7 Tips for Getting Started with Cryptocurrency Trading - Deepstash
7 Tips for Getting Started with Cryptocurrency Trading

7 Tips for Getting Started with Cryptocurrency Trading

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7 Tips for Getting Started with Cryptocurrency Trading

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1. Pick a Reputable Exchange

2. Pick a Simple Strategy

3. Automate

4. Build a Portfolio

5. Keep assets in cold storage

6. Be patient

7. Ask for help

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  • Before owning any cryptocurrency, it’s important to research the reputable brands in the market which provide exchange services.
  • As a beginner, it’s important to focus on buying your cryptocurrency from a trusted and reliable source. Instead of focusing on “getting the best deal”, go with the exchange with the best reputation.
  • Once you have sent a cryptocurrency payment, there are no charge backs, no banks you can call, and absolutely no way to become reimbursed.

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The beginning of your journey into the cryptocurrency market will be hectic. You will quickly become bombarded with ideas for trading strategies. Find a strategy that’s simple to implement and maintain as you learn.

  • Remember there is no magic bullet. There has never been and there will never be a strategy which guarantees returns.
  • The most popular of these strategies is portfolio indexing and rebalancing. This is a strategy that has been trusted by financial institutions for decades, so we can be confident the strategy has been well tested and examined.

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  • The cryptocurrency market never sleeps. There are no closing hours or holidays. Services are running every second of every day.
  • The constant requirement to be online drives people mad. Monitoring the market at every moment is exhausting. You don’t want to be online 24/7, it will turn into a nightmare, burning you out.
  • Find a service which helps you automate your strategy. There are a number of easy to use applications in the market which provide portfolio automation tools.

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  • Putting all your eggs into one basket is a recipe for disaster.
  • Constructing a portfolio can reduce risk and provide stability in this volatile market.
  • Instead of buying a single asset and praying for a moon, distribute risk to a number of assets and manage that portfolio by making small adjustments to your positions.

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5. Keep assets in cold storage

You never know when the sky might fall. The cryptocurrency space has a history of surprises when it comes to hacks. Funds can be lost in a hack at any moment, so it’s always encouraged to keep your assets off the exchange as much as possible. 

Being the guardian of your own bank is great, but it means you must find services which can accommodate keeping funds off the exchange:

  • One option for a convenient mobile hardware wallet is the Ledger Nano X. It’s simple, it works, and you can rest easy because your funds are secure. 

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Although the market is volatile, that doesn’t mean the value of your portfolio will skyrocket over night:

  • Once you’ve implemented your strategy, let the strategy work.
  • Explore the intricacies of your strategy, engage with the strategy for some time. It doesn’t happen over night.
  • Enjoy the process of learning. Build up your expertise with weeks of careful research until you’ve mastered your strategy.

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  • When you feel lost or confused, don’t be afraid to ask for help from reputable groups. Countless people all around the world would be excited to help you.
  • Cryptocurrencies can change the world for the better, but we must all work together to bring about this future
  • Join a passionate community which helps you learn something new each day, join Deepstash.
  • Don’t Risk More Than You Can Afford to Lose!

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