28. September 2023

New to Crypto? Do NOT trade until you have answers to these questions


Bitcoin trading seems to be very profitable but there are also risks. How do you know if you’re ready? Is there a tool that can help you become an expert trader?

This was one of the topics discussed last week at the ‚Beginner’s Academy‘ held by Bexplus.com, a Bitcoin crypto futures exchange; and they boil down to four important questions that need to be answered before you can begin crypto trading.

Is it too late to buy Bitcoin?

Do you have enough money to trade successfully?
An investment of $25,000 to $50,000 in trading capital is a realistic amount for a full-time trader to maintain the different standards of living expected.
Surely not all traders invest that amount of money at first, for those with less than 3 months experience, it’s reasonable to invest between $1,000 and $5,000 to learn the tactics and endure acceptable losses at the same time.

How much are you willing to lose?

Your investments can be divided into two types, one is what you can afford to lose and the other is what you cannot afford to lose. The investment with the highest ROI can offset 20% of your investment yesterday and earn 35% today or tomorrow.

If losing your invested funds can lead to risks to pay the bills to live a month, then you should control it to a level that is acceptable.

Are you able to be aware of your emotional changes and control them?
Losing an investment will hurt you for a while and a successful trader has a long list of losses. The right trading signal can occur right after your loss, those who feel angry or confused will lose the good trading signals and fall into the bad ones.

As „Jack2crypto“ (a Bexplus user) shared, every time he lost a trade, he immediately closed the trading panel and trotted for 30 minutes outdoors to calm his mind, the trot creates an isolated space to rethink the strategy and the exercise helps release positive hormones that make people happy. (Jack2crypto’s annual profit rate is 23.14%).