The prices of most crypto assets have constantly been changing this past week, but even periods of slow gains can present an opportunity to reevaluate trading strategies with the help of these classic trading moves.
Avoid going all-in on one project when you’ve come into some money and are considering investing it. Most traders tend to diversify their crypto portfolio. What does this mean? People buy various crypto assets instead of large amounts of specific crypto. How does this help, you ask? Diverse investments may cushion you from sudden price crashes and minimize losses from holding a single asset.
Start exploring a wide variety of cryptocurrencies that BitOasis offers, including Bitcoin, Ethereum, Cardano, and more.
Plan ahead! Trading crypto assets needs some preparation. A simple crypto trading plan could include the amount you want to invest in cryptocurrencies, at what price you plan to buy the asset, and when you want to sell it. Planning your trading journey will also help you avoid feeling frustrated when the markets work against you. This way, you’re less likely to change your investment decisions even during times of uncertainty.
Manage the risks. Finding the right time to exit a trade can restrict losses when there’s a sudden drop in the market. You just need the right tool like the Limit Market Order on BitOasis Pro. This stop loss feature automatically sells the assets once the market price reaches a specified value, thus limiting the maximum loss of your trade.
Consider using Dollar Cost Averaging, so you can regularly invest a fixed amount of funds in the same crypto-asset, regardless of the price. In other words, you could purchase small amounts of the crypto you want to invest in throughout the year, which will spread out your investment and help you avoid severe losses.
Also Read: How to protect your crypto investments from phishing.
