Some essential rules that every cryptocurrency trader.

Originally Posted: Publish0x
Original Title: Some essential rules that every beginner cryptocurrency trader should follow and experienced traders should not forget.

One of the main reasons why so many of us get involved in cryptocurrency trading is, because without a doubt, they are potentially lucrative investments, but that euphoria of participating in a business where we earn profits only with our own effort and sacrifice leads us, in many times, to lose perspective that we are facing a speculative, manipulated and volatile market.

As almost every trader in the cryptocurrency space often learns after we've already made the mistake, following a few essential rules makes the difference between failing again and again or achieving and sustaining success. Understanding these rules, let's call them tips or recommendations from the author, adapting them to your investment strategy and following them can help you maximize profits and minimize losses.

📌 Monitor your crypto holdings regularly, it's important to keep up with the most current prices of the various cryptocurrencies you trade. This will help you decide when to buy and sell to make more money. You can do this by setting up alerts on your preferred cryptocurrency exchange or by using a third-party app like CoinMarketCap.

📌 You should be aware of any news or announcements related to the cryptocurrency you are investing in. This could affect the price of the coin, so keep an eye on any relevant fundamentals to make the most informed decisions possible. But be careful, many governments and their Central Banks are declared enemies of cryptocurrencies and what they represent and if we add to this that the mass media respond to their interests..., we better not get entangled in that issue..., I'm just saying that the news is manipulated (that is wheat for another type of article).

📌 Do not put all your eggs in one basket, diversifying your portfolio is an essential rule for any type of investment, but it is especially important when trading cryptocurrencies. Do not invest everything in a single type of cryptocurrency, a variant may be to invest in several types of cryptocurrencies (Bitcoin, Ethereum, Litecoin and others) and that these are from different networks. This will help you minimize your risk and maximize your opportunities. You will be able to capitalize on price movements in different currencies and use the gains of one to offset the losses of another.

📌 Have a plan and stick to it with discipline, when trading cryptocurrencies, it is important to have a plan and stick to it, this plan should include how much you are willing to invest, how long you plan to keep the currency and when you plan to sell it. Having a plan will help you stay focused and control your emotions. Remember that cryptocurrencies are very volatile, so don't get too attached to your coins, you must have a clear exit strategy, which should include setting stop-loss orders when you buy or sell coins.

📌 Use stop-loss orders, these orders are a good way to limit losses in case of price declines and are especially useful when trading assets as volatile as cryptocurrencies. When you set a stop-loss order, you are telling the exchange to automatically sell your coin if the price reaches a certain level. This helps you avoid further losses if the price falls more than you had anticipated.

📌 Prepare for volatility, as we discussed earlier cryptocurrency markets are very volatile so you should always be prepared for sharp price movements, you should never invest more than you can afford to lose and you should always keep an eye on the markets to make sure you that you are aware of any changes that may affect your positions.

📌 Use trusted and secure exchanges, this is difficult to determine if we take into account the recent disasters (example FTX) and a few others out there that are not worth mentioning. Back on topic, at least look for an exchange that has high security measures, such as two-factor authentication and cold storage. You should also do your research to make sure that the exchange is reputable and has a good track record.

📌 Always do your own research, forget what the youtuber says, this author included and all the other "gurus" of the crypto space, it is your money that you are going to use, do not just follow the advice of others, this will help you could lead to costly mistakes. Instead, take the time to read up on the individual currencies you are trading and understand the technology behind them, they will help you make more informed decisions.

Dear reader, trading cryptocurrencies can be a risky but very lucrative business, you will be the only one to blame for the mistakes you make, but the satisfaction of success will be yours and no one else's. Create your own rules, minimize risk, maximize profit, diversify your portfolio, have a plan and stick to it with discipline, do your own research before investing and above all use stop-loss on your trades. Greetings and GOOD PROFIT.

 “Everyone has their own forms of expression. I think we all have a lot to say, but finding ways to say it is more than half the battle" - Criss Jami.

"Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth" - Marcus Aurelius.

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"You will ask yourself: And if I take a risk and lose...? I will ask you: AND IF YOU RISK AND WIN? Success begins with thought, because sooner or later the man who wins is the one who believes he can do it. Do not be afraid of mistakes or failure, winners are not afraid of losing, losers are, in most cases the risk comes from not knowing what you are doing, so trust yourself, learn, be patient, manage your emotions and above all, enjoy the journey, what the wise man does at the beginning, the fool does at the end" - Anonymous.

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Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.