Most Common Bitcoin Trading Blunders – You Must Avoid

05 February 2020

The bitcoin market is easily accessible to anyone who has a computer with an internet connection or a smartphone or tab and some starting capital. Many beginners are fascinated by the process and want to be a part of this trade but often fail to do well in this trade. It is very sad that many of the beginners do start with the trade but end up being broke due to tack of the knowledge of bitcoin trading. Here we have mentioned some of the most common bitcoin trading blunders that one must avoid while dealing with bitcoins.

Bitcoin Trading Blunders

Bitcoin

If you are new to the business of bitcoin trading, then you must surely avoid making some mistakes. Here we will discuss the pointers of which one must avoid while doing bitcoin trading.

Money:

The beginners will not have to use real money when there is already innumerable availability of paper money on different platforms. A beginner who is actually passionate about being a professional trader must first step in with a system that sets guidelines for their entries, exits and risk management.

Trading:

Freshers usually tend to trade with emotions which makes them fail to accept the loss that is created to them. The most important capability of the trader must be the fact that he/she must be able to take the loss or accept the loss to run healthily in the future. You must set a stop loss guideline and do not move if all the guidelines are violated already.

Balance:

Experienced traders tend to balance their trade which the freshers might fail at. Balancing and rebalancing of your bitcoin are important to keep a balanced portfolio for yourself. Balancing will also help you to make less loss in your bitcoin trading.

Trading Journal:

Investment and trade are very different from each other, one must first be aware of this. If you have a plan for your trade then you would consider yourself responsible for your action and the result of your action. Keep a journal to follow and make a note of all the changes that you make in your trade and you can also follow it back for future references.

Risk:

Many young ones believe that they can earn life-changing money through bitcoin trading and by the bar of which it takes a lot of risks targetting to earn that amount.

Undercapitalized:

You must know that money is the mantra. You need money to make more money. Many think that through bitcoin trading one can make money sitting in the comfort of the couch but that is a sheer lie. If making money would have been so easy then no one would have worked day and night to earn money. A trader who wants to run his entire life earning money through bitcoin must also have enough money for investment. Being undercapitalized can ruin their dream and career of earing through bitcoin trading.

Conclusion

It is a hard job to earn money and especially if it bitcoin money. Even if you know all the hacks, you must be aware of the risk management in bitcoin trading because that would be majorly the factor in this trade.

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Exciting Facts About Cryptocurrency And Crypto Wallets

Cryptocurrency and the best crypto wallets are the ultimate digital money in today's era. This means there is no physical bill but its online. You can transfer cryptocurrency to anyone without going to the Bank to perform it. This is currently, one of the easiest and the quickest ways through which traders receive and transfer money to their customers and clients. The use of cryptocurrency will also help in ignoring the transaction fees for people. You can also use it as an investment and expect a good amount of increase in it. You can think of them as your arcade coins or casino chips in the process. To get a hold of the cryptocurrency or the best iOS crypto wallets for goods and services, you need to know certain crucial points: Exciting Facts About Cryptocurrency And Crypto Wallets: Things to know about cryptocurrency: Blockchain is a type of technology that is used for running cryptocurrency. This is a decentralized technology that is controlled and managed by the computer. Therefore, one of the best things about this technology is top-notch security. It is estimated that more than 2,200 various types of cryptocurrencies are traded publicly regularly. They help you to receive continuous profit and raise money with the assistance of initial coin offerings. According to experts, about $246billion was the total value of the cryptocurrency as of 2019. Bitcoin, on the other hand, has pegged about $136billion in the same year as well. The present times: Therefore, these cryptocurrencies are stored in special wallets known as the crypto wallets and are considered to be one of the safest places to store the coins. Numerous cryptocurrency platforms have these wallets available, either through the software or by using third-party software. However, both methods are considered to be safe. Therefore, cryptocurrency is currently seen as the currency of the future and every individual is racing towards it. Many believe that the existence of cryptocurrency is the best form of currency, thanks to the immense convenience it offers to users. Importance of Crypto wallets: After learning about cryptocurrency, it is easy to comprehend that crypto wallets are highly crucial. This is because it plays its part as a storage system for the coins. The wallet, however, is a digital secure wallet that is used not just for storing but for receiving and sending as well. There are different types of wallets available and each of them has their benefits, performance, speed and provide different outcomes. One of the most popular among them all is the ios wallet, as it is downloaded directly into the device and has the best security than the others. The wallet is managed and accessed with the help of a key. These are digital keys that assure the safety of your valuable possessions, which are stored away in these wallets. Keep in mind, do not lose the key, otherwise, the outcome will be much worse than you think. Ending words! With the information mentioned about both the crypto wallet and the cryptocurrency, it will let you receive a brief idea about the two things and the very important things. This will enable you to take your step accordingly when you are new in the world of cryptocurrency. Read Also: Bitcoin Profit Review 2019 How To Buy Bitcoin From Norway HybridBlock: Why Binance Is Investing In Crypto-Fiat Trading

How to Protect Your Finances While in a Nursing Home

It is usually the case that very few seniors know what rights they have when it comes to long-term care, as well as their options when it comes to their finances. Many people will either avoid thinking and planning about the issue or develop a faith that they won’t need senior care when they grow older. The statistics point out that nearly 70 percent of Americans age 65 and older will need some kind of long-term care for their sunset years. Nursing Home bills can be expensive if you are not aware of it. When it comes to payment for nursing home costs, you will typically use a combination of Medicaid, long-term care insurance, assuming you took out a policy and have been faithful with the premiums and money out of your own pocket. Paying for it out of your own pocket or some form of insurance will take a lot of planning beforehand and savings as well. Because most people don’t do this, they instead turn to Medicaid. A Look in Medicaid Of Nursing Home: Medicaid isn’t like Medicare, which doesn’t cover long-term care. Medicaid is a means-tested system which means that you can only qualify if you have a low income, own a small amount of money or assets or both. It is usually the case that seniors will want to preserve their money, either to pass it on to their families or simply because they want to preserve it. The problem is that Medicaid has strict requirements that do not allow for this. Medicaid requires Americans to spend money out of their pockets before the program steps in. If a senior American gives their assets away to their families, then Medicaid has a 60-month look-back period where they will look for this inheritance and hit the senior with a penalty period where they will be disqualified from Medicaid. There are, however, various legal strategies you can use to protect your finances, according to The National Association of Nursing Home Attorneys. Put Your Money in an Asset Protection Trust: These trusts, as you might imagine, are designed to protect your wealth. You can, however, use it to protect your money in other instances as well. When you pass your assets along to a properly designed trust, then that property no longer belongs to you. It is therefore not within reach of any creditors or even Medicaid. Make sure you make the transfer more than five years before you need long-term care because it could still come within the look-back period of Medicaid. Put Your Money in an Income Trust: You have to deal with income limits when you apply for Medicaid. If your income exceeds that limit, it will be considered as excess. To avoid this situation, you can put your money in either a pooled income trust or a Qualified Income Trust. Qualified income trusts are designed to hold any of your excess income. It is an irrevocable income trust. A pooled income trust, on the other hand, is used to hold excess income for disabled individuals. The income from many such individuals is pooled together managed by a not-for-profit organization. Caregiver Agreements: This can prove to be a useful strategy in some situations. It is useful when the individual would like to access extra services that Medicaid does not cover. You can get a friend or family member that has taken some time off from work to provide you with these services and pay them an income for it. It is an excellent way to ensure you are cared for by someone you trust and also to reduce your countable resources from Medicaid’s perspective. Read Also: Everything You Need To Know About Term Insurance Plan Premium How To Choose The Best Auto Insurance Company?

Unveiling The Dark Side Of Trading: Exposing Binary Options Scams And Ensuring A Secure Future

It is quite normal to have an extra cushion in life in the form of financial freedom. When you have enough money, your life becomes more comfortable. You have the freedom to buy the things that you desire most. And it is not a crime to dream big. Many seek an alternative source of income to supplement their income. There are several ways one can achieve this, and the stock market is one such place. Many have invested in the stock market and have made substantial profits. Considering the current economic situation, the need for this extra cushion is ever greater. The rising food prices, the Fed's increasing interest rates, and declining job prospects have raised concerns among many Westerners. As more and more people explore the possibilities of making a quick buck, scammers are just around the corner, waiting for them to make a mistake and get scammed in the process. Several scammers will impersonate stock brokers or brokerage firms; there are also some firms whose license to practice trading has expired or been revoked due to some legal issues. Thus, you, as an investor, need to be careful not to fall for such scams. The binary options trading scam is one such financial fraud that has engulfed many victims in its path. Binary Option Trading Before we understand the nature of the scam, let us first understand what binary options trading is. It is a type of contract between the broker and the client where the payouts entirely depend on the outcome, such as "yes" or "no." The price trend of a financial asset like a stock is considered, and a wager exists between the broker and the client that in the next five minutes, the price trend of that particular stock will either increase or decline. The one who loses the wager pays the winning amount to the winner. For example, a $100 wager between the client and broker is that the price of X stock, which is trending at $45 per share, will rise or fall. The one who loses the wager pays off the winner. Such wagers are instantaneous, and unlike other types of options available in the financial market, there is no way the client can avoid paying the losing bet. The contract ends when the stimulated time ends, and the loser pays the winner. Binary Option Scams Well, if binary options trading is so simple, you have a 50% chance of winning the bet, and you might think, "What could go wrong?" Well, for one, the trading platform that scammers offer their clients to download is rigged. The rigging is achieved in two ways: either the entire platform is rigged or there is a delay in the data that is streamed. Generally, the trading platforms offered by brokers or brokerage firms relay real-time data on price fluctuations in the stock market. The trading platform provided by Binary options scammers could cause a delay in the data streamed by the stock market. Thus, scammers know in advance about the price moment and can thus ensure that every bet that is placed is in favor of the scammer. In the second way of scamming the victims, scammers provide their victims with a completely rigged trading platform. In this case, the real-time data is not streamed from the stock market; rather, it is completely controlled by scammers. How do scammers keep their victims enticed? Scammers are smart; they know that if they keep on winning every time, their victims will lose interest and stop playing their "rigged game." Scammers will ensure that their victims initially win, thus promising a false sense of security that they have the "ability to win big." Thus, once these scammers start investing more, they start to lose. They invest more because they are afraid of losing money. The false sense that "this is the last bet, the one bet that will recover all the lost money," makes them invest more while increasing the amount on successive bets. A few genuine brokers and brokerage firms allow binary trading; they are regulated and certified by the regulatory authority, which ensures clients' interests are protected. How to spot bogus brokers or brokerage firms offering binary options services? Among all the complaints that are being received by the SEC, or Securities Exchange Commission, there are three common categories where victims were ripped off. 1. Denying reimbursement or paying off clients Once clients have opened trading accounts with scammers, they will deposit their money into their trading accounts. As and when the clients are falsely encouraged by the scammers to invest more to win more. Once these clients have had enough of the losses or wish to withdraw their winnings from their accounts, these scammers will not allow their clients to withdraw. Since these Binary options scammers are based in another country, there is little that these clients can do apart from calling their customer service center, which will eventually block their contact numbers. 2. Identity Theft Under the guise of providing binary options services, scammers will collect all the sensitive data from their victims. These scammers will collect their social security numbers, bank account numbers, credit card details, passports, driver’s licenses, and so forth. 3. Rigged trading platform Many clients who fall victim to bogus brokers or brokerage firms finally admit that they have fallen for a scam where they suspect that the trading platform was rigged. They also stated that the time left until the expiration of the winnings may be extended arbitrarily until the trade ends in a loss. Final thoughts The United States has legalized binary options trading, and as mentioned earlier, there are a few genuine brokers and brokerage firms regulated by regulatory authorities that are either private or government-owned. Since almost all brokers and brokerage firms advertise and can be contacted online, researching these firms is a must to avoid falling for binary options scams. Use caution if any broker or brokerage firm is offering binary options services at competitive prices. It's possible that they are scammers. Regulatory authorities offer protection against scams and fraud; they protect the interests of clients of a broker or a brokerage firm. So when a broker or brokerage firm goes rogue, these regulatory authorities ensure that the client's interests are protected. Always check that the online broker or brokerage firm is authorized and protected by a renowned private regulatory body or a government-owned entity. The binary option scam has also engulfed the cryptocurrency market; thus, be cautious if a binary option is offered in the crypto market. Read Also: 6 Ways To Make Sure Your Finances Are Seamless The Future Of Digital Currencies: 7 Things We Can Expect In 2022 Crypto Staking: Locking Up Crypto Holdings To Earn Interest

Most Common Bitcoin Trading Blunders – You Must Avoid

Bitcoin Trading Blunders

Money:

Trading:

Balance:

Trading Journal:

Risk:

Undercapitalized:

Best Crypto Trading Bots of 2020: You are Unaware

What is The Procurement Management Process?

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Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Exciting Facts About Cryptocurrency And Crypto Wallets

How to Protect Your Finances While in a Nursing Home

Unveiling The Dark Side Of Trading: Exposing Binary Options Scams And Ensuring A Secure Future

Most Common Bitcoin Trading Blunders – You Must Avoid

Bitcoin Trading Blunders

Money:

Trading:

Balance:

Trading Journal:

Risk:

Undercapitalized:

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Best Crypto Trading Bots of 2020: You are Unaware

What is The Procurement Management Process?

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

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