Tips For When You Trade At Home
In one of our recent Tuesday polls we asked our audience what their favourite time of the day for trading was. Turned out, most of the people (40%) prefer the afternoon for trading. Nights and weekends were the second most popular choice. And almost nobody trades in the mornings.
We thought it would be interesting to see how time of day, environment and other things can affect trading, we collected some tips to help make the trading process more comfortable and effective.
Following Your Biorhythm
Simplified chronotype classifications divide people into morning people (larks) and night people (owls). While most of us combine these two types and form an average ‘day’ person, some depend on the time of the day quite much and plan their activities and even lifestyle according to their chronotype.
Larks are more energetic in the mornings; it’s the peak of their emotional, physical and intellectual state. Closer to the evening, they start to lose power, clear thinking gets replaced by fatigue, apathy, and problems with performing their task on the high level.
On the contrary, owls’ mornings are a disaster. They are not very capable of performing simple tasks, their creativity is at zero. But as the day moves towards the evening, their ability to work and perform at top-level raises significantly.
TIP: It’s important to figure out how your internal biological rhythm is working and adjust your trading activity time in accordance with that.
Trading With Comfort
If trading takes up a significant part of your time, it’s worth examining the environment around your workspace. Is your chair fit and soft? Do you have smooth and fast Internet connection? Do you have a quiet place without distractions? At first glance, these things might not seem so essential, however, at some point an uncomfortable chair can make you lose control, and that’s something you don’t want to happen.
One of the guidelines from our How to Trade Crypto for Intermediates: Part II reads as follows: keep your emotions in check when you trade. It’s not easy to concentrate when family members wander around, children or pets want attention, altogether it gets under your skin.
TIP: Make some room at your home where you will not be disturbed, ask your family not to bother you during trading; get a comfortable chair and a monitor; make sure your Internet connection is seamless, and consider having an extra computer or device for urgent situations, in case something happens with your current workstation.
Avoiding Typical Trading Mistakes
There are typical trading mistakes. Knowing what these are, it’s easier to avoid them.
- Trading with money that you cannot afford to lose
TIP: Do not put all your life savings in trading, or worse, take a loan. In this case trading will not be balanced, calm and long-term and will lead to rash decisions and imminent loss.
- Not keeping your crypto safe
TIP: Use cold wallet to secure your crypto funds. Set up a strong password to your exchange account and install a proper antivirus program on your computer.
- Permanently checking cryptocurrency charts
TIP: Volatility is an integral part of the crypto market, сryptocurrency rates go up and down, and it is extremely important to stay cold-blooded. Stick to your strategy and do not rush to sell or buy basing your decision on the short-term change.
- Relying too much on community and expert advice
TIP: Even the top-level experts can not know what will happen to the market. They can predict, speculate, assume, but in the end it’s your money and your decision, so try to avoid FOMO-fever and act calmly.
- Sticking to just one asset
TIP: The market can be bearish or bullish, but while some cryptocurrencies might be falling, other open opportunities to make some profit. It’s worth checking the options and add more than one cryptocurrency to your portfolio.
We hope this article was helpful; wait no more to apply this knowledge to your own experience – open a CoinMetro account, especially as you will also receive a 20 XCM reward as soon as you complete your KYC!