2021 has been an incredibly exciting year for crypto. With leading cryptocurrencies like Bitcoin witnessing astronomical increases - like breaking $61K- and Ethereum setting a new All-Time-High, lots of retail investors have been flocking to get a piece of the crypto pie. Several other altcoins are seeing over a 1000% increase in YTD gains as well.
Here are some things you should take note of to survive market volatility like a champ.
Evaluate your goals
It can be easy to get carried away when cryptocurrency prices are swinging.
As such, it’s important that you are aware of what you want to achieve before coming in at such periods in the market. You can start by listing a set of goals and priorities you want to accomplish before embarking on your trading journey.
Make sure your financial goals are aligned with your risk appetite, before diving headfirst into the cryptosphere!
Do your homework
Carrying out due diligence is always a sensible move, before putting money into any asset class. Similar to how you would want to gain a fair understanding of companies before investing in them, you should set aside some time to read up about the various protocols and projects before buying in.
Need to brush up on crypto knowledge? Read our Crypto Basics series 👉 HERE
Finding a reputable platform that is right for you is also key — the safety of your tokens and funds should always come first! You’ll want to be able to trade with a peace of mind without worrying too much about security.
Define Your Strategy
How much should you pump into crypto during a period of high volatility?
This hinges on your risk appetite and ranges from person to person. Assessing your risk appetite involves the evaluation of how much you’re willing to “risk” or lose, then aligning it with your goals and personal attitude towards risk. Some traders tend to be more conservative or risk-averse compared to others, so it's important to only pump in a comfortable amount.
As a new trader, it’s sensibleto start small. Coinhako offers a friendly minimum trading amount of just $30 SGD, which is great for new retail users to try crypto out!
Be Ready to Seize Opportunities
Carpe Diem! The crypto market is a fast-moving one and it always pays to be prepared for intense market volatility.
You can do so by maintaining a decent SGD account balance in your Coinhako wallet, so you never miss an opportunity to trade. Instead of rushing to make a deposit at the eleventh hour, making a deposit beforehand helps you avoid the panic and hassle, and ultimately enable you to make more financially-sound trading decisions.
Making an SGD deposit to your Coinhako account is a quick and easy process and does not incur any fees.
**Deposits are cleared at 10AM and 4PM daily.
📥 Wondering how to make an SGD deposit into your Coinhako account?
Sit tight and prepare for the ride
People tend to make poorer decisions when their judgement is clouded by emotions. Because the crypto market is such a dynamic one, some days will see sharper price changes than others.
A resilient mindset towards crypto trading will inform better decisions and help you avoid selling out of fear. Crypto is not a competition — avoid constantly comparing your gains with others and follow your own strategy!
We hope you have learnt something valuable from these tips!
For more information on how to use Coinhako, we recommended checking out these pieces:
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.