Blink, and you might miss a life-changing pump. Trading stocks and cryptocurrencies can be complicated, but here are a few tips on how to get started.
It doesn’t matter how experienced you are at trading because nothing can be done to protect a person against the might of cryptocurrencies’ price swings. Currently, Bitcoin’s volatility, the standard measure for daily fluctuations, stands at 64% annualized. As a comparison, the same metric for the S&P 500 stands at 17%, while the volatility spec for WTI crude oil is at 54%.
Even professional traders get swept away by the fear of missing out , ceding to an urgency to build a position as quickly as possible. But, if everyone is getting 50% and higher returns consistently and even meme coins are posting stellar returns, how can you stand aside and merely watch? The best traders are experienced enough to know that reading the market correctly is more important than picking the best indicator. Some prefer to track correlations to traditional markets, while others focus exclusively on crypto price charts. There’s no right and wrong here, except for trying to track five different indicators simultaneously.Learn when to step aside
This might be the hardest lesson of them all because investors have a natural tendency to take profit on our winning positions. As discussed previously, crypto market volatility is extremely high, so aiming for a 30% gain will not cover your previous losses.
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