It has been observed that in recent years, crypto trading has reached new heights, especially with the advent of the whole world going online. Many investors are beginning to come forward to invest in digital currency and thus this might be the best time to start investing in crypto trading or improve your trade game. Mr Aakash Yadav has been in the crypto game for a long time now and has shared some valuable insight into the world of crypto that we have noted down for you. As for who Aakash Yadav is, he is a self-made millionaire and also the co-founder of the startup incubator fund, a startup studio. Through the means of his incubator fund, he has invested in over a hundred promising businesses that have been successful in bringing in potential profits. Let's have a look at the tips that Aakash has in store for us.
Analyze the trend:
Currently, Bitcoin and Ethereum are covering most of the market along with Zcash, Dash, Ripple, and Monero also rising in value. The market is extremely volatile, keeping a check on the market trends will help you get an idea of where to put in your money and what to expect out of it. Aakash has always given significance to market trends as it helps traders have a clear view of what to expect when entering into a transaction.
This stands especially crucial for short term traders, who ought not to miss out on relevant news in order to have an edge over others. This can be done by analyzing previous price charts which will help predict more precisely.
Be ready to step aside:
There are times when the trader can read the market incorrectly. It is a usual occurrence and one that does not need to be overcompensated by immediately increasing the bet size to recoup the losses. Aakash suggests that it is important to step aside after a heavy loss to take in the impact. The psychological disturbance caused by the losses will also negatively affect your ability to clearly think. This is a very precautionary tip that comes with years of experience thus it is best to keep this in mind after a heavy loss.
Break rules:
There is, of course, no fixed roadmap towards becoming a successful trader. Had there been one, people would not still be so invested in the crypto market. According to Aakash, it is therefore crucial not to follow the advice of any crypto influencer blindly and be ready to break the traditional rules once in a while to explore new heights.
Keep a check on lower prices cryptos:
A recent trend where lower-priced cryptos are gaining immense popularity among beginner traders is being observed. What follows next is that more often than not these new traders end up purchasing a big quantity without ample research. The moral of the story is that cheap is not always the best currency, Aakash remarks that it is best advised to a trader to be thorough with their research before investing in such assets. Instead of going after cheap crypto, traders should rather invest their efforts in trading platforms that charge reasonable fees for processing payments that result in cost-efficient crypto trading. Aakash adds that traders can also look more into trading platforms that do not charge much for converting fiat into digital currency.
Establish a clear stop loss:
According to Aakash, this is a very crucial tip, especially for beginner traders. This tip will make sure traders do not end up making irrecoverable amounts of losses after entering into a trade. In conclusion, it is very significant for traders to establish a clear stop loss before initiating any trade.
A great way of implementing this tip is by setting your stop loss at the cost of your coin. This method ensures that even if, in the worst-case scenario, you end up losing all your profit, you can still walk away with the amount you initially invested with.
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