Below are my advice to traders who want to start trading cryptocurrencies profitably.
1. First thrive! then survive.
2. Divide your capital into 4 portion, and don’t use more than a portion for a single trade.
3. Always use stop-loss order.
4. You must know what you’re doing. Don’t just follow people’s tips blindly.
5. Don’t be mechanical. You can use trading tools to perform good analysis and still lose big. You got to employ common sense.
6. The same way you make profit when price is going up, you can also make profit when price is coming down.
7. Profit is made in the buying and not in the selling.
8. Always withdraw part or all your profit. I personally recommend withdrawing 80% of your profit.
9. Control yourself from the urge of always putting your money into a trade. Sometimes the best thing to do is to do nothing.
10. Liquidity is important in trading and it determines how quickly you can get your cryptocurrency back to Naira. Coins with low liquidity are easily manipulated and apart from that, you might end up not being able to convert the crypto to cash.
11. Don’t day trade. You should only trade when the market is most favorable.
12. You must take action, don’t just react to what’s going on the market. Get ahead.
13. Not having internet access.