Are You Suited for Crypto Trading? Find out…

The crypto trading world is a truly interesting and fascinating place. But because it is still a new technology and unregulated, it is difficult to know the right trading platforms to use and who to trust.

Even with the recent 2022/23 trading platform failures, there are still tons of reputable ones that are out there.  So which ones are worth your time?

Well, one important point to keep in mind is not everyone is suited for crypto-trading. In fact, trading, especially day trading is NOT investing. It’s a business. And just like any other business, it’s not for everyone.

There are a few types of people that ought to think twice before going in with….and they are;

1. Criminals

If someone has a felony or misdemeanor conviction be cautious. Even DUI convictions and some drug-related offenses will cause denial with exchanges.

2. Traders with No Experience

Ok, so don’t follow novices! Period! Crypto is still a very complicated and unregulated market. There are a bunch of pitfalls. Because of this, the gains could be huge. But so can the losses. So be very careful doing business with beginners.

3. Risk-Averse People

Stay away from those who are not comfortable with risk. Crytop is a volatile market and you can lose a lot of money if you’re not careful. So if you’re not comfortable with the idea of losing your investment, then this may not be the right venture for you. In other words, play with money you can afford to lose. This is high stakes high reward gambling.

Responsible Crypto Trading

Even though it’s not for everyone, crypto trading can be a great way to make money. If you’re responsible and understand the risks, then this can be a great way to invest your money. Just make sure that you do your research before you start trading. And always be ready to lose some money in the process. That is just part of this high-stakes game.

One of the critical points is making sure you use a reputable and trusted platform like the BitQT app for all your trading.

VT actually uses Bitstamp in the UK. They are one of the originals. We’ve had ZERO issues with them.

Anyway, it goes without saying that there are so many crooks on the internet who look for gullible traders to scam. So, make sure the trading platform you use has a long-standing online presence and a credible reputation and record. Safeguard Your Money!

Best Crypto Trading Practices

When it comes to crypto trading, there are a few best practices that you should keep in mind. Here are a few of them:

-Diversify Portfolio: Don’t put all your eggs in one basket. Spread your investment across a solid mix of coins to reduce your risk.

-Don’t Panic Sell: Huge mistakes are made when reacting to outside forces. Instead, be measured. Stay focus. Stick to your game plan. Ride out storms and wait for the market to clear and rebound.

-Study Markets: Common sense right? But really, a bunch of people never take the time to learn about the markets they want to jump into before they start trading. This can lead to big mistakes.

-Use Stop Losses: Safeguard your investment. Stop losses will automatically sell the coin when it reaches a certain point! Boom, the system saves you when you’re sleeping and not online

-Only invest what you can afford to lose: Crypto trading is a risky business, so only put in money that you are willing to lose. If you have any doubt about this, then you should stay away from crypto trading altogether.

Conclusion

Ok, so crypto trading is not for everyone. But you knew that right? I mean, it takes time to learn the ropes, and it can be easy to make mistakes along the way. So if you’re ready for this type of challenge, then crypto trading may be right for you. Just remember to only work with top dogs in the industry.