Since you have found yourself on this website, you probably want to start your adventure with investing in cryptocurrencies. Below we’ll give you some advice on this topic.
You can not wait until you create an account on Bitmarket.net, deposit money into your individual account, buy your first digital currency and start earning profits. We fully understand it! We’ve also started this way! Similar thing happened to all people who started theirs adventure with the stock exchange (not necessarily crypts).
Take a deep breath and wait a moment.
Exactly! Wait a moment and before you start to buy and sell cryptocurrencies on Bitmarket, we want you to get acquainted with some basic investment rules. The basis of the game on the stock market is knowledge – not luck and not huge money to start.
Read about the basics
Nowadays, books on the stock market take up entire shelves in bookstores or libraries. No problem, you’ll also find a lot of articles on the topic on the web, as well as YouTube videos. Familiarize yourself with the basics of the stock market game to simply understand the mechanisms governing them and learn the basic concepts. Check our glossary first!
Learn to read the graph and learn how to analyze the course
Numerous books have already been written about technical analysis. You do not have to read them from cover to cover. Be familiar with even the basics of analyzing the course.
Get to know your cryptocurrency
If you want to buy the first cryptocurrency (or its fractional part), you should first read some about it. You may check our descriptions of cryptocurrencies which can be found on BitMarket. It will help you to better understand the technology behind it, and to observe in what circumstances its course has been falling or increasing. Example? If someone knew the technology of litecoin and waited for the moment to the next halving, he could earn a lot. For a simple reason. He knew that on this occasion the price most likely (because the stock market is never sure) will increase. All what had to be done before was to top up your wallet with the right number of litecoins, and then enjoy a relatively simple profit.
Follow news …
There is numerous amount of sites dealing with cryptocurrencies. Each of them has a “news” section, which publishes the latest news from the market. Why is tracking them so important? Yes, you are right! Because they affect the course! It is recognized that the news of April 1, 2017 on the recognition of Bitcoin as the payment instrument in Japan for good began the last bubble on cryptocurrencies.
… and internet forums
Bitcoin has created a great community around itself that likes to share its thoughts, news and course analyzes on Internet forums or groups founded on social media. Follow these communication channels. It will help you not only to keep up to date with news, but also to watch the market sentiment, which is also important when investing. The famous chart-diagram of the speculative bubble did not take out of nowhere. Determined places on the chart are often accompanied by specific emotions among the investor community (unfortunately, especially those less experienced).
And watch out for fakenews!
Unfortunately, there are not many people wanting to cause panic in the markets by spreading so called fakenews. Entering into the investors’ awareness of, for example, the presumption of banning the use of cryptocurrencies in China may trigger a wave of momentary sales. So, after reading such shocking information, you decide to sell your coins, first check the source of these reports – if it is reliable at all.
And the most important – invest only for as much as you can lose!
With this opinion, you will probably meet in every investment guide. And although it is repeated like a mantra by these very experienced investors, their younger colleagues usually do not listen and start investing their life savings at the beginning. Do not do it that way! Buy cryptocurrencies only for such amounts, the loss of which will not cause negative consequences in your private or professional life. Over time, when your experience increases, you can consider investing more money. Do not do this, however, at the very beginning of your stock market adventures!