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Cryptocurrency Trading: Where to Start
Investing in cryptocurrencies attracts more and more people, as does cryptocurrency trading. However, before entering the cryptocurrency market, one should do certain things to create a solid base for further success.
Sources of knowledge
First, you need to try and find out as much as possible about the blockchain, cryptocurrency, crypto market — study all materials you possibly can. But don’t delve too deeply into the technical details and blockchain history — focus on the financial aspect instead. You can find abundant information on YouTube, Telegram channels, etc.
Storage for money
When working on the crypto market, you must select a storage for your coins. Historically, cryptocurrency exchanges are not a safe place for storage — they’re prone to technical glitches, hackers carry out successful attacks on them, exchange management can even change the rules at their discretion. This is why a more reliable option is a wallet or multiple wallets on computers that must also be copied to the external media. You should, however, retain some money on the exchange — just in case you will need to rapidly react to leaps prices.
The key and most influential news of the cryptocurrency market originate with cryptocurrency founders, advanced crypto enthusiasts with multi-million income and successful crypto investors. Among others, they include Charlie Lee, Vitalik Buterin, Roger Veer and about 10 more names. You should follow them in the social media.
You should also join chats of cryptocurrency traders. Here you can find practical knowledge about trading and consult experts avoiding mistakes. But don’t trust all of them blindly. First of all, trust what you’ve learned yourself.
Cool head and iron nerves
One of the first rules to be adopted by a fledgling cryptocurrency trader is avoiding to trade on an impulse. In other words, don’t give in to excitement or panic. Learn to play cool from the very beginning, stay reasonable casting aside greed and fear.