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Learn the Do's and Don'ts of Crypto Trading from Ben "BitBoy Crypto" Armstrong
Cryptocurrency is the latest buzz these days among investors. But if you are new to this industry, you may have tons of questions in mind, such as where you should invest, which coins are the most profitable, and what strategies will yield the highest profits. Ben Armstrong, a cryptocurrency enthusiast, suggests that whatever you do, never play the guessing game. It can lead to hefty losses that may make you bankrupt.
Ben had invested in Bitcoins in 2012, but his investments didn't provide profitable returns. He lost a lot of money, but that didn't deter him from giving it another try. In 2018, he became a full-time crypto advisor and started his YouTube channel, BitBoy Crypto, to keep investors updated with the latest news on the crypto market. Today, he shares some of the do's and don'ts in crypto trading that every newbie investor should keep in mind.
1. Analyze a coin thoroughly before investing
To take the guessing game out of the picture, you should always research the coin you plan to invest in. Many coins claim to provide promising returns, but you need to check their background first. This would eliminate the risks of potential losses both for short-term and long-term investments.
2. Keep an eye on crypto news
BitBoy Crypto is now one of the most recognized crypto channels on YouTube, known for providing the latest updates on Bitcoin and anything related to cryptocurrency. Ben has so much to share about this industry that he expanded his channel and now has a separate division dedicated only to cryptocurrency news. He suggests that you should follow the market every day if you want to make it big in the crypto industry. And his news channel is a great source to keep up with the industry trends and forecast different currencies.
3. Use price tickers
Suppose you want to trade on the top coins in the industry. How will you know when their prices fluctuate? That's where price tickers can help. They send you notifications on your phone as soon as there is a slight change in one of the coins you want to trade. This allows you to buy or sell at the right moment to make more profit from each investment.
1. Stick to one coin only
Ben recommends investors to diversify their portfolio as much as possible. It helps to cut down losses in one currency by making significant profits on the others. Of course, you don’t have to diversify just for the sake of it. Be sure that you do your due diligence and invest in coins that feature actual use cases and show signs of growth in the future.
2. Trading without stop-loss
One of the first rules of crypto trading, according to Ben, is not to trade emotionally. It prevents you from accepting losses. You keep trading with the hope that your next investment will cover the losses, and you make significant profits. That may not always happen. And that's why setting a stop-loss is crucial for any investor so that it stops you from trading if your investments don't go according to plan.
Now that you know the do's and don'ts of crypto trading start your journey slowly. Remember that despite what many people would have you believe, investing in crypto isn’t a get-rich-quick scheme. Ben suggests mastering the trading fundamentals and honing your skills instead of following the herd and investing blindly.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes