RE: Steemit Crypto Academy Contest / S7W3 - Understanding Crypto Trading
Hi @fabiha,
Great post @malikusman1, it is always important to have a strong understanding of trading principles and strategies before diving into any market, including the crypto market. Your explanation of "DYOR" and diversifying your portfolio are key points that all traders should keep in mind.
Yes because with its help we can avoid great loss. Because DYOR is very important in crypto for both new and old traders. On the other hand, diversification is important to avoid losses.
Yes, technical and fundamental analysis is a very good thing in crypto trading. By fundamental analysis we can avoid scam and by technical analysis we can take some good positions.
Yes, margin and futures trading can be very risky for a new crypto trader. So a new trader should avoid this type of trade. He should only do spot trade in the initial days.
In fact, losing something is better than losing all the money. So we can be a successful trader and avoid from a big loss, if we spread your investment across different cryptos.
Yes, you also belong to Pakistan and you know that crypto is not legal in Pakistan. But I hope one day we will enjoy crypto trading in our country.
Yes, there is no doubt that crypto trading can be very risky, so invest in it only after proper fundamental and technical analysis. I also advise you to only invest in cryptos that you are ready to lose. Thank you very much for the great comment. I appreciate your work, keep up the good work.
Regards,
@malikusman1
Thanks for the detailed response @malikusman1, I appreciate your insights and valuable advice. It's great to see that we share similar views on the importance of DYOR, diversifying, and conducting fundamental and technical analysis before investing in the crypto market. It's also important to be aware of the different types of trading and the associated risks, especially for new traders. I agree that it is important to follow regulations and laws in our country to avoid any legal issues. Keep up the good work and keep sharing your knowledge and experience.
Regards,
@fabiha
We support quality posts anywhere and any tags.
Curated by : @petface