In the last article we talked about some cryptocurrency trading tips, which would help you to have successful trades. In this article we are going to continue with more 3 tips that you need to know to have a better experience in trading.
Do not follow the news or other traders’ advice
Reading and following the news is such a waste of time for a trader. Usually, most of the news and analysis, which published in the traditional media promoted and sponsored by a particular company or group. we recommend to spend your time learning more about the basics and market rather than just chasing the news. The more you learn about the market, the better trades you will have.
Basically, you can’t predict the future by reading news. On the other hand, you can have a clearer view by study the market and read analysis. Do your own research and follow your own decision.
Furthermore, it’s better not to complicate your analysis by listening to other traders’ advice. You do not need to compete with other traders. As we talked in the last part about FOMO, the competition with other traders creates FOMO.
Cryptocurrency Trading Tips; Create plans and goals
Create plans and goals for your trades. Create some goals, which you wish to reach in the future. For example, buying a house, car, having enough saving for your retirement. They all can be a goal for each trade that you implement.
Having a goal gives you a better view of what you are going to achieve by your trades. As a result, you will have better risk management. Goals give you a reason, and reasons discipline your emotions. If you are interested to know about risk management and how to discipline your emotions, you can refer to the last article about crypto trading tips (part1).
Cryptocurrency Trading Tips; Be in contact with other traders
Although we mentioned above that you should not follow other traders’ advice, it would be different when it comes to general information. You need to be in contact with other traders in order to be up to date about the new changes in the market. In fact, the crypto world is moving very quickly. In order to be a successful trader you need to have a quick response to those movements as well. Keeping contact with other traders keep you always up to date about the market.