Hello everyone, welcome to Indodax Academy. Back again with me, Evelyn from Indodax. For those of you who don’t know, Indodax Academy is a learning platform for you who want to know more about how to trade digital assets.
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In this video, I want to equip you with 5 trading tips for beginners to avoid mistakes made by novice traders. This information can help you not to be tricked by all kinds of strategies or invalid information. Because in 2019, there are a lot of newcomers who are getting interested in the world of digital assets, and this is important once again for beginners, do not need to be addressed with funds spent there that provide information just for their own personal benefit.
Now we go to the first tip. If anyone gives you advice with safe certainty, be it a close friend or family member, please be careful. Example if someone gives information about assets will go up 100% next year or even the yields obtained in a day can reach 3%. Obtained from information that can be reviewed as an agreed form, because in investing is trading, no one can predict digital assets will rise or profit by increasing 100%.
The second tip is that the digital asset market is very volatile with opening hours 24/7, unlike stock or forex trading where there are opening and closing trading activities. Technically, the digital asset market has no “open” or “closed” time in terms of trading, therefore, even when you sleep, the prices of digital assets can move very fast. So, try not to check the price of the digital assets that you have continuously. This can damage your productivity and can turn into excessive anxiety. Instead, you can put a net, in the order book and set your own buy and sell price limits, or activate the alarm feature on the Indodax Trading Platform application on your mobile phone, and can also use the Stop-Loss feature on the Bitcoin, Ethereum, Ripple, and Stellar
The third tip is to only use a digital asset exchange or marketplace that has a good reputation with a proven track record. One of the trusted marketplaces is Indodax, which was established in 2014 with members spread throughout Indonesia and abroad and registered with coinmarketcap.com. So you don’t need to spend your time registering, and verifying accounts in an unsecured marketplace and can’t see the market movements on mainstream crypto information sites like coinmarketcap.com, mytoken.io or coingecko.
The fourth tip is, try to dig in for information and yourself. Such as from twitter, reddit, or read books and blogs written by people who are knowledgeable and proficient in the field of digital assets. It can also join a trusted blockchain community. But you also have to be careful with fake websites or scams on the internet. For example bitcoin.com, the website is not the official site of bitcoin, but the official site of bitcoin is bitcoin.org. Especially for beginners who do not pay much attention to the website address or account that is posting to the scam, it’s good to check again and not in a hurry to check the source.
The fifth and most important trading tips for beginners is, make sure you only trade with funds that are already allocated for investment, which you are able to accept the risk of not getting a profit. Also, don’t ever use your daily basic needs funds to do any type of trading. That’s very dangerous!
How did you get here? I have explained there are 5 trading tips for beginners to avoid mistakes that often occur, so you as a trader must be careful before trading. I hope that this explanation will help you to avoid the mistakes that are usually experienced by novice traders.
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See you at the next Indodax Academy!