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Do you want to buy cryptocurrencies ?: Follow these basic tips
Some recommendations for new traders
Cryptocurrencies and their growing boom in investments, earnings and success rate have been totally substantial, at first glance it looks easy and straightforward, but not everything is rosy.
Certainly, buying cryptocurrencies is an interesting and risky decision, however, very productive if we are aware.
Something to keep in mind at all times is to always be informed of the most relevant news in the market in which we are.
Also be aware of everything that focuses on the cryptocurrencies that we are handling; This way we will avoid unwanted surprises that make us enter a point where we do not know how to defend ourselves or manage ourselves, since the market is surprising.
Recommendations for new traders
If we want to make the best trading for our benefit and our progress we must be informed and not only that, understand and learn about cryptocurrencies.
What is the jargon and the system that handles your security, among other things. Something we should know is that all cryptocurrencies have a different policy than others.
Some are more secure than others. Being aware of its technology and operation is a plus point that at some point will help us make the best decision in our trading without forgetting that some cryptocurrencies have a very volatile value.
Follow your rhythm and not that of others
There will be people who could "encourage" you to try and bet everything you have with a promise of double or triple profit, which, although it could be true is not recommended.
Since third parties will always seek their own benefit, and we will seek our best security with our investments.
Invest at our own pace little by little without being carried away by the multimillion dollar investment flows, always remembering something crucial that we do not take into account sometimes and that is that we are not them.
If you are going to invest, let it be under your own decisions, under your own precepts and possibilities. As long as you always have this, what you invest is likely to pay off.
Without a doubt, the basic knowledge that you will have to handle from now on will be these four: Blockchain and cryptocurrencies, Technical analysis, fundamental analysis and finally news.
To ensure economic stability, these are points that you should know and study for its application when you need it best:
Blockchain and cryptocurrencies
Extensive general knowledge about these pillars in the crypto world as mentioned above is something important to everyone.
Basic operation, such as making transfers, better commercial use, where your stock market is managed in more general terms, you must know a large part of the subject where they are going to be handled.
Thanks to this analysis we will have a graphic image of how the market is or in what phase it is. Remembering that their values go up and down.
With the technical analysis we will look for an entry point where we can establish ourselves and have better opportunities in the market and better returns on our investments.
When we want to invest in cryptocurrencies we have to do a respective analysis on the project that the company provides with the asset. That is, analyze its strengths, weaknesses, model, ratios and possible news.
We will do exactly the same, but comparing the graphs to familiarize ourselves with certain ratios, see the possible risk factors and points that benefit us. Fundamental analysis can move and influence the financial market for better or for worse.
Both direct news and macro news are important to know, as this could vary in value within the market as mentioned above.
This is an interesting point, since it could affect all cryptocurrencies equally, understanding that the news about them is crucial for your interest, this will allow you to know the next step to take.
Long-term investment goals
A very common mistake in those who begin to buy cryptocurrencies is to blind themselves to long-term projects and want short-term profits, we must expand our vision to have fully control of what happens.
A recommendation at this point is to forget about short-term transactions and have long-term projects.
If we want to make money with bitcoin or in any cryptocurrency we must have our eyes set on the long term, with some exceptions, our income and all our profit will be more fruitful in this way.
The idea is in the upswing or momentum phases to make a profit and move away where these movements are to the downside.
All this is carried out through technical analysis where we will apply speculation and investigate looking for investment opportunities or to be at the forefront of the train when a new phase begins.
Keeping our eyes fixed on long-term projects will proportionally reduce our emotional cravings to touch our short-term investments or when it is not the time to do so. Remember that while we catch the train where it is, we will have fewer movements and more will be the possible gains.
Security depends on you
Maybe we get to hear about stolen bitcoins or lost private keys among other things.
At all times when there is money involved, we must take all possible security measures to ensure that our interests reach their destination safe from hackers who will not hesitate to take our money from us.
We are responsible and only watchmen to protect our money, in the world of cryptocurrencies we become our own bank, for the same reason we must use different security measures to protect our precious monetary assets from possible losses.
Double factor authentication
They are the first security steps you should take to protect your account.
Every exchange has the possibility to enable this option and in this way to be able to safeguard our integrity and profit from the moment we start, by applying this option our passwords are more secure.
We should use long passwords, they are the safest in addition to this, we should switch between applications and pages that we manage to have greater security.
As long as we follow this simple step, we will be another step safer from possible theft, it may be a bit annoying at a certain point, but you will always have the security of your user.