Discipline, diversification and diligence
Crypto trading is about having a plan. This helps traders decide when to buy or sell. You should always follow this plan and stick to your own rules. Technical analysis in particular can be helpful in crypto trading. According to Sincere, the main focus should be on the moving averages and the Relative Strength Indicator (RSI). These indicators are quite easy to understand and interpret even for beginners.
The last and probably the most important rule in crypto trading and securities trading: diversify! Because you should never put your entire fortune in a single financial product. In principle, crypto traders who are still in their beginner’s shoes should exercise caution when trading Bitcoin, Ethereum and Co. For example, it could be years before digital currencies are accepted or even supported by government or institutions, if that is ever the case. Skill, discipline and due diligence should always be the top priority for traders – regardless of the financial product.