We live in a world where everything could be changed in just a second, such as the way of working, the way of shopping, or even the way of paying. The best example is the ongoing pandemic caused by the coronavirus, period when the whole world is living differently. Now, let’s talk a little about the cryptocurrencies.
This type of currency was released for the first time in 2009 under the name Bitcoin. Bitcoin is the first and the most popular cryptocurrency in the past 10 years. As time went on, a lot of other currencies were released and because of that the competitiveness and the popularity of cryptocurrencies increased. Also, today many world countries intend to issue their national cryptocurrency, and some of them already have it. It is not only the countries that have their cryptocurrency, but also many other entities such as FC Barcelona, Burger King’s unit in Russia, Facebook, and so on.
Has this topic kept your attention? Are you interested in buying cryptocurrencies and even trading them online? If your answer is yes, we are happy to help you. Since you are a beginner, in the continuation of this article we will show you 5 steps that you should pay attention to during your first cryptocurrency trading:
1. Choose the cryptocurrency that suits you best
The first thing to do is to do some (internet) research on all the currencies that exist right now. It is best to start by looking at what types of cryptocurrencies exist in the last period, what their popularity is, where they come from and how long they are existing, but the most important thing is to check their market position at the moment and to find out their prices because good rating does not guarantee the stability of the currency and vice versa.
This is a very important and initial step because many cryptocurrencies have been created in the past 10 years. They vary according to their popularity as well as their value which changes in a positive or negative direction. Also, as an important part of this research is to look at the experiences of people shared online, because sometimes a new and popular cryptocurrency does not mean that it can be the best choice. We say this because it often happens that false comments and testimonials are written to increase the popularity of the currency.
2. Choose a digital wallet
The digital wallet is all you need once you decide on the cryptocurrency that suits you best. Why do we say this? We say this because it is in our nature to have no confidence in things and to always have a doubt about something. Digital wallets are one of the best inventions in the digital world of finance. We claim this because they offer all the security that each of us requires when it comes to any financial transactions, savings, or currency trading online.
These wallets offer all the security and protection from any hacker attacks that could harm your account. Examine all the types of virtual wallets that exist, their variations, the options they offer, and choose one that is for beginners. As the best and safest digital wallets for beginners in 2020, we recommend Exodus — a cost-free hot wallet for beginners, and as a second choice, we recommend Mycelium — the best cost-free hot wallet for mobile users.
3. Keep yourself informed
The world is, so that means that everything around us is changing. So it is with cryptocurrencies. Because of this, you have to make a plan to follow the news related to cryptocurrencies. This means that you need to find the most relevant news sources related to these currencies such as business, finance, economics, or specialized cryptocurrency news websites.
We also suggest you check the current market situation of your chosen currency several times a day so you can ensure yourself. You can also find videos of well-known experienced cryptocurrency traders talking about their successes, failures, tricks, and experiences in this field. Finally, you can look at the offer of applications for your smartphone that are offering tips, help, and for applications that are making it easier to track the cryptocurrencies. Make it easy to operate!
4. Make a plan!
We recommend you to always have a plan and strategy that will surely guide you through this. Do not let your intuition guide you because intuition does not always bring the desired result. Make the necessary checks and calculations in advance, formulate the plan and strategy, and move safely. If you do not have a plan and you are guided by your intuition, you won’t be prepared for the big players that are more experienced than you, they can “eat you” very easily, and that will make you a loser in the game.
If you are inexperienced, it would be better to seek advice from someone who is far more experienced than you, and if you are able, you can hire a mentor who will share his experience in trading these currencies with you. It is very important to choose a relevant website through which you will trade safely and which will offer you specific and accurate information about the whole process, as well as www.feedster.com and similar ones that work safely and securely.
5. Be aware that you are taking a risk!
If you have decided to start trading cryptocurrencies, then you must be ready for anything at any time. You should know that there are many risks in this business. To make it easier for you, it is better to do the following. You need to start reading motivational texts of people who have succeeded in this work, read motivational books, listen to motivational speeches on YouTube, and find motivational quotes from famous people. That will help you to overcome the fear of failure.
To be successful requires a lot of effort and a lot of work. It takes a lot of investment, but the whole investment will result in a positive outcome in the end. Isn’t it easier when someone has to help you when you are at the beginning? Of course, it is. As a beginner, follow these steps, be persistent, and success will be inevitable. Good luck!