In this guide, I’ll cover some top cryptocurrency trading tips for 2018.
You see, 2017 was a crazy year for cryptocurrency…
But 2018 could be even bigger!
But if you’re new to the market, you need to be informed about what you’re getting into.
And that’s why in this guide, I’m going to teach you 6 of my best cryptocurrency trading tips for 2018.
1. How To Use These Cryptocurrency Trading Tips.
Before you check out these cryptocurrency trading tips, please understand that you as with any type of investing, nothing is guaranteed.
There’s always a risk with investing – and I don’t want you to make any mistakes.
So invest with some common sense:
Don’t take unnecessary risks or bet on what you can’t afford…
…And if you really want to make the most of these cryptocurrency trading tips, check out this awesome guide.
2. Where Can You Buy Cryptocurrency?
If you haven’t invested in cryptocurrency yet, one of the most popular trading platforms is Coinbase.
It’s handled millions of transactions online and has thousands of customers.
Coinbase is probably the best place to get started because it’s literally built for beginners:
You’ll discover an easy-to-use, hassle-free way to buy cryptocurrency instantly online.
3. 6 Profitable Crytocurrency Trading Tips For 2018.
1. Don’t Risk More Than You Can Afford To Lose.
When it comes to cryptocurrency trading tips, you need to have a little common sense:
If you can’t afford it, then don’t do it.
Sounds simple right?
But you would be blown away by the amount of people who listen to their emotions, rather than their brain.
…And that’s a massive mistake.
Whether you’re trading Forex, stocks or cryptocurrency, it’s CRUCIAL to be careful if you’re investing your money.
Focus on making smart, careful decisions. And never invest in a cryptocurrency without researching them first…
Now there are also some quick ways to minimise your risk too:
- Diversify your portfolio: If you Invest in multiple cryptocurrencies, diversifying your portfolio means you’re spreading your risk across multiple markets. So if one currency drops, you won’t blow your whole investment! There are hundreds of different cryptocurrencies to choose from – so you have plenty of choice when it comes to diversifying your portfolio. This is one of the best cryptocurrency trading tips for 2018 and beyond – especially if you’re just stepping into the crypto market.
- Research: Only buy cryptocurrencies you have a lot of faith in. If you can’t see a cryptocurrency becoming useful or growing in it’s popularity, don’t do it! When it comes to trading, you’re investing in their future prospects and potential.
- Stay updated: if you’re putting money into a cryptocurrency, stay updated! Read the news, watch YouTube channels, find some great blogs. The value of your investment relies largely on supply and demand – getting the latest updates about your cryptocurrency helps you keep on top of that.
- Hold your currency long-term: I’ll get into more detail about this later but basically, you don’t need to make instant profits. If you want to reduce the risk of cryptocurrency investing, stick to your guns. Sure, there will be fluctuations along the way but you need to ignore these and see the bigger picture.
2. Get Your Mindset Right.
This is one of the most under-rated cryptocurrency trading tips in 2018…
You see, your mindset is everything!
You need to be resilient, confident and ready to take risks – and that’s all about preparing your mindset for success.
When it comes to any type of investing, most people give up way too early. They don’t have the confidence or the motivation to keep going when things get tough.
But if you don’t get your mindset right before you start trading cryptocurrency, you’re setting yourself up for failure.
Why? Because:
- You’ll freak out & make poor decisions!
- You’ll be a slave to your emotions – rather than your logic.
- You’re going to struggle to make difficult decisions that require quick thinking.
- You’ll end doing stupid stuff like panic buying or struggling with the ‘fear of the unknown’.
- You’ll fail & give up – rather than being resilient enough to keep on going.
I would actually say that this is what separates the top 10% of cryptocurrency traders from everyone else!
Because the ‘average joe’ just focuses on what to trade – rather than developing and optimising their mindset.
And here’s the other thing most people won’t tell you:
When you look at other high performing cryptocurrency traders, you’ll see their success, the money they make, the results they get…
But there’s so much more to it than that:
Because you don’t see the all the other stuff they’ve endured throughout trading – the ups and downs…the uncertainty…the sleepless nights wondering whether their latest cryptocurrency investment is about to implode!
And as you’ll discover from my cryptocurrency trading tips below, it’s never been more important to manage your emotions.
3. Analyse Your Mistakes.
Some people just never learn…
They don’t take the time to chart their success and understand where they went wrong.
You see, making errors and messing up isn’t necessarily a bad thing:
As long as you understand how to stop making that mistake next time.
This cryptocurrency trading tip will save you a world of pain – because you’ll discover how to stop making ‘rookie mistakes’ and you’ll figure out exactly where you went wrong.
You see, when it comes to cryptocurrency trading in 2018, there’s no such thing as perfection.
This is a completely new industry where no-one knows what’s going to happen yet – that means mistakes will happen.
So you should regularly take the time to analyse your trade history.
Here’s a few ways to analyse your trading performance:
- Are you making too many emotional decisions?
- Are you panic buying/selling?
- Did you procrastinate & fail to take action?
- Do you get your cryptocurrency trading tips from the wrong sources?
- How could you take advantage of more money making opportunities?
These are all BIG questions that you have to answer if you want to become a successful cryptocurrency trader in 2018.
Remember:
Smart investors always analyse their successes, failures and trades. It’s what will give you consistent results and separate you from a ‘fluke trader’ that struggles to repeat their success.
Now here’s the other thing…
There are literally thousands of people charting their rollercoaster life trading cryptocurrency – which means you can learn from their mistakes too.
And that’s a powerful opportunity!
Why?
Because now you’ve got a whole network of people you can learn from – saving you thousands of dollars and a lot of frustration along the way. Reddit, YouTube and Steemit are all great resources for finding this info.
4. Take Action.
Procrastination is going to KILL your profits…
…It’s pointless, needless and counterproductive!
So if you’re going to do something, do it now – because you don’t have to time to mess around when the price of cryptocurrency fluctuates so much.
For example…
Do you know how many people talk about investing in Bitcoin – and yet never do?
You’ve probably heard something like this before…
“If I invested in Bitcoin X years ago, my $100 investment would now be worth over $10,000!”
But the reason so many people didn’t capitalise on Bitcoin is because they procrastinated. They waited for the right moment. They hesitated.
And that’s a dumb mistake.
In fact, whenever the price of a cryptocurrency goes up, there’s always people making up crappy excuses as to why they won’t invest – such as:
- “It’s too late – the price is already too high!”
- “This cryptocurrency thing is a bubble – and it’s going to burst any minute.”
- “I’m waiting for the price to drop and then I’ll buy.”
Ever heard these excuses before? Perhaps you’ve made them yourself? I don’t blame you if you did.
But do you know what procrastination really comes down to?
It’s not laziness…
It’s not because you’re “too late” or “the price is too high”…
Procrastination in trading is caused by the fear or failure. And that won’t change – not in 2018, not in 2080…
It’s simple:
You don’t want to fail – so you keep on putting the trade off – losing valuable investment opportunities along the way.
Whether you’re a beginner, intermediate or expert – don’t fall into this trap!
…If you want to make money with cryptocurrency trading in 2018, it starts with taking action right now.
You can’t afford to hesitate.
The market moves way too quickly to wait for your ‘perfect opportunity’.
5. Don’t Be A Slave To Your Emotions.
The price of cryptocurrency fluctuates based on people’s behaviour – and a big part of behaviour can be explained by psychology.
Let’s take an example:
Say you read the headline – ‘Bitcoin has an 80% chance of crashing in the next 7 days.’
How would you react?
…Psychologically, most traders would read this and start scrambling to cash out. Why? Because they’re in ‘fear mode’ – they’re scared that they’re about to lose all their money!
But that’s an emotional reaction – not a logical one.
Successful investing is all about your decision making:
You should make decisions based on your logic – rather than your emotions. You have to keep your mind in check, or it will control you.
The reason some people lose money with cryptocurrency is because they’re a slave to their emotions.
Here’s a few ‘rookie mistakes’ to watch out for:
- Don’t panic buy – even if all your friends are.
- Avoid getting greedy – cash out when you hit your target.
- Plan ahead & don’t rely on spare of the moment deals.
- Look for trends and analyse your performance – rather than buying based purely media on a gut-reaction.
Investing is all about discipline.
Need some tips for managing your emotions?
Here’s a few to get started:
Be aware of other people’s emotions:
Try to predict how others are going to react – because this will help you make stronger decisions about your own investments.
If you see everyone selling up and the market dropping fast, don’t worry – market corrections are an opportunity to buy some bargains, not a threat to panic about.
Stick To Your Targets:
Believe it or not, most people simply just don’t plan out their trades…
Maybe they’ll buy when they see the price drop – and they’ll sell when the price peaking…
But that means you can easily get sucked in by your emotions – fear, greed, scarcity mentality etc.
However, if you set objective, pre-planned targets of when to buy/sell – you’ll become more organised and find it easier to make logical trading decisions.
Set it and forget it:
As far as cryptocurrency trading tips go, this is a time-tested method that you should definitely follow.
Don’t psyche yourself out checking the latest prices every 2 minutes! Invest long-term and stop worrying about the day to day fluctuations.
6. Do Your Own Research.
Seriously, don’t take cryptocurrency trading tips from people you can’t trust.
When it comes to crypto and cryptotrading – you can’t take anyone’s word for gospel. And as the industry grows, that’s probably going to get worse in 2018!
This is all speculation – there are no surefire techniques to make money with cryptocurrency.
And there are thousands of so called ‘experts’ online that offer cryptocurrency trading tips online – but don’t really care if you’re successful or not…
In fact, all they care about is making money off you – with their infamous ‘pump and dump’ cryptocurrency recommendations.
There are tons of biased sources of cryptocurrency trading tips:
And a lot of them are recommending stuff that only profits them – not you! Just something to be aware of!
