Trading in Crypto Currencies

By Victor Romain, for forex-awards.com

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Ignore Biased Sources

These are where pump and dump schemes and other unscrupulous behaviour happen in real time. Many people who post on websites that cater to crypto traders are fishing for suckers, posting misinformation and rumours and hoping investors will fall for it. Don't play into their hands; seek advice through trusted and unbiased sources, and make your investing decisions accordingly.

Invest Within Your Means

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Don't sink your life savings or your kid's college funds into digital currency. This is true of any investment, of course, but it bears repeating: invest only what you can realistically afford to lose. You know the old saying, “Plan for the worst, but hope for the best”? That applies here. With wise investment planning, you'll do well—but be prepared in case you don't.

Set Achievable Goals

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Digital currency is not a get-rich-quick scheme. Set a realistic plan of return on your investment, whether it's 5%, 10%, 15% or so forth. And stick to it! It's a young and very robust market, and it can be chaotic; don't overreact, and stick to your long-term goals.

Don't Panic

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Take the time to sit back, research the most popular companies in the industry and study what's going on in the market, and don't make snap decisions.

Don't Rely on Guesswork

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the alternative currency markets can be crazy sometimes, and are often unpredictable. No matter how experienced an investor you are, don't take it upon yourself to anticipate what the market's going to do next. Even those who follow hunches—at least, the smart ones—will do their homework before acting. Follow trends, read tips and news and watch videos to react accordingly.

Learn from Your Mistakes

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Let's be honest: Any market can be like rolling the dice. No matter how experienced an investor you are, there's going to come a time when you get burned. Pardon the cliché, but when that happens, pick yourself up, dust yourself off, and get back on the horse. The only regrettable mistakes are those from which we learn nothing.

Chart Your Course

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We mean this literally here; follow the trends of the market over time, and learn how to read and interpret charts such as those offered at Bitcoin Wisdom.

By all means, track your investment in real time, but don't make knee-jerk decisions based on momentary fluctuations. It's always wise—no matter where you have your money invested—to buy and sell based on long-term data.

Love Thy Crypto

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The world of high finance and Wall Street can appear dry and mundane to a lot of us; there doesn't seem to be a lot of passion involved. We earnestly believe that needn't be the case with digital currency.

Once again, don't invest in the hopes that this is all a get-rich-quick scheme; instead, do it because you believe strongly in the concepts and the principles behind cryptocurrency.

Educate Yourself

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Okay, we admit we have skin in the game on this one, but it's still the truth: The more you learn and apply, the better you'll do; that goes for digital currency investing as much as it does building a set of bookshelves.

 Have Fun

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Don't just make your investment and sit and stare at charts all day. Connect with your fellow investors and share your thoughts and experiences. Put some passion and fun into your digital currency experience, and everyone wins. Life's way too short to just sit back and fret; make your investment an enriching and enjoyable part of yours.