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When the market has “red days”, many novice investors are seized by panic. Some of them even run to sell their crypto portfolio on exchanges, hoping to recoup at least the previously invested funds.
We propose to think about how the market works and learn how to monitor its behavior, so as not to end up joining the “hamster” family.
Buy tokens at the time of growth or after it
One of the main mistakes beginners make is to invest in a cryptocurrency that is actively growing in price now, or has noticeably increased in value in recent days. Naturally, this rule does not always apply to mastodons like Bitcoin or Ethereum, but it is great for altcoins. Don't underestimate overbought zones.
If you see that a coin (especially a little-known one) shows a sharp jump in price, this is an artificial pump signal. The only exceptions are radical changes in the news background. For example, the tightening of measures to regulate mining in China. But such cases are less than 5% because they are more likely an error. Any “experienced” trader knows that tokens should be bought only at the beginning of growth, not forgetting to place a sell order and fixing it in advance at a specific price point.
Invest in unreliable coins
No one denies the power of the "Dogecoin army" led by Elon Musk on social media. But when it comes to real-life and potential earnings on cryptocurrencies, emotions, and love for memes should recede into the background.
You can endlessly consider Shiba Inu dogs and SHIB tokens cute, but you don't need to treat them, and even more so comic DOGE tokens, as the basis of your investment strategy. By the time the “puppeteer” in the person of a media person “pumping” a coin decides to “exit”, he will receive the maximum benefit from his manipulations. You will lose the lion's value of the portfolio, going into a deep minus.
Don't use stop losses
Stop loss helps traders significantly reduce risks when trading on exchanges. As soon as the value of the token touches a certain level set by the trader, a market order to buy or sell a coin is “activated”.
Along with take profit, this tool should become your eternal companion in the world of cryptocurrencies. In addition, it is suitable for those who want to trade in the short term, automating the trading process as much as possible. Although we recommend that beginners still stick to the hold strategy.
Use leverage from the start
If you are just starting to dive into cryptocurrency trading, then you should not listen to those who advise using "leverage" or leverage outright. You are unlikely to be able to correctly calculate the number of allowable drawdowns, leaving enough "room" for collateral. Thus, even if the trade may turn out to be profitable, due to the lack of “reserve” to maintain the drawdown, you will incur losses.
Participate in "pump" and listen to provocateurs
If you have heard about the “secret telegram channel” or chat on any other social network or messenger with “100% price predictions” or “coin pumping” are given - just give up this bad idea. Even experienced traders cannot say with certainty what the news background will be tomorrow and how it will affect the price of the coin. Moreover, the "guru" from social networks.
Explore technical analysis, adding fundamentals to it, and stay tuned for the latest news. Only by doing your own research will you never become a “crypto hamster” and never waste your money.