Hi Crypto Network,
The cryptocurrency market has been a game-changer for many traders and investors in the last couple of years. The market has opened door to new possibilities, connections and a different way to do business.
While there are many things to consider before engaging in the crypto market, tools and resources are paramount. Thanks to the internet the tools and resources are now easily accessible at home, the office or on the move.
The availability of the internet and various selections makes it difficult to sort through the options to find resources and tools that would work on all fronts.
5 Tips every Cryptocurrency Trader must know
As a trader, the cryptocurrency market can pose challenges not common in the traditional market. Despite having various similarities with traditional markets, the cryptocurrency space has many different elements that can become overwhelming to a trader. Here are a few tips to help one trader. These include:
- Traders should expect the unexpected since the market is highly volatile.
- Invest in various projects. Traders should avoid placing all their crypto-coins in one basket
- Understand the uses for both cold and hot wallets
- Learn to quickly cut losses before it is too late
- Stick to what works for you to minimize losing your assets.
5 Tips every Cryptocurrency Investor must know
Over the last few years, many investors have moved to the cryptocurrency market due to lucrative returns offered by the industry. While many have gotten the opportunity to change their business and earn millions, some have ended up losing their hard-earned assets by engaging in the crypto market. Before making any investment in the cryptocurrency market, here are a few things worth noting:
- Only invest money that you can lose
- Conduct intensive research on the market and project in question. Avoid relying on information from other people
- Watch out for scams
- Diversity is the Key to Success
- Buckle up, it’s going to be a wild ride
Top 5 Cryptocurrency Tools
Crypto News Aggregators
News aggregators are among the most important tools to rely on before making any trading or investment decisions in the market. They help one stay up-to-date with all market developments and movements, as well as crypto industry news.
Currently, there are many sites available to help one get the necessary information. The information could be on news regarding various new blockchain regulations, cryptocurrency market uptrends and downtrends and new ICOs.
Notably, one should not rely on a particular aggregator but on various sites to collect trading or investing information.
There are various crypto indicators including the Crypto Sniper indicator and Crypto Compare Indicator among others. The indicators will help you know the patterns of different coins and help you make the right predictions.
Just like in traditional markets, traders can make use of trading bots. Trading bots are pieces of software that allow traders to make trades in absence. The tool helps traders set certain parameters defining when the bot should trade on their behalf.
Ideally, these tools are designed to execute trades automatically on behalf of a trader based on the strategy they create. By using trading bots, crypto traders can avoid losses that come with the volatile nature of the market.
Crypto Trading Diary
Developed by Chasing Returns, this tool helps traders record trading habits and results. It helps in identifying the psychological tendencies and patterns of a trader. The crypto trading diary offers useful features, such as the playmaker, Gameplan, profitability analysis, tag trades.
The Coinmarketcap.com helps traders get information about every tradable coin in the market. It is also a good instrument to check price gains and losses, market cap, and rankings on various coins. Using Coinmarketcap.com, one can customize the platform to get constant updates on a coin. So far, this tool has gained a large following due to its incredibility.
Top 5 Cryptocurrency resources
Coin evaluation platforms
The market has many coins evaluation platforms. However, as an investor, you need to choose the most reliable and trustworthy platform. This will go a long way in making sure you make the right decision. Be on the lookout for platforms that have minimal interference from third parties.
Generally, the coin evaluation platform collects legitimate data from each coin to help holders and investors to evaluate coins, ICOs, and exchanges to help keep them from being deceived by fraudulent offers. Some crypto coin evaluators include CoinMarketCap, and Coingecko.
Crypto Trading magazines
Trading magazines are the most resourceful instruments in the industry. They combine different information under one umbrella making it easy for investors to choose which project to participate in. one of the leading crypto trading magazines is the Cryptonaire Weekly magazine.
The Cryptonaire Weekly magazine is a leading crypto trading and investment magazine that offers weekly updates to its subscribers. It combines expert technical analysis, providing trading opportunities to subscribers as well as fundamental analysis. It also provides information on Trade Opportunities, Market News, New & Upcoming, and Crypto Projects. Cryptonaire Weekly is available in both digital and Printable version.
Crypto exchanges have become quite resourceful thanks to Initial Exchange offerings (IEOs). The exchanges will also help you know which token has been listed making it easier to way the viability of the project. Some of the exchanges like CoinCodex, Coinbase and Bitfinex have a news section that helps
Crypto wallets help both traders and investors store their assets. Since the deals involve digital money, an individual requires the hardware to help them store their funds. Generally, there are two main types of wallets, the cold wallets, and hot wallets. The different wallets will have different advantages. Its best for the investor to choose a wallet that best suits their needs. One can choose top wallets like Blockchain Wallet, Coinbase and Bitfi
News social media
The power of social media platforms has become profound. As an investor, it is important to follow key players in the markets to get information on which projects you should invest in. Social platforms like Twitter and Facebook are good ground to get information on which projects are new in the market. They are also good to get information, especially reviews on different issues the project seeks to solve. While most of the comments might give bias information, there are a few that are quite helpful to investors.
In addition, social media helps investors know which project is a scam and which one is legit.
Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Live from the Platinum Crypto Trading Floor.
Earnings Disclaimer: The information you’ll find in this article is for educational purpose only. We make no promise or guarantee of income or earnings. You have to do some work, use your best judgement and perform due diligence before using the information in this article. Your success is still up to you. Nothing in this article is intended to be professional, legal, financial and/or accounting advice. Always seek competent advice from professionals in these matters. If you break the city or other local laws, we will not be held liable for any damages you incur.