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Many times in the investment world, patience can be golden. This theme was prevalent when Ripple’s Chief Technology Officer, David Schwartz, recently revealed with regret that he and his wife had made bad decisions about their cryptocurrency portfolio in 2012, resulting in an eight-figure profit loss at prices. currents.
In a series of tweets recently released by Ripple’s CTO, he sold some Bitcoins for $ 750 and 40,000 Ether (ETH) for $ 1 each, a stash that would be worth more than $ 15.5 million at today’s prices.
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Ripple’s David Schwartz also admits that “derisking” by selling BTC at $ 750 and XRP at $ 0.10 “hurts”. https://t.co/4N7ScChkxA
– Cointelegraph (@Cointelegraph) 13 October 2020
Investing in cryptocurrencies has always been a hot trend among investors around the world. However, selecting which cryptocurrencies to invest in is often complex, especially for beginners.
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According to CoinMarketCap, there are over 5000 cryptocurrencies to choose from, although not all of them are worth investing your hard-earned cash.
In order for you to be a successful cryptocurrency trader, you need to be able to understand the relationship between reward and risk management. This involves high levels of understanding of the degree of randomness in the BTC market and the risk associated with taking that risk. As a successful BTC trader, you need to understand when it is best to trade with BTC as market conditions change from time to time.
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Chris Ani, a professional BTC trader, in a chat phone interview, explained in detail to Nairametrics, the main attributes that every successful BTC trader must possess, including the need to have basic trading skills. He said;
“To prevent yourself from becoming a slave to the market, you need to trade small enough sizes on your exchanges that you are not emotionally attached to them. Trading opportunities await no one.
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“You have no idea when and where they will appear. Whenever they appear, you need to be ready with your trading plan. You also need to master the technical and fundamental analysis and, above all, the one that works for me, understand the seasons and the structure of the market so that you know when to trade, run big wins, or better get out of the market so as not to lose yours. money. “
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