As a day trader, you may have chosen a certain course as the objective. This is the moment that you sell, because the price, for example, is at the highest point ever. Keep in mind that you can probably never sell at the highest point and never buy at the lowest point.
Do Not Panic With Price Falls
The Bitlord crypto market is a volatile market: the course is flying in all directions. If you know this in advance, you will not panic so quickly when the price suddenly drops like a brick. A lot of traders are getting stressed at that moment and are selling everything. This should be the moment for you to stay calm or to buy extra in this dip. Corrections are very normal, and this can sometimes take a few hours or even weeks.
Search for a Suitable Exchange
After you have figured out which cryptocurrency you would like to purchase, it is time to see which exchange you will use. We can give you a tip to register at various exchanges. It sometimes happens that an exchange has a stop at a certain moment. To be ahead of this, having an account is always handy.
The exchange that you subsequently use will partly depend on the cryptocurrency that you want to purchase. Not every cryptocurrency is available everywhere. When there are several options, you can see which exchange you prefer. This can depend on the ease of use, safety, and the number of available coins, but also on another not unimportant fact is the cost. Exchanges earn money from you as a trader through the fees that are charged. It can certainly save money by comparing these costs per exchange.
Hold vs. Day Trading
There are different ways of acting. You can trade in the short term, but you can also choose to keep a crypto coin for a long time. Our experience shows that acting in the long term is more rewarding than acting in the short term. As a day trader, you have to keep a close eye on the tricks to get in and out at the right time. Few people can do this.
Don’t Get Bothered By Fomo
In short: you have to make do with the crypto coins that you have and are satisfied with the profit that you have made at that time.
Do Not Check Your Balance Too Often
Via various apps, it is possible to see your balance. That way, you can see how you are doing that day. This can also cause stress and, in worse cases, cause insomnia. Make the agreement not to look at your results too often. Do this at most once a day, but it is even better to watch it once a week. It may be difficult, but it can give you a lot of peace.
With these tips in mind, you must be able to go a long way. In addition, feel welcome at our forum: there are various experts in the field of cryptocurrencies. You can also talk to yourself about your favorite crypto, among other things.