6 Tips from a famous trader for crypto Investors!
Chris Dunn, one of the first bitcoin content makers on YouTube with more than 200,000 members, gave some cryptocurrency tips to investors in an interview with Cryptopotito:
1. Diversification always emphasizes that you should not put all your eggs in one basket. Diversification is used in a variety of investments and is used by a wide range of investors. Putting all your capital on an asset or a very small number of assets can be risky. Diversification means that the investor distributes investment risks among several different assets.
2. In the coming years, we will see a sharp growth in the cryptocurrency market and investors need to research and find these projects themselves to find profitable projects.
3. Note which currencies are more likely to break their price peak.
4. Buying an asset at the bottom of the price means buying the asset “only” when the price is low. Many ignore the word “only” .
5. “Risk management is the most important part of investing,” he says: Many traders suffer from risk management and face huge losses. They only think about how to get rich quick. If the price of an asset falls, this price reduction will not hurt the trader’s plan and will not cause the trader to leave the market with a huge loss.
6.One of the most common mistakes that novice traders make is that they follow the decisions of others based on their knowledge. In this regard, Dunn says: Many novices enter the market because someone has talked about an asset in a video on YouTube or someone on a news network and then they blame others for their loss. If you want to be a real investor, you have to take full responsibility for your decisions.