Hi, I would like to move from the capital market to the cryptocurrency market. How do you think to make such a transition so as not to fall into some typical traps? Let’s say something for a beginner.
First understand the technology. If you don’t understand it then how can you follow its financial ups and downs.
How will you make informed decision. There are 6000 plus crypto out there. Why would you buy some and leave other.
You need to do research. Also you need to manage to learn risk and rewards. Also you should know the risks associated with Margin trading. If you do same with Cryptos it is not different than other products available in capital market.
General idea about crypto is that it is very volatile so no one can accurately predict direction. Coul be fatal for new comers. If you want to hold it and sleep then fine. Don’t trade on daily basis if you are newbie.
Current BTC price is highly u stable in my opinion. It can go up as well as go down. You should see why it jumped so high so suddenly. This is not a normal price so do not be excited and impressed.
Also LTC follows BTC in price trend so buy LTC as low price item.
Why would you say no be not a good idea for a newbie to swing trade. I’m new and that’s what I am doing. It’s stressful but I do research intensely and doing not to bad. I do highly suggest for anyone who is new to the crypto world. Research, research and more research is the best suggestion to anyone and decide for yourself whether it is a good product or not based on your research.
Just try your luck if you know what you are doing your going to lose your going to gain, if you don’t know what you are doing, you’re going to lose and going to gain.
start with training, a very simple and understandable course on cryptocurrencies and blockchain technologies is given by Crypto & Blockchain Education | Binance Academy
I agree, you must understand the whole technology from beginning to end, study everything carefully.
Thanks for sharing
I think that doing research on bitcoin is not particularly effective, but it can still be a benefit. Given the unpredictability of this currency for ordinary users, before trading, we may notice something like Elon Musk’s crazy tweet, which was made a few hours ago. In this case, you will be able to make some kind of forecast about btc to inr, which will give you a useful advantage. In my understanding, research for bitcoin has only such a form when you are looking for information that may affect its chart in the near future. It is unlikely that the statistics of the past can help you.