Work with cryptocurrencies
Working with cryptocurrencies is a kind of psychological struggle. It is worth recognizing that the formation of patience, as well as work on the level of personal responsibility, is already the key to success. However, it is necessary to deal with some nuances.
1. Do not catch the bottom of the failure.
If the market is rapidly falling, and some share of capital still lies in bitcoins, then this can be a good moment in order to form a portfolio. This is because the market correction should be considered as a kind of sale in the field of cryptocurrency. However, it should be understood that such actions can result in very dire consequences.
Each user who is trying to find the bottom of the so-called failure himself can fail on this. Waiting for the price drop to stop can play a trick on the user. In attempts to catch the very bottom, the user searches for the lowest point. This is extremely difficult because the risk is too great. You never know at what point the market will completely fall.
If the user often tries to catch the bottom, then he is guaranteed to lose. The constant expectations of such a moment will only force the user to spend much more money than he will ultimately receive. In some cases, it’s easier to buy not at the bottom, but near. So you can have time to buy an asset before it completely falls.
2. No need to sell your coins to buy growing coins.
Many sell coins in order to buy others. The difference is that these coins are growing. The whole point is that when you buy such a coin, it decreases in value over time. However, at the same moment, another coin of the same kind may rise in price.
In this situation, you can’t lose your temper and start rushing from one coin to another. If the strategy has already been built, then you should follow it to the very end. If you abandon it and succumb to the influence of people who have acquired a growing coin, you can remain at great loss.
3. You should not look at the chart for days on end.
Some spend a lot of time looking at a huge number of graphs. At the moment of studying the structure of work, this, perhaps, will help beginners to somehow understand the system. However, in other cases, people simply kill their time for meaningless views. A huge number of mistakes are made at this very moment. Constant monitoring of price movements does not lead to anything good. Moreover, this approach causes the user excitement, which confuses him. Many unnecessary transactions are more likely to be concluded precisely at these points.
You need to remember that your own strategy is the best option. Each user is responsible for their profits or for their losses. You can not give in to provocations from friends or acquaintances. In addition, the absence of any strategy can be compared to gambling. There is always a high probability that a user without a strategy will be in the group of losers.