading options. By no means, however, should you choose the first broker you find online.

The best broker is reliable and genuine. Keep in mind that your money will be at stake, so you’d want to know that you can trust your broker with them. Also, make sure that your broker is regulated. This is the best way to know that they are reliable and checked. Regulated brokers also offer the best digital security measures, best execution prices, and excellent customer support if or when you need it. Another crucial thing you should look for in a broker, mainly if you are a beginner, are demo accounts and learning resources on how to trade cryptocurrency.

So how do you choose the best crypto broker from such a large pool of online brokers? The best way to find a reliable broker is to do your research. Look online and find everything you can about that broker, including reviews and recommendations from other more experienced traders. If you find anything that seems sketchy, don’t choose that broker because you might sign yourself up for a bad trading experience that will make you lose a lot of money.

4. Avoid FOMO At All Costs

FOMO is the weak spot in investing that makes investors lose money most frequently. It only takes a bit of media hype, a few opinions from investment “experts,” and a little bit of insecurity from your part to make you make a wrong decision. In fact, the same recipe is what made Bitcoin prices rise from $10,000 to $20,000 in December 2018. Now, investors may look back and think that if they had waited one more month, they could have bought the cryptocurrency at $9,000 instead of waiting until the coin hit $20,000 again.

This is often a mix of greediness, investing blindly, and FOMO.

Never heard of FOMO before? You should get familiar with the term because, as an investor, you’ll have to fight it off all the time. FOMO stands for Fear of Missing Out. So, as an investor, you may fear that if you don’t buy now, the coin will hit an all-time high, which may sometimes not happen, and the market may actually move completely different, bringing results that you weren’t prepared for.

Now, here’s the deal: even in the most fast-changing market, like the cryptocurrency world is, if a coin’s price hits an all-time-high that quickly, it is only a matter of time until it will correct. So, don’t let FOMO take control of your investment decisions.

5. Don’t Invest Blindly

We’ve already mentioned investing blindly before, but let’s make sure you understand what it means and how to avoid it.

Investing blindly means going with the trends or listening to other people from the cryptocurrency world when it comes to your investments. Now, don’t get us wrong, some traders may genuinely want to help and give you a pro tip that actually works. But most of them often share their “opinions” to exploit less-informed investors. They might tell you to buy a particular coin only so that they can exit safely. So, only use your knowledge and experience when you make your investment decisions.

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Will Crypto Surpass Gold as a Reserve Currency?

August 18, 2020 No Comments
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Gold has been the world’s standard reserve currency for hundreds of years. Even as the world has moved to fiat currency, governments and investors alike still look to gold as a reliable alternative. Given recent volatility, though, it may be crypto’s chance to step in as a different, perhaps more secure option.

On Tuesday, August 11, gold experienced its largest one-day drop in seven years. Prices per ounce fell by 4.7% between Monday and Tuesday, bringing them down from above $2,000 to $1,932.28. This recent drop isn’t the only problem that the precious metal has on its hands, either.

Today’s transactions happen so fast and so frequently that gold transfers can’t keep up. It’s easy enough to transfer tokens representing gold from nation to nation, but moving the actual gold reserves presents a challenge. In the face of these issues, cryptocurrency may provide a solution.

Is Cryptocurrency Less Volatile Than Gold?

Crypto and gold share many similarities, especially in how they compare to fiat currency. Both lack the volatility of fiat currency due to their limited supply, for instance. Gold may not be able to sustain modern markets, though, whereas crypto was born out of the internet age.

Since crypto payments utilize blockchain technology, transaction speed isn’t an issue. Some cryptocurrencies also have measures in place, like Bitcoin halving, that proactively defend against inflation, helping them remain more stable. Still, crypto does have some issues with volatility that gold doesn’t.

Crypto markets are substantially smaller than traditional ones, so small movements have a more significant effect. With such a minuscule market, changes in demand affect the value of crypto more heavily. An alternative may be gold-backed crypto, which might offer the best of both worlds.

With gold-based cryptocurrencies, like the recently-launched Tether Gold, tokens represent an amount of gold instead of representing themselves. The value of physical gold anchors these cryptocurrencies, making them less volatile, while they still offer the speed and security of the blockchain. At the same time, if the value of gold fluctuates, it would cause these cryptocurrencies to shift as well.

Crypto Technologies Gaining Legitimacy

The most substantial barrier to crypto becoming a publicly-accepted reserve currency is its perceived legitimacy. In the past, the public has been distrusting of crypto, but that’s starting to change. More noteworthy people, organizations, and countries are starting to dive into crypto and blockchain.

Several financial giants, like Goldman Sachs and Bank of America, have started using blockchain technology. They may not be using crypto, but accepting crypto’s underlying technology is a substantial step forward. If nothing else, it brings them one step closer to cryptocurrency.

In Venezuela, the public turned to cryptocurrency when the nation’s fiat currency caused a crisis. As inflation rose to around 2,616%, businesses started accepting Bitcoin as an alternative. This real-world example of how crypto can act as a reserve currency could inspire countries to make that switch on a national level.

Crypto Still Has a Ways to Go, But the Future is Promising

Cryptocurrency is still a long way from becoming globally accepted as a reserve currency. Too many people, especially governments, are too distrusting. Despite these obstacles, though, recent events paint a positive picture of crypto’s future, especially as traditional systems fail.

With faith in fiat currency falling and gold prices fluctuating, crypto stands as a promising alternative. The world won’t switch to crypto immediately, but changes are likely to start taking place soon.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

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