Good trading habits
Rule number zero, always invest what you can afford to lose!
As a trader, there are a few tips you can follow to improve your trading life.
You already know the first one, now I'll give you more hints about it.
NOTE: these are not financial advice or rules to follow at any cost.
Diversify your portfolio, invest in different cryptos, and don't put all your eggs in one basket!
Check the markets on a daily basis, having your face stuck on a chart is not good for your investment and for your health!
Be aware of scams, do not trust people that ask for funds and give you profits in return.
Double Check your withdrawals, be sure to always input the right address when you transfer your cryptos, it's always recommended that you copy/paste your address or use the QR code to minimize the risks.
Read news, especially about your investment, you should always be aware of what it's happening around cryptos.
Set a stop-loss, a lot of traders do not pay attention to this, the more you lose, the more difficult it is to gain profits.
Take profits, everyone is excited to make more profits if possible, but greediness could turn your profits into losses in a blink of an eye, especially in the crypto markets.
Leave the emotions outside, emotions are the worst advisors for trading, always stick with your trading plan, and don't let emotions overcome.
Go for the long run? If you hold cryptos for the long run there is no need to check charts every second, but you can use trading bots to rebalance your portfolio in order to maximize your chance of profits.
Do not blame yourself, bad investments can occur more often than expected, take your time to recover from unexpected losses and be positive!
Use trading bots when you can't follow the markets, let them trade for you so you don't have to check multiple markets at the same time!
Do not follow free financial advice, do your own research about cryptos, the tech, and the developer team behind them. Do not rely too much on opinions shared freely on the web by unknown people.
And you? Do you have any tips to share with us?