We live in an interdependent world, whereby we depend on one another for the meeting of part of our needs and the satisfaction of our wants.
This service is usually paid for in money or currency.
That is to say that currency is an important instrument of settling transactions and meeting obligations. These currencies come in the forms of coins and notes of varying values
Currently, monetary policy dynamics have brought to the fore, the use of digital money more popular as cryptocurrency, instead of the use of physical cash to pay.
By definition therefore, cryptocurrency is a digital currency, that provides an alternative form of payment.
It has become a whole new business worth in billions. Cryptocurrency trading is all about purchasing and reselling cryptocurrency to make profit.
More than a fad, it has become a widely accepted platform of creating wealth and value.
In fact, in February of 2021, following unprecedented popularity, the Central Bank of Nigeria (CBN) had to issue a warning seeking to checkmate abuse of trading in cryptocurrency
This aligned with calls by operators for policies to safeguard investors in the trade.
Earlier this year, the European Union equally adopted a framework for regulating cryptocurrency trade, ostensibly in recognition of its growing importance.
This incisive report by The Eagle business intelligence bureau about cryptocurrency trading secrets is in exercise of our fundamental obligations to adequately informing our readers.
How interest persons start the trade.
There are two ways to it: personally study crypto price movements through a registered trading account, and you could then speculate on price movements.
On the other hand, you could purchase cryptocurrencies yourself through an exchange. This second option though not as easy as it sounds because it can operate without you creating an exchange account.
You will also need to put money inside such an account to be able to pay for transactions.
Why are many people embracing cryptocurrency trading?
Rather than just being a fad, there are several advantages associated with digital money that now’ makes it preferred.
There are as many advantages as there are down sides associated with it.
9 Advantages of trading in cryptocurrency
1. Cryptocurrency uses digital payment platform and is therefore the most convenient because it eliminates the need to carry physical money.
2. They function both as currency and an accounting system. This is because it is created using encryption algorithms.
3. Cryptography is a characteristic of this digital or virtual money, and guarantees confidentiality in transactions settled via crypto payments.
4. Cryptocurrency is best for tamper-proof payments, as such, Illegal distortion of figures and or counterfeiting are highly check-mated.
5. Cryptocurrencies exist on decentralised networks using blockchain technology—a distributed ledger enforced by a disparate network of computers.
6. There is no restrictions in transactions as could be the case with ATM withdrawal limits.
7.It enjoys immunity from interference by the government.
8. Money transfers via cryptocurrencies are preferred because they are cheaper and faster.
9. Cryptocurrency trade eliminates third party interferences
Cryptocurrency Trading Secrets For Mega Million Profits
1. Start With A Research
When we place a thing on the first spot, there is obviously a primacy of importance to it. An x-ray of cryptocurrency trading secrets, for us, should start with having a perfect understanding of the terrain; this is all about diligent research, and not any halfhearted enquiry.
Place every variable of importance on the table and exhaustively dissect it.
You are about to begin a trading endeavour that asks for than average, not only as a way of safeguarding your portfolios but also making premium profit Don’t think you are done if you still have questions your enquiry has not adequately responded to.
Put the results of your research to use
There is no use, arriving at prognosis and not deploying these to advantage.
Crypto trading is not only on the cutting edge of global embrace, but remains highly speculative, so you must play aided with valuable information.
That information must therefore be research-driven – available/tradeable stocks
2. Build A Balanced Portfolio
Somehow, this point is related to one above
Because trade in crypto is still an evolving enterprise, a discerning trader would need to trade cautiously to avoid loss in huge trading capital.
It brings us to the principle of diversification rather dumping all assets in one platform.
Assets diversification in crypto trading, is like hedging.
3. Constantly Update With Regulatory Agencies Of The Different Countries.
Monetary policies of the different Central Banks make or mar cryptocurrency sector as it does all other trades
A good trader should have in his bag of portfolios from the leading rankers like Bitcoin and Dogecoin to the least.
4. Checkout Your Information Source
As much as you need information to trade successfully on this platform, you must be discerning which information you depend on.
At a seminar on cryptocurrency trading secrets for mega millions recently, the coaches who have obviously made a kill off the crypto trade were unanimous that social media information remains a killer of inexperienced cryptocurrency traders.
“You are already in danger of losing heavily once you set out with the wrong fundamentals, usually based on wrong information from social media”, said the lead coach.
5. Arbitrage To The Rescue
Cris-crossing markets, in the sense of buying a tradeable item in one market and selling it in another is not peculiar to commodity trading alone.
The practice is known as arbitrage in crypto trading. As in normal trade, opportunist traders can obtain a lot in spread, euphemism for the differential between what you buy and what you sell.
Arbitrage is therefore ranges in cryptocurrency currency trading secrets you should keep up your palms.
The high volatility of the market and associated fear of losing assets keep a lot of traders on constant edge: they are constantly entering and exiting within short intervals.
It is a common practice of active day traders, and its overriding advantage is that it is short term in nature and helps traders track price changes by the minutes.
It is similar to holding stock in the capital market with a mindset of making quick profit – so you can buy or load off stocks according to value.
7. Don’t Be Docile, Maintain A 24 Hour Alertness
One in the few key cryptocurrency trading secrets is never to be docile, which has “killed many”. Instead, there is a 24 hour alertness that you need to maintain. This is advised by the high volatility in price movements in traded currencies.
From the maze of about 1500 cryptocurrency tradeable, a prospect must select a cryptocurrency wallet and an exchange to begin with.
8. Dwell much more in the present, less in the past
Is the past totally irrelevant to the present and future?
No, but not to the extent that your total Bitcoin investment decisions are based on “good stocks” of yesterday.
The times have changed, so are the values, tastes and policy dynamics that determine value in crypto trade.
Be guided in your decisions by tomorrow’s possibilities.
Somewhat, and sadly too, it is not the dearth of information that keeps people stuck to a life of average; it is the reluctance in putting knowledge already gained to use.
So, what’s next, now that you have been apprised cryptocurrency trading secrets for mega. Profits?