Getting started with Bitcoin, Ethereum and other cryptocurrencies: Crypto trading tips

  • Diversify your portfolio: This is a well-known rule in traditional investment circles, and with crypto is no different. It is important to have different coins and projects in your portfolio and never place all your bets into one single project. For example, it is a good idea to invest in the big names Bitcoin and/or Ethereum, as well as altcoins.
  • Do not let your emotions take over your decision-making: Dirk says that getting emotionally attached to coins or gains can damage your prospects. Keep your mind clear and objective when trading.
  • Set up stop-loss mechanisms: Despite being quite controversial, stop-losses are great mechanisms to limit your loss when prices are going down, especially for beginners. Stop-losses are even more important in the crypto market, says Dirk, considering that it is still a very volatile environment and sudden moves could mean big losses.
  • Don’t trust social media hype blindly: Crypto communities are very active and loyal, so many of them will have a strong social media presence. However, this does not mean that the project is completely reliable and successful. It is important to look beyond social media feeds and research the projects that interest you most and think deeply whether this project is offering value.

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