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Entering in the Crypto World and planning to take a Risk. Trading is one of the things that we are busy. Most of us here in this platform had knowledge about trading. I've read many articles of some users here and they share about what is the condition of their coins in the market.
I considered myself as s Trader even though I trade small amount of money. Only I trade what I can afford to lose, but luckily my capital starts to produce profits. Let's have a glimpse with my trades in my Binance.
In just two or three weeks, I earned almost$7. My capital before is only $10 but, now it is almost $17. The value of crypto is Volatile. I did research before I buy those coins in the markets. So I but it when it is in dip and sell it high.
Now, We will be discussing what are the words that needs to ponder when about to enter in crypto.
You should think about the risk that you are about to take in Trading. Trading crypto is not all about earning money in easy way, and will come up to the mind of People. They even didn't know the risk that we take before we earn that amount in trading. There are times for losing and times of earning. Those people want to enter in trading, always think the amount of Money you afford to lose.
Patience, this is very important when it comes in trading, Your patience. For example, The coin is dipping, so I buy the coin, but after days the coin is in much deep. But you are afraid that the coin will be dump, then you sell it and what happened?. You lose your money because you didn't wait the coin to pump, after a week the coin is pumping and pumping. You regretted because what you did, You did not wait. That's how important your Patience is.
Trading takes time, the tokens and coins is not pumping all the time. You should always check your tokens from time to time if it is pumping or dipping. When the moment your token is Pumping that's the you need to sell that. Take advantage when the token is Pumping, always fix your decision to sell it, to avoid regret in the last.
This is the most important, you must need to do your own research before you buy that token, unless you already knew the token. There are also fake tokens, that you thought it was real. I've already experience buying a fake token in pocoin, that was my first time buying fake token. I don't know how to trade it in USDT but when the moment I trade, it says error about changing it.
Also do research about the token, if it is good to buy that token or not. There tokens that has been dump by the developers and if that will happen to you, your money will be wasted. That is why Research is important.
Be sure that your learnings is enough to take the risk in the crypto world. It is important that you have even small learnings in trading tokens. Because in that small learnings that you have, when you start trading, that will be starting to understand crypto and trading, on how it flows, how it goes. It is hard for you to enter in certain things that even small knowledge you don't have. Just play safe, especially this is about the money you will take a risk.
Note: I am not an expert in crypto and this is not a financial advise. This are only my thoughts when starting to trade.
That are the things that I learned, when I started to enter in the world of trading. That was all my experiences and indeed it was a Great experience. Sometimes, we need to take some risk for us to learn to things that we haven't fully learn yet. Especially, you need to invest money to take that risk. There are two destination when you are in trading, either you Earn or lose.
If you have something to add in the said above, just drop down below.