How To Become A Successful Cryptocurrency Trader In 5 Easy Steps

Published on: 19 March 2020 Last Updated on: 02 August 2021

In the last few years, cryptocurrency trading has picked up in a major way. The rise of cryptocurrency exchanges and trading platforms has meant that normal people, like you and me, can earn handsomely from cryptocurrency trading.

The first cryptocurrency, Bitcoin emerged into the scene in 2009. Over the last decade, the cryptocurrency has traded to record highs of $20000 USD to lows of $4000 USD. However, investors and traders have been able to make millions by doing the right kind of trade.

In this article, we look at 5 easy steps that can help you become a successful cryptocurrency trader.

How To Become A Successful Cryptocurrency Trader In 5 Easy Steps:

1. Choose the right Trading Platform:

The first step toward success is also the toughest one. If you want to be successful, you need to work on the best crypto trading platform. This is because successful trading is all about the cryptocurrency software, which platforms use.

The best trading platforms use the most sophisticated and advanced software. This software helps you see trends, show future projections, and make informed decisions. It is essential that you do your research and evaluates how good a platform really is.

2. Make Low-Risk Trades initially on the trading platform-

Most people who are too eager to get into the cryptocurrency trading game create one cardinal mistake. They make high volume and high-risk trades very early on. If you are able to pull off a high-risk trade, you stand to make greater profits.

However, this is a strategy, which should usually be followed when you are experienced as a trader. When you are starting out, it is best to go slow when it comes to making trades. This will help you get an idea about the dynamics of the trading platform and gain experience.

3. Let the Trading Software do the bulk of the work for you-

The best cryptocurrency trading platforms invest millions of dollars in securing the right tech for their platform. This software uses complex algorithms Artificial Intelligence and Machine Learning to bring you the best trades.

If you want to be successful in this trading ecosystem, it is best to make informed decisions. The software is powerful, user-friendly, and will guide you at all times. Yes, the final decision rests with you. However, inexperienced traders should pay attention to what the software suggests.

4. Be informed of Global Happenings and keep yourself updated:

While you do not need to spend more than a couple of hours every day on the trading platform, you can always keep yourself updated. This means reading up credible journals on cryptocurrency and doing your own research.

Many global happenings alter the valuations of cryptocurrencies. For example, if countries start legalizing Bitcoins and other cryptos, it usually leads to a massive hike in valuation. (When Xi Jinping took a favorable stance on Bitcoin and Blockchain, the valuation soared by over 30%).

5. Be Safe, Secure, and Protected at all times:

The world of cryptocurrency attracts cybercriminals. This means that you have to ensure security on two levels- on the trading platform, as well as your own system. Choose a trading platform, which has a strong firewall, great encryption, and password protection.

On your end, you can choose an industry-leading antivirus solution to help you protect yourself from phishing, malware, spam, and other dangers.

Conclusion

For a very long time, the general population could not take part in earning from cryptocurrencies. Mining is very expensive and requires strong technical knowledge. However, trading platforms are a great way to earn from cryptocurrencies.

By following all the above-mentioned steps, you can rest assured that you are well on your way to become a successful cryptocurrency trader.

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These Small Changes Will Change Your Finances For The Better

It’s easy to think only the big things matter when you’re looking at your finances. Your choice of mortgage and how much student debt you carry tie up your money in major ways, after all. Their effects can be so significant that many people assume they can’t make any positive changes to their finances until they can renegotiate their mortgage or pay off their debt. But these people are forgetting the lesson of the butterfly effect. Though the flapping of a butterfly’s wings may seem insignificant, the air it displaces can set off a chain reaction that causes a hurricane half-way around the world. If you’re ready to start improving your finances, don’t let the size fool you. You don’t have to wait until you can sort out the big things in your ledger. Even small financial choices can have a huge impact on your life. Take a look at this list of simple and small changes you can make to help bring order to your financial house. Shop for groceries like a pro : Your weekly trip down the aisles can lead to considerable savings if you’re organized. Maximize your savings at the supermarket by including these techniques every time you shop: Make a list: Research from the University of Pennsylvania shows shoppers who use lists can save 23 percent on their grocery bills. How? Those that stick to a list are less likely to make impulse purchases that bloat their bills. Shop generic: Recognizable brands often cost more money for no other reason than the label. Compare prices of generic items and make the switch. Use coupons: Coupons strike serious cash off certain items, especially when you use them on top of existing sales. Certain retailers allow you to stack them, so you can redeem more than one coupon on a single item and double, triple, or quadruple your savings. Price match: When half of your list is on sale at one grocery store, and the other half is on sale at another, you can cash in on both sets of promotions by shopping with a retailer that price matches competitor’s flyers. Though it will take some time at the till this strategy will save you the cost of driving around town to cash in on deals. Bank differently : How you deposit, withdraw, save, and invest can affect what’s sitting in your accounts. Slash unnecessary charges and drama from your life by adopting these new banking habits: Open a no-fee checking account: Most banks charge you monthly fees if you can’t keep a minimum balance. You can skip these charges by transferring your funds to a bank that doesn’t place these restrictions on your accounts. Stop using ATMs: Depending on where you live, you can spend $5 for the privilege of using an ATM. Let this post help you cut these charges out of your life by withdrawing from your bank directly. Search out online solutions: Traditional banks often have complex barriers that delay or prevent you from getting a loan you need to pay a bill, causing you to miss deadlines and pay more in interest. Direct cash advance lenders like MoneyKeyaren’t bound by the same red tape in most US states, so getting a payday loan from MoneyKey.com is simple by comparison. They’ve eliminated many of the complexities bogging down conventional assistance, so you can get a necessary cash advance quickly when time is of the essence. Shop with cash when you can: While mobile payments are more convenient, shopping with digital forms of cash can cause you to spend more. Try shopping with cash as much as possible, leaving credit cards and other e-payments for unavoidable purchases. Though few of these tips are impressive on their own, their true significance lies in their cumulative effects. Make enough little changes for long enough, and your financial habits can result in considerable savings. Read Also : Is Fixed Deposit The Right Place To Invest Post-Demonetization? 5 Smart Ways To Boost Your Credit Score Dealing With A Debt Relief Officer For A Better Assistance

How to Find the Best Exchange Rates

Traveling or trading with foreign currencies require additional fees, which often include surcharges for credit cards, commissions, fees for ATM, and others. Whether you are travelling to a new country for a vacation or considering expanding your currency portfolio, it’s no surprise that financial institutions are looking for ways to increase their profit in the long run. After all, each of them is technically running a business. If you are looking for a way to add more value to your money, there are ways on how you can find the best exchange rates almost effortlessly. Here are some tips to remember: 1. Research the Exchange Rate Beforehand: Exchange rates differ from country to country. There are countless online currency converters available, many of which come from reliable sources that are derived straight from the Forex market. If you are purchasing cash online via a mobile application, you may notice some additional charges that come with the conversion. To get the most of your money, consider searching for various cash apps with affordable transaction fees and compare them with each other before ultimately deciding which works best for you. 2. Plan ahead: For travelers who are visiting another foreign country, one of the best things you can do while preparing for the trip is to plan how much money you are going to need. After that, you can purchase your foreign currency ahead of time online instead of the last minute which usually requires costly delivery rates. Purchasing ahead also gives you a chance to see whether or not your payment has come through and allows the business the chance to confirm your identity. Purchasing currency online also saves time spent standing in lines and can be done as quickly as possible. 3. Use Credit and ATM Cards: ATMs abroad usually provide the best exchange rates when it comes to purchasing foreign currency which are usually 2-7% better compared to exchanging cash or traveler’s checks. During travel, it’s best to avoid using money exchange kiosks in public transportation areas and tourist spots. 4. Exchange Cash and Traveler's Checks: For people who may not want to use their cards for small purchases, exchanging cash and traveler’s checks is another way to find good exchange rates. However, be wary of exchanging them in tourist-filled areas like airports and train stations. Consider checking in banks and post offices. To get a proper exchange rate, read the postage rates very carefully and ask for the net rate that comes after commissions. It’s important to remember that commissions work in two ways: The commission that takes per percentage. The commission that is charged per item and transaction. To lure tourists, certain money changes that are not at banks or post offices will post the sell rate for the currency rather than the buy rate, which means you might be buying more than what you intend to spend. These money changers may also offer great rates exclusively for traveler’s checks or very large sums of money which can be dangerous to hand carry around. As an added precaution, be wary of exchanges in the black market which often include scams and counterfeit currency. 5. Watch out for hidden charges: Some companies may offer deals that advertise how much money you can save if you choose a specific delivery option, which actually includes extra hidden charges. To be safe, find out how much you are paying in total and exactly how much currency you will receive, changes with great exchange rates can be negated by commissions and handling fees. 6. Read the fine print: There are various apps and sites out there advertising the fact that they do not include transaction fees, delivery fees, and commissions. While this is very tempting, the last thing you want to do is to purchase a large sum of currencies only to realize that there are certain limitations and deductions. As much as possible read the fine print in the site’s terms of use. You can also call the company and ask some questions they may not address in their website. Conclusion: Dealing with foreign currency doesn’t have to be a hassle. As a currency trader or a traveller, one of the most important things you can do is actively research on a reliable business that stays close to the exchange rate without adding in extra hidden charges. While it may be time-consuming at first, learning to add value to your purchases is simply an investment you can’t avoid. Read Also: The Glitches Arrived In Travelling To New Place Tips To Help You Learn A New Language In A New Country

When Do You Need to Negotiate During a Contents Insurance Claim?

Contents insurance claim is helping in reimburse the cost of replacing belongings that have been lost or damaged in fires, floods, and natural disasters. It covers the things you own that aren’t part of the structure of your home. It should help you pay to replace your wardrobe, books, media collections, tools in the garage, electronics, furniture, and more. The insurance claim is the general process for reimbursement. But often, you are claiming the refund, which is not on the part of the insurance plans. So this turns out to be a little tricky. This is especially applicable for accidental issues like wind, flood, fire, and the smoke types of disasters. When To Negotiate During Contents Insurance Claim? When the time comes, you may find that the insurance company or the insurance adjuster doesn’t offer enough funds to cover your insurance claim. You don’t have to accept everything the insurance adjuster says. There are ways to negotiate if you’re dissatisfied with the offer. It helps if you understand how contents claims work and what your policy says it will cover. These are two scenarios you should watch out for when you’re dealing with a content claim. 1. When The Insurer Tries to Restore Smoke Damage Not all house fires result in a total loss. The smoke from a small kitchen fire can spread quickly and affect furniture, food, clothing, and more. In some cases, your insurer may insist on attempting to restore smoke-damaged contents rather than replace them. Be careful if this is the way the insurer wants to go. A smoke restoration insurance claim can be costly and is not guaranteed to work. But the cost will still be taken out of your contents insurance claim. Because there is no guarantee that smoke damage restoration will work, you could wind up with less money to replace all of the damaged belongings. There are also some items that should be disposed of with no questions asked if they’ve been exposed to smoke, fire, or the chemicals used in an extinguisher, including: Medicine Cosmetics Perishable and non-perishable food The health risks of smoke damage are too high to keep items that haven’t been adequately restored. Don’t be afraid to negotiate with your insurer if you would rather replace those damaged belongings with your insurance claim. 2. The Insurance Adjuster’s Evaluation Is Too Low When you receive the offer from the insurance company, you might be surprised at how low it is. If you were expecting to receive more for your insurance claim, you might have a case. It depends on the insurance adjuster’s evaluation and what your insurance policy says. Before you dispute an insurance claim, there has to be a reason you should receive more from the insurer. Start by looking at your policy and determining whether you have Actual Cash Value or Replacement Cost coverage. With Replacement Cost coverage, the insurer provides the funds for you to buy replacements for everything you lost. It may not be exactly! What you paid for initially – for example, the same model of electronics usually costs less a few years after launching. Therefore, you will want to make sure that your replacement costs have been accurately calculated. With Actual Cash Value insurance claim coverage, the insurer pays an amount based on the value your belongings would have had if they were sold immediately before the loss. You will want to review how the insurance adjuster has depreciated them if you believe the number is too low. Negotiating with the adjuster is always possible, but you will have to back up your case by reviewing the offer, comparing it to your policy, and determining whether their valuation is accurate. Sum It Up: When you are processing the insurance claim, keep all the claim documents clear. We often have seen the lack of evidence becoming the barrier for claiming the claim. For accidental issues, your home pictures and the happening services documents are enough to prove the authenticity. But checking all the papers about the specific claims cases before you purchase insurance is the best way. Read Also: How to Choose the Best Merchant Account for Your Burgeoning Insurance How To Know If Your Health Insurance Covers Visits The Chiropractor

How To Become A Successful Cryptocurrency Trader In 5 Easy Steps

How To Become A Successful Cryptocurrency Trader In 5 Easy Steps:

1. Choose the right Trading Platform:

2. Make Low-Risk Trades initially on the trading platform-

3. Let the Trading Software do the bulk of the work for you-

4. Be informed of Global Happenings and keep yourself updated:

5. Be Safe, Secure, and Protected at all times:

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Content Rally

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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How To Become A Successful Cryptocurrency Trader In 5 Easy Steps

How To Become A Successful Cryptocurrency Trader In 5 Easy Steps:

1. Choose the right Trading Platform:

2. Make Low-Risk Trades initially on the trading platform-

3. Let the Trading Software do the bulk of the work for you-

4. Be informed of Global Happenings and keep yourself updated:

5. Be Safe, Secure, and Protected at all times:

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Everything You Must Know About Bitcoin Circuit: Legal or Scam

No Credit Rating Check Lendings Online split Second Authorization

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

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Follow Us

Recent

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