Hello All,
Today you are going to learn something about cryptocurrency trading.Many new investor think that the trading is only matter of few clicks everyday....and BOOM...They are trader now, but believe me it's not like that.
Crypto trading is not that easy as it looks from outside of crypto universe.don't try it if you don't have patience and guts to digest a complete loss of funds.
Let talk about the important factor's that you must have to know before jump into trading space.
News And Rumours.
News and rumours has a big impact on crypto market so before going to trade to just have few scrolls on famous cryptocurrency market news publisher website.
Here Is Some Famous Cryptocurrency And Blockchain News Website.
1.CoinDesk
2.CoinTelegraph
3.TodayOnChain
4.News BTC
5.Bitcoin Magazine
6.CryptoSlate
Coins Or Tokens.
If you are new in crypto space,better to trade coin's rather than token's because coin's are far better than trading token's.token's are highly volatile but no doubt there is big profit opportunity exist in trading token's but also highly risky you may lose all you fund or drop asset value 80 to 90 %. see an example in the picture below
the price combo token dropped -96.0% (all time high 6.97$ and current price 0.2828)the reason of this drop was Evil Contract Hack you can see full detail here.
Why Token's Got Hacked?
All token's doesn't own a personal blockchain so mostly Game's NFT farming DEFI(Decentralized Finance) companies use's ethereum blockchain mint their Token's like ERC20 ERC721 ERC165 ERC777 Standard they write code in Solidity(called smart contract) which is designed to target the Ethereum Virtual Machine (EVM).the hackers find vulnerability in smart contract and perform action to attack.there is a risk always exist in smart contract code even it's well audited.
What To Do For Start Trading Cryptocurrency.
Here is few tips before starting trading.
Don't trade blindly.
As a new trader only trade in top 20 coins it will lower the risk of complete loose.
Don't buy coins which pumping like crazy
Set your target to take profit 5% 10% max (20% only when market showing good signs) in day trading when price hit higher than your target price sell asset don't be greedy.
Don't get panic in the dip try to buy dip it will reduce the price of asset which you bought at higher price
Don't put all egg in one basket, means don't buy only on asset
Only invest the money which you can afford to lose.*
If you want know something more about cryptocurrency feel free ask in the comment.
Disclaimer:
This is not financial advice. trading crypto is highly risky and you may lose your money all responsibility at own your own I am not responsible of any lose.
