Best virtual currency traders know how to play the market in a way that doesn’t give the impression that they are holding a piece of real currency.
These are the key techniques to get the best value out of your cryptocurrency investments.1.
Avoid short-term bets.
The most common mistake traders make is short-selling their cryptocurrency investments, meaning they sell out on their holdings and end up with less money than they expected.
Short-selling will not work if you are planning to make a profit from a cryptocurrency.
Instead, keep your crypto investments short-dated, because it’s likely you’ll lose money over the long term.2.
Don’t hold too much of your currency.
The only way to get an investment back is if you hold more of it than you expected.
If you hold just $1,000 in your crypto portfolio, then you can expect to get back just $5,000.
That’s not great, but if you were holding $5 million in your portfolio, you’d be in for a lot more cash.3.
Don the long sleeve.
You should always wear long sleeves in the cryptocurrency world, and it’s best to do so in a high-end store.
You’ll be able to get more bang for your buck if you wear the right sleeves and make sure to pay attention to the fabric.4.
Don, don’t buy.
It’s worth it to get some cash out of a virtual currency investment.
Buying in a market with low liquidity or a large number of coins can be a huge mistake.
Buy cheap and sell when you feel the price will increase.5.
Keep your wallet safe.
You may be thinking to yourself, ‘What’s the point of keeping your wallet secure when I can just get my cash out on the spot and not worry about my physical money?’
Well, the answer is, you’re wasting your money.6.
Avoid taking any cash from the ATM.
Cash is the currency of the future.
It will be a virtual commodity within a few years, so don’t be afraid to keep your money safe in the bank.7.
Be careful when selling.
Don to selling, because cryptocurrencies have a tendency to go up in value, and that can be very volatile.
If someone hands you cash, do not take it.
If a seller is willing to pay you, you should take it and cash it out.8.
Don your hat.
Many cryptocurrency traders wear hats that have symbols on them.
The symbols represent the amount of bitcoin, and the hat represents the amount they are willing to accept.9.
Be a good trader.
Trading cryptocurrency is not a job for the faint of heart, and you should never trade a cryptocurrency that you’re not confident in.10.
Don ‘t be too hard on yourself.
Don’ t try to win people over by asking for the best deal.
Don t make your trading strategies too hard to follow.
You’re trading in a virtual world, after all.
You have no control over the value of your money, and even if you do, it will never be your money back.
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