Top 5 Tips for Managing Your Crypto Trading in 2020
Just like the circumstances that sparked the Great Depression, today’s crisis has also severely damaged the stock portfolios of an immense number of people. The possibility of total financial ruin is not only hovering like an axe waiting to fall, but is already on its downward trajectory toward many necks.
Navigating the New Financial Normal
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True to form, we all want to make more money, and interest-based retirement accounts, high-yield money market accounts, and the stock market are some of the ways most people plan for the future. But, as the world’s markets ebb and flow from day to day, can you really trust the old standards to grow your money?
Even Apple, Starbucks, and little groups like Online Casino Deutschland are feeling the pinch from these violent financial shifts. However, there is a way to fortify yourself by properly securing your money in entities that don’t sway with the markets and employing new technics for how to manage a trading that will still show profits.
Managing Trading and Your Investments
Being successful in the markets and managing a crypto trade is not as much science as it is experience, intuition, and math. Knowing which way the winds will blow in on the floor is as good as having a crystal ball, but nothing beats years in the field.
Here are some other ways to keep up:
Don’t Be Scared
All trading is risky, even small amounts. The best way to stay ahead is to be aggressive. It sounds counter-intuitive in this current economic climate, but it still holds as true today as it does on the best trading day.
This is a great time to talk about managing emotions while trading. You are going to get excited when things go up and upset when they go down. Guess what? You can’t control it. You can only control yourself. Have patience and allow it to do what it will do.
Little by Little
Incremental trading is better than “nickel and diming” the market. It also sounds counter-intuitive and a bit redundant, so let us elaborate. Buying one token, then waiting and selling, will work and give you a good price. Buying tokens at different intervals will provide you with a better price over a longer span of time.
No Psychic Assumptions
Stick to the hard data and leave the predictions to Dion Warwick. Focus on price history, information from the company, and leave the guesswork for analysts who are paid to do that. False assumptions are a mark of a risky trader, and managing risk trading is easiest if there is no risk.
When to Run
The trading status quo is to buy low and sell high. But if your portfolio continues to tank, you don’t want to take a loss, so you stick it out. This is not a good plan. It is far better to run if your stock is heading the wrong way than to try managing trading losses by waiting it out, hoping to get it back later. Hope has no place in this game.
It is not a sure thing, it is not a safe bet, but the market is still a solid place to make money by doing nothing more than investing wisely. Managing trading account options in a manner you can understand is like playing a slot machine with the instructions taped to it. It is better to know the game than wing it, and this applies to all investment concepts. If you don’t know how to play, get up and walk away.
Ellen Royce is an entrepreneur and a financial advisor with a passion for helping people develop successful side hustles. She knows the importance of smart money management firsthand, as the Coronavirus epidemic has had a devastating effect on several of her friend’s businesses.