The rising price of Bitcoin in 2021 has made more and more people interested in trading or investing in crypto. However, many people are afraid to start because they do not have sufficient capital, both in terms of finances and abilities. If you feel that way, don’t worry! It’s natural to have reservations, but that doesn’t mean you have to give up before trying. Everyone starts from 0 and you don’t need a lot of capital to start crypto trading activities. To make it easier for you to start your crypto journey, here are five tips to follow:
- Understand crypto products very well
When it comes to crypto, most people just starting out only know about Bitcoin. You must have also heard about Ethereum, TEN, and so on if you have done research on crypto products. Like Bitcoin, they are digital assets that are the result of blockchain technology. In fact, these assets are intangible, but they have value and can fluctuate. There are thousands of crypto assets out there that can be traded. Each trading platform has its own choice of coins to offer. These thousands of coins are then classified into several types of crypto. Make sure you understand the ins and outs of crypto products and also choose a secure platform like TokenomyX to start trading on.
- Widen your scope
Not only are there various types of crypto, but there are also various types of markets for buying and selling. By learning about the different crypto trading markets, you can choose the right market for you. For example, in Spot Market Trading, you can make transactions such as buying and selling gold or stocks in general, with the principle of buying low and selling high. There is also such a thing as Margin Trading (or Derivative Trading) where you can sell an asset first without having to own it. For this type of market, you can do this by guaranteeing a small amount of capital on a platform so that you can trade with an asset value that is greater than your capital.
When you have chosen the market, you also need to understand the right trading positions and strategies to avoid losing big. For example, there are terms for long and short positions in margin trading. If you see a potential market price moving up, you can place a long position. However, if there is a potential for the market price to go down, you can place a short position. If the market price moves according to the predictions you have made, then the difference between the buying and selling prices will be your profit. If not, then you have to pay the difference between the selling and buying prices.
- Practice skills with a demo account
How do you find out and gain a better understanding of market patterns so that you know when to put long or short? Of course, you have to practice and understand how to do market analysis. Make sure you learn the basics of market analysis so that you don’t make decisions based on intuition alone. Also, make sure you practice a lot with a demo account set up by your platform of choice. On TokenomyX, you can practice on a demo account with free virtual capital that you can top up over and over again. On this demo account, you can learn to trade without using real money capital. The nominal capital provided is a virtual asset (not a real asset) that can be spent free of charge so you can practice trading without fear of losing. To be able to try out a Tokenomy demo account, you just need to register for free. What are you waiting for? started today!
- Start with small capital
After you feel that your trading skills on a demo account are proficient, you can immediately start trading in Live Mode. Start with a small capital first to test your skills. The minimum deposit on TokenomyX is IDR 50,000, so you don’t need to make a large deposit in order to start trading crypto. There are also many easy and fast ways to make a deposit. So no need to worry if you don’t have much capital, you can still start small!
- Take advantage of the referral program
Not only can you profit from trading, but sometimes trading platforms also allow you to earn extra income just by spreading referral links. On TokenomyX, you can earn a passive commission for every person who registers an account with your referrals and actively trades. You have many ways to earn through Tokenomy!
Are you still worried about starting trading activities? Don’t wait any longer, learn now and start practicing on a demo account. Hopefully, you can get big profits soon! Good luck!