$MITO Important Tips for Trading New High-Risk Cryptocurrencies (like MITO):
1. Wait for actual trading to begin: · Do not trade in the first moments of listing. Wait at least an hour for the first one or two candlesticks to form and for real trading volume to show. Initial movements are chaotic and unstable.
2. Do Your Own Research (DYOR): · What is the MITO project? Look for the whitepaper, the development team, the project's goals, and its use cases. If you can't find clear information, that's a major red flag. · Supply and inflation of coins: How many coins are in circulation? What is the maximum supply? This directly affects their price.
3. Do not invest more than you can afford to lose: Consider any amount you invest in this coin as money for learning and gambling, not for investing. Be mentally prepared to lose 100% of your capital in the worst-case scenarios.
4. Beware of "pump and dump" schemes: New cryptocurrencies are a fertile ground for manipulative groups. Their price can rise very quickly and then crash even faster, leaving most traders with heavy losses. Do not get swept up in the excitement and fear of missing out (FOMO).
5. Use limit orders, not market orders: · Initially, the liquidity of the "order book" will be low. A market order may be executed at a very low price. Use a limit order to set the price at which you want to buy or sell in advance.
Buy and Trade