Jayde Duncan is a cryptocurrency coach who trains masses in the areas of cryptocurrency and money mindset. Her brand Crypto Queen represents royalty and wealth with its bright and charismatic brand colours. She has been in this industry for the last four years and since then her main motto has been to spread awareness and educate people to create generational wealth using cryptocurrency.
She discusses some tips and tricks beginners must keep in mind before investing in cryptocurrency, especially if you’re investing for the first time. Jayde’s Crypto Playbook course is now available on Podia to get step by step access to Jayde’s personal technique.
Follow Only Reputable Sources
You might hear different views from different people about cryptocurrency if you’re trying to make up your mind whether to invest or not. But, if you’re seriously looking to invest, only believe reliable sources and stick with the facts, not rumours.
Understand That Cryptocurrency Is Volatile
When it comes to investing in crypto, you have to be very agile with your decisions. Start out with a relatively small investment and avoid the temptation to go big to earn huge profits.
Investing in small-stake trades would allow you to get a handle on the market with minimal risk. It’s recommended if you only think about what’s best for the current amount of assets that you have.
Choose Your Wallet Wisely
As crypto currency exists digitally, it still gives you the opportunity to store them online and offline by means of hot wallets and cold wallets. So, choose a wallet on the basis of the ease of access to it. For instance, beginners are generally advised to use hot offline wallets that are more versatile and easy to access.
However, cold wallets offer more protection from hackers and other miscreants. As you keep going and diversifying your assets, learn to use both of these types of wallets.
Also, for beginners, it is advised to trade through a reputable broker who would help you decide which type of wallet might be suitable for you.
It goes without saying, before investing in crypto, you must do your homework and understand the market well. Though it’s not a straightforward process, it’s highly speculative and the impact of global news and the variations in the crypto currency value are quite unpredictable.
Hence, to understand the market trends, practice reading charts and try to identify patterns to understand the trading strategies.
Also, be wary of investing tips from other traders. Most of them are just waiting to earn profit from the inexperienced. They might guide you to buy the coins in the hope of exiting on a big win themselves.
Form A Trading Strategy
Firstly, decide what type of trader you aspire to become, based on the time you can dedicate towards it and how quickly you want to turn a profit. There are traders who are most active, making multiple trades per day for small profits and then there are day traders who enter and exit the market within a day to get profit from short-term market movements.
Jayde currently works as Vice President in the department of Blockchain Association in Morgan State University where she helps the members expand their knowledge on cryptocurrency. She also has a youtube channel dedicated to cryptocurrency and money mindset videos to educate a wider audience. Her ebook “Crypto-trading” is an end-to-end guide for people looking to start investing in crypto and understand everything that goes behind the scenes.