Bitcoin is currently setting all-time highs. After crossing the $ 20,000 mark, the excitement is real. There are many assumptions but one thing is agreed upon: the bull-run is only in its infancy. After 3 years of a downward trend, another mindset must be adopted by investors in order to profit with dignity from this improvement.
The world of cryptocurrencies has rarely been so exciting. Indeed, the institutional world seems to have seized the Bitcoin phenomenon, and gives it an unsuspected credibility. In a world where uncertainty has become the norm, it remains perilous to indulge in the game of predictions. However, the number of Bitcoin millionaires has never been higher than it is today. Are we witnessing a real-time redistribution of economic power?
Wanting to get rich is one thing, but the road can be tricky, especially in a world with so many codes and safety rules that you’d better follow to the letter. This studious approach will undoubtedly make the difference between profitable investors and others.
Have a (good) starting strategy
Placing money in the cryptocurrency sector has nothing to do with setting up a passbook A. It is for this reason that most investors are currently turning to this digital option much more profitable. However, this choice requires defining a precise investment strategy in advance. This implies fixing the amount, but also defining the way in which it will be injected into this market.
This difficult decision should only be confined to funds you are prepared to lose. This state of mind will save you from increased pressure during potentially sudden movements.
Much worse than volatility, it is hesitation and panic movements that are at the root of the biggest setbacks. This harsh reality can now be overcome through specialized training. The latter will allow you to invest in complete security, with the support of professionals in the sector.
Choose the best tools
Once you’ve got the right strategy, it’s time to get down to business. That is, the purchase of your precious cryptocurrencies. This operation requires finding the right platform for your use. This choice must be carefully anticipated.
Indeed, there is a significant number of platforms, offering attributes as diverse as they are varied. The best option is to play it safe by moving towards solid players like the leader Binance or the recent and very promising FTX.
It is important to note that trading operations should be carried out with great care. A beginner user can very quickly confuse the sending or receiving addresses, specific to different cryptocurrencies. It can also pay a higher price than the market price for a typo or an over-enthusiastic click.
If you are familiar with these fears, it may be easier and more profitable to leave all of these in the hands of specialists. This solution can be implemented as part of a Copy Trading solution. This is to avoid a lot of cold sweats.
Buy at the right time
Buying Bitcoin must be accompanied by a concerted timing. The volatility linked to the market leader implies trends that can quickly turn around. It is therefore possible to accuse losses of around 15% of funds committed within an hour of their first steps.
Patience is essential in order not to give in to FOMO. This term is used to describe the hysteria that grips the impatient. Caused by a sudden increase in an asset, following an announcement or rumor suggesting a bright future for the project in question. These inexperienced investors then pounce on the asset in question and often suffer an immediate substantial loss.
Indeed, buying during a rise is risky. Sudden bullish movements are often followed by large corrections. There are therefore much better times to position yourself. Even if that sometimes means “missing out” on a 10% increase.
Becoming a profitable crypto-trader is much more enjoyable when the experience goes hand in hand with profit. These are only possible thanks to risk management and a good knowledge of the cryptocurrency market.
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