15 tips on how to trade bitcoins

Today, only the laziest, cautious and distrustful did not get into the cryptocurrency. Sky–high interest rates and the financial success of those who bought the cue ball a year ago are spinning their heads - people forget themselves and rush to the stock exchange to raise money. And then he loses everything.
I will tell you how to behave to a novice trader in order not to go broke and increase your capital.
1. Set complex passwords
Everyone knows that there are hackers in the world who break everything and steal everything. And everyone is sure that this will definitely not happen to them. Don't be frivolous! Protect the entrance to the wallet and to your exchange account with long, secure passwords.
MASHA89, V1SHNY4, QWERTY666, 1992may24 and similar combinations are very easy to open with an elementary brute force attack.
Install a password manager, for example 1Password or KeePass, write down the generated passwords on a piece of paper and hide it away. From now on, the password protects not just your photos in the VK, but hard-earned money!
2. Configure 2FA authentication
Cryptocurrency exchanges allow you to enable two-factor authentication. As a rule, Google Authenticator is used, which works in conjunction with a smartphone application.
During the setup of this authentication method, the exchange will give you a secret key. Save it – take a screenshot, print it out on a piece of paper. If you lose access to Google Authenticator on your smartphone, you will be able to restore access to the exchange only with this backup key.
Do not think that you are too smart, and this kind of trouble will definitely not happen to you. To lose access to your account, it's enough to change your smartphone, make a hard reset, or just accidentally delete the Google Authenticator app.
3. Verify on the exchanges
Yes, you will need to highlight your personal data, specify your residential address and take a selfie with your passport. But verification is a guarantee that your money will be safe.
For example, last fall, for security reasons, the largest Bittrex exchange blocked the accounts of users who did not pass verification.
Verification will also allow you to verify your identity and restore access to your account if you lose your passwords or lose Google Authenticator.
4. Check wallets for cases of hacking
Before withdrawing cryptocurrency to any wallet, study how secure it is. To do this, it is enough to Google cases of missing money from the wallet. For example, the Jaxx multicurrency wallet and the IOTA wallet have earned notoriety – the latter generally breaks down once or twice by any schoolboy who knows how to write a script for sorting characters of a string.
5. Learn the currency
According to the CoinMarketCap resource, today there are more than 1300 cryptocurrencies on the market, while many of them show positive growth dynamics. But do not rush to run and invest money in the first coin you come across, even if it has made 400% in a week. (400% per week, Carl!)
First, study all the available resources for this coin – the official website, and Twitter, communities in social networks, Telegram and Slack chats, branches on Bitcointalk forums (there is a Russian-language subforum) and Reddit. It is important to evaluate:
Whitepaper and the project behind the coin. What technologies, what partners. Do not be lazy to study the partner sites – perhaps they have not been updated for a long time, or even at the "Coming soon" stage.
Roadmap coins. If the project is coming to an end or the deadlines are not specified or are not met, it is impossible to climb into it.
The history of the coin. How long has it been on the market, and what has been its dynamics.
On which exchanges it is traded. The more exchanges there are, and the more solid they are, the better.
Information field around the coin. What are the latest news related to her? Perhaps there was never any news. Or the deception was revealed. Or maybe, on the contrary, Elon Musk himself decided to invest in this currency? Just check if this news is fake – maybe Elon Musk has invested in something else.
Calendar of events. What awaits the coin in the future, and what the developers are preparing for, can be found on the CoinMarketCal and Coindar websites.
The thing is that there are a lot of fake coins in the long list of "crypts", behind which there is nothing, or just dead, but suddenly revived thanks to diapers (see point 11).
6. Do not buy "on hay"
The first major mistake of novice traders is buying "on hay". Seeing that the currency has gone up, the novice hurries to jump into the last car and grabs a coin at an exorbitant price.
However, growth is followed by decline. It is unknown how soon the coin will return to its previous position and whether it will break through the upper mark. Maybe tomorrow. Or in a month. Or in a year. Or never.
Therefore, it is the least risky to take a coin when it has reached the bottom.
7. Don't panic
The second main mistake of beginners is Panic Selling. Seeing that the coin has suddenly rolled down and is not going to stop, the novice freaks out and drains it before it's too late.
If the coin was bought at a lower price, then it's okay – the trader fixes the profit. But if Panic Selling happened immediately after the purchase "on high", then this is a tragedy – you will have to fix losses.
8. Don't be greedy
If you waited for the moment and your coin soared to the Moon, that is, shot, do not be greedy and do not wait for it to peak and start falling. Strictly define a threshold for yourself, after which to throw off the coin and fix the profit. 20-30% is already good.
When the coin drops, you can make a re–purchase and withdraw another 10-15%, but re-purchase is always a risk. Yes, there is a possibility that the first wave of growth will be another, and another, and another.
But counting waves is not an occupation for a beginner. If you really, really believe in the coin and decided to invest in it for a long time, then it's better to forget about its dynamics for the next future, otherwise you won't be able to sleep peacefully.
9. Just HODL it!
The best rule in the highly volatile and emotional cryptocurrency market, where everything is constantly jumping, is to gather the will into a fist and hold the coin until better times. The recent sharp, but short-term decline of bitcoin, and with it the entire cryptocurrency market, followed by panic, once again proved the value of this rule.
The course moves in waves. The growth is followed by a fall, and the fall is followed by another growth. Today you have 100 dollars, tomorrow 20, and the day after tomorrow 130, or even 250.
Know that sooner or later the very moment will happen when you wake up a millionaire, but for this it is important to be patient and not listen to alarmists, predictors and skeptics. And of course, it is important not to lose money with the currency (see point 5).
10. Automate trades
There are two main ways to trade on the stock exchange. The first is to constantly monitor the schedule and manually carry out transactions. This is inefficient on long timeframes, and even exhausting. The second is to issue purchase and sale orders for a specific value.
For example, if you buy an iPhonesCoin coin at the rate of $ 100 a piece, add 20% to its value and place a sell order at the price of $ 120 a piece, and forget about the exchange for a while.
If the exposed price is in the usual daily range of the exchange rate, and the coin is more or less stable, then there is nothing to worry about - during the day the order will work, and you will take your profit.
11. Don't put all your eggs in one basket
Let's say you decided to buy "crypts" for $1,000. The safest scenario is to distribute the entire amount into several currencies. This way you will save room for maneuver if something happens - say, one of the currencies breaks down and the other up, and you will make an informed decision to redistribute the money.
It is worth investing all the money in one currency only when you know exactly 146% that the coin will be trampled. Or they are just ready to risk the whole cutlet.
12. Distinguish pampers from investors
On the cryptocurrency market every day there are dozens of pumps – pumping currency with money, as a result of which the rate soars sharply.
Some pumps happen with the arrival of large investors or in the event of an important event, and some are created artificially by teams of pampers. If in the first case the pump is only for the benefit, then in the second it is better not to climb, because after the pump there is always a dump – a massive sale of currency and a sharp drop in the exchange rate.
It is very simple to determine the work of diapers. If the currency remained in the so–called flat for a long time, that is, it did not show any significant growth or fall, or even was dead at all, but then it suddenly shot up vertically, you know - these are diapers.
Rushing into this currency, you will definitely lose money, because after the fall of the second wave will not follow – the rate will return to its usual flat, and you will be left with useless coins.
13. Do not rush to believe well-wishers
As soon as you find yourself in the crypto community, experts and analysts will start attacking you. Signal predictors stand out the brightest of all from this fraternity – they certainly know how to raise money, and where to press. In their Telegram channels, these guys notify which currency to buy, at what price, and when to reset it in order to earn exactly.
Should we believe them? Everything is simple here. Take your time, observe the signals that the predictor gives. If they are workers, then why not fit in?
But never hold the coin to the point indicated by the predictor – it may not happen.
14. Learn to count
Even if you are a humanitarian, you still have to make friends with mathematics. The formula "Buy a cue ball cheaper and sell it more expensive" does not always work as you want, because in the crypto world every step is accompanied by a commission.
The commission for entering money into the payment system, the commission for the purchase of "crypts", and even at an inflated exchange rate, the exchange commission for transactions and withdrawal of funds – as a result, a tidy sum turns out!
To save money, carefully study all these figures, run through all kinds of payment systems and exchangers, develop the best scheme for you to deposit and withdraw funds.
15. Be careful
On emotions and in a hurry, you can break a lot of firewood – lose passwords and QR codes, forget about the issued orders, press the wrong button and instead of 25% of the amount, throw off all the money, lose Google Authenticator, buying a brand new iPhone X for joy and throwing away the ancient Android…
Therefore, do not rush, do not fuss, do not give in to emotions – keep a sober mind and a cold heart.
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