In October 2021, one of the biggest Data Agencies named Chain Analysis has published a report about Countries that are adopting Cryptocurrencies and Blockchain Technology.
More than 300 Million People are Crypto Users right now. Here, "Adoption" means, the one who trades or has traded on any Crypto Exchange.
Being in the Crypto Trading business since 2017, I want to share my experience as many people are now jumping into Cryptocurrencies.
I want to share 5 Basic Rules of Trading that can help you to book good profits and also could help you to not getting loss in whatever you have invested.
So here are the 5 Rules:
1. Never Buy Crypto in a One Spot Trade
It means if you want to invest $100 in one coin. Make sure you buy in two or three spot trade. It's better to buy 50% at the start and then see the market correction. If the market goes down then you buy it again. This will help you a Good Average Buying and you will come in a profit sooner.
2. Always keep 10-20% of your Portfolio in USDT/BUSD
It's a very tempting situation when you have USDT/BUSD in your wallet and you are not buying anything. But this will give a major gain when due to any circumstance BTC Market gets down and all other Alt Coins start getting down.
This is the right time to use USDT/BUSD from your wallet. You will get a Good Profit once the market bounces back. The Strategy is called By The Dip!
3. Do Not FOMO - Fear of Missing out
It happens when a coin is pumped with a higher volume for 2-3 days. If you already have that coin then book the profit otherwise don't jump onto the train. It's a high chance you will loss because eventually, 24-hour trading volume will come down.
4. Never Sell Your Assets in Loss
Crypto Market is volatile. Majority of the Alt-Coins follow the trend of BTC. If it goes up, Alts go up, if BTC goes down, Alts also goes down. In both situations, the rule is same Never Sell or Buy in a Panic Situation unless you are in Profit.
5. Always have Patience
CEO Binance once said in his tweed If you can't hold. You won't be rich.
Patience is the key in trading. Make sure you have it once the market goes down. As mentioned above do not sell or buy in a panic situation.
I personally thank you for reading this article completely. Hope you will learn something from this. Feel free to add some other basic rules in the comment section that could help our crypto community.