Crypto trade & my experience.
Human involved in trading since his existence here on earth. Yes the way , shape and form changed time to time according to the priorities. Barter trade to fiat a long journey traveled and now enter the digital trade. The currency has been reshaped and the trading simulation also gone accordingly. The volume squeezed into bits and payment is digits only. Products reached from big warehouses to wallets & exchanges.
Crypto trade is latest digital base business where seller and buyer are both invisible but connected via latest technology of Blockchain. Another addition in its width is NFT market which becomes source of millions for art developers.
There are lot of Crypto exchanges working worldwide as kucoin, bitFlex , coinbase, Gemini , Binance,Gecko , Huobi and kraken.
But I have experience only at binance because I found it friendly interface and P2P access in PKR from my country. Still it is biggest user base exchange in the world.
It is very simple to create a account here on any exchange for trading the Crypto.
Download the app
Fill the details to create an account
Must do KYC verification because it is compulsory.
Send fiat or Crypto through P2P feature or send directly from your own wallet like trust wallet or bitcoin.com wallet.
Transfer the asset from funding to spot wallet.
Let's start the trade.
Every exchange allowed trader to buy / sell the Crypto in different pairs. Like if we want to buy BCH on binance it is available against 39 Crypto including BTC, BnB, USDT, BUSD, ETH.
Always invest on hard , strong horse. It means a crypto with high market cap , supply and well established & known like BCH, ETH or BTC. Crypto market is always volatile and unknown, small or solo coins can go quickly disappeared as sun sets quickly in winter.
Always consider the position of coin which you are investing and ranking in Crypto lineup. Choose the top 40 initially to start the trade which will keep you safe from high lose. When you got enough experience then can go others.
I am in trading of Crypto since almost 6 months and got a very good results. I stared with 1000$ only and first Crypto which I bought was BCH. Then portion sold out at GMT launched and it was a bumper experience when buy at 0.05 at launch pad and sold at $4 after just one month. Then it is going on till today. You can see my favourite list in trading including BCH which always remains highest portion of my portfolio.
I made three time lose in trade and high one due to my impatient behaviour. Lot of time my selling order left by 0.01 fraction and lot of time I missed the buying order by same difference. But it is part of this trade. What should we consider in trade.
Always took small bites: in bigning a trader must invest very little amount even $10 only in trade. Keep balance in wallet as back up.
Choose well-known coin: it is very important that don't be in trap by media campaign or celebrity interest. Always go for reputated coin like BCH.
Buy/ sell by holding the nerves. Panic , hurry , fustration or stress in trade can force you to do a wrong decision.
Don't staple with loosing graph.
Go with plan by home work like reading the graphics & analysis.
Keep food in pocket: it is very important thing in Crypto trade that you must have food in house to eat. Means , invest only additional money in Crypto.
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Lead image: pixabay
Images: screen shots from my binance account.