Security Tips

TRADING SAFELY

When trading, one requires the utmost attention and 100% focus. The following are some tips to minimise mistakes and be successful when trading Bitcoins and Altcoins.

1. Always have a reason before entering a trade and ensure that you have a clear vision and objective before trading and a strategy for afterwards
2. For each trade set a set a clear target level for taking profit and, more importantly, a stop-loss level for cutting losses which is level of loss where the trade will stop
3. Manage risk wisely and never invest a lot a substantial amount of your portfolio in a on0liquid market
4. Take note that coin values change constantly and that Bitcoin’s and Altcoin’s values have an inverse relationship to when Bitcoin’s value increases, Altcoin’s value decreases and vice versa
5. Keep in mind the exchange, trade, deposit and withdrawal fees that you may be incurring during trading
6. Never trade on FOMO (Fear Of Missing Out) or on an emotional motive, always do you’re research before and trade solely on a rational basis
7. Using web wallets is highly discouraged as these are wallets which are hosted by third parties which may not offer high security levels
8. Separate bitcoins using both hot and cold wallets to increase security
9. Store private keys offline, such as another computer which is not connected to the internet to minimise the chances of hackers accessing these keys
10. Use a dedicated hardware when doing bitcoin transactions such as a USB drive to decrease exposure to potential viruses
11. Create multiple highly secure offsite backup solutions for you to store your wallet in case your main computer suffers from any damages
12. Adopt a sustainable pace when trading according to the optimal times of trade as no one can trade effectively 24/7
13. Research about the top currencies in the market and keep updated about new ones which are introduced constantly
14. Study charts to find trends which are bound to repeat themselves in the future