Generally, you always carry a certain amount of risk when trading Bitcoin. You may be selling at an unfavorable time, but this error only becomes apparent after the fact. In this case, losses have to be accepted. Therefore, an important tip: After a successful trade, always have the amount that you initially invested paid out. Only net profits will then be used to purchase additional Bitcoin. By trading with Bitcoin and only investing the profits already made, no earned or saved money can be lost. Instead, you only use the money you have already made from trading Bitcoin.
Prepare your strategy early
If you are just getting into the trade, then of course you have little experience. Therefore, read the matter first and use demo accounts to gradually find your way around. Then develop a concrete strategy.
For example, some investors are pursuing the strategy of keeping the purchased Bitcoin as long as possible. This plan only makes sense if you are convinced that the cryptocurrency will become more valuable over time. Alternatively, you can only buy the Bitcoin in larger quantities for a short period of time and then sell it immediately at the next small price jump.
In this case, the profit comes from the sheer mass, which quickly adds up to several hundred or even several thousand euros. How much you can win with this strategy depends primarily on the amount invested. Whoever invests more here bears a higher risk, but can also gain more with a quick sale after a short time.
An alternative strategy: You want to invest little money and keep the risk as low as possible in this case. Then you have to keep an eye on the market in order to see small price jumps, buy or sell immediately and use the money you have won straight away. This strategy is suitable for investors who have a lot of time and have motivation to deal with the topic, but who want to invest little money.
Always keep an eye on current information
If you want to act actively, then you should always be aware of the latest developments in the cryptocurrency market. Pick out some media that deal intensively with the matter. Then look at the latest news at least once a day and draw your own conclusions. Sometimes it can also help if you register in communities in which ambitious investors exchange information about the latest developments. Here you can get some information that is not in a magazine, guide or blog.
Unless you look at the assessments from experts in the area of cryptocurrency, you should do so regularly. However, be sure to get information from different sources. This is the only way to ensure that you are not too one-sidedly informed or even let yourself be manipulated. Exchange ideas with like-minded people about the different points of view.
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