Digital swap

Not knowing when to enter or exit a trade

Entry point refers to the price at which an investor buys a crypto asset, The entry point is usually a component of a predetermined trading strategy for minimizing investment risk and removing the emotion from trading decisions. A good entry point is often the first step in achieving a successful trade.

The ability to determine when to ENTER and EXIT a trade is very very imperative, No amount of conviction one has one particular trade if not backed with technical and fundamental analysis will be useful if we can’t determine good trigger points for our trades. Even if we know that the value of a currency pair will appreciate in the future, unless we have a clear conception of when that appreciation will occur, and where it will end, our knowledge is unlikely to bring us great profits, that is why the ability to do both Technical analysis (T.A) and fundamental analysis (F.A) is a skill set every trader should acquire.

When you lack this skills, you're at a serious risk because you will likely be buying high and selling low, you will end up exiting mist of your trades at stop-loss, and this is quite harmful to your capital.

"Being greedy" will be out topic for the next discussion. I'm looking forward to it and I hope you are too.

I believe you've learnt something new today. Kindly, let me know what you learnt in the comment section.

Don't forget to like and share so your friends can benefit from this as well.
Thank you!

Hello there! I'm excited to welcome you to another exciting learning moment. So, today we will be talking about USING OF FAKE EXCHANGE

Let's start with what exchange means.

Exchange in cryptocurrency terms is a platform where crypto users exchange one crypto currency to another either for profit making or withdrawal purposes, in other words we use cryptocurrency exchange to buy and sell cryptocurrencies(trading). Some times we could sell or exchange any crypto assets at a loss just to prevent our capital from being liquidated or sometimes we exchange altcoins to bitcoins so we could easily exchange it to local currencies e.g Naira.

What is fake exchange?
A fake exchange is an exchange that claims what is not true, for example, the insiders most times portray a huge trading volume that is not real so as to cause FOMO(Fear of missing out). Fake exchanges are in the habit of deleting the accounts of users.

As a crytpto trader, below are the few things to look out for while seeking to choose an exchange
☑️ Check if they have a good customer service. Ascertain their reputation, look out for reviews from their customers.

☑️ Check if they have social media pages such as facebook, twitter, instagram, and sometimes medium, LinkedIn, etc.where users can possibly comment, and criticize if they have any issues with their trading platform.

☑️ Check if they are on coinmarketcap via this link: https://coinmarketcap.com/rankings/exchanges/
However, it is important to note that having an exchange listed on coinmarketcap is never a guarantee that it's going to exchange.
☑️ Make sure you go through their terms of service, this is where most people make a mistake, because they will just click on the agree box without taking time to go through the policy they are about to agree to. Check if the policy will favor you in any way, and also so that you don't end up doing things that contradicts the exchange policy at your own detriment.
☑️ Check if they are fund of deleting the account of users, do your research, ask questions. This is why you need to belong to a crypto community in order to avoid so many things that will be place you in a disadvantaged position.

On my next post, I'll be talking about TRADING OF S**T Coins and I am looking forward to having you around.

I trust you have learnt something today? Let me know your thoughts and concerns on the comment section.

Thank you for reading ❤️❤️