1. Start Learning and Understanding
Before you start trading, it's important to learn the basics of cryptocurrencies:
• What is blockchain?
• What is the difference between currencies like Bitcoin and Ethereum?
• What are digital wallets and their types?
2. Start with Small Amounts
In the beginning, do not risk large amounts. Only use money that you can afford to lose, as the market is very volatile.
3. Monitor the Market and Its Analyses
• Use technical analysis tools (such as: RSI, MACD, support and resistance lines).
• Follow daily news, as statements from governments or influencers (like Elon Musk) can significantly impact the market.
4. Diversification Is Important
Do not put all your money in just one currency. It's better to diversify your investments to reduce risks (Bitcoin, Ethereum, and reliable altcoins like Solana or Chainlink).
5. Use Stop Loss Orders
To protect yourself from sudden crashes, set automatic sell orders at specified loss points.
6. Separate Investing and Trading
• Trading: Buying and selling cryptocurrencies in the short term for quick profits.
• Investing: Buying cryptocurrencies and holding them for the long term.
7. Do Not Follow the "Hype" (FOMO)
Avoid buying just because everyone is talking about a particular currency. Currencies often rise significantly.