10 Rules of Crypto Trading
While trading in such volatile space of crypto trading and with so many bad people trying to steal your assets, you ought to make few rules and stick to them. Here are 10 such must follow rules for any crypto trader.
As for usual disclosure: this is *not* a recommendation you should invest in cryptos (i am not a financial advisor or don’t pretend to be). But we believe they could inspire you if you decide to jump in, or have already jumped in.
Add your own rules in the comments. I am sure i missed some important ones.
- Always configure 2 factor authentication (prefer Google Authenticator instead of SMS)
- Trade only on known exchanges with big volume (No extensions or 3rd party applications)
- Never Ever RUSH – Don’t buy at Peak prices due to media hypes or Close to forks
- Never leave large amounts of your crypto assets on exchanges. Use your wallets to store them.
- Don’t bet all on one crypto-asset – Instead diversify and focus on limited number of coins
- Buy when it dips. Crypto space gives opportunity for everyone – Patience is the key – Set your limit buy and wait.
- HODL – Unless you are super informed, don’t day-trade
- Clean computer and browser – update your computer as it suggests – don’t procrastinate
- Use secure wallets (multiple to split your assets) – Use Crypto trackers.
- Keep track of all your transactions in an excel sheet – it’s easy to lose track.
Golden Rule: Invest ONLY money which you can afford to lose.