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How to learn to work with cryptocurrencies

11/19/2018
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  • trading_cryptocurrency
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To get information about how to get training in trading cryptocurrency, you need to decide on the strategy of activities in this space. The horizon of opportunities has recently increased significantly, which allows expanding the curriculum. However, no one can master all the knowledge about the blockchain, so you have to make a choice.

Ways to trade in cryptocurrencies can be divided into work with coins and financial contracts. Do not forget about such a thing as mining. With a proper construction of a business, it is also able to bring a good income.

Trade in cryptocurrency contracts

It is believed that the cryptocurrency training courses are not so difficult. Indeed, this statement has its own logic. Of course, the process itself is far from simple. But it is based on techniques that have been used for hundreds of years - in stock trading.

Indeed, the London Stock Exchange was founded in the XVII century. And during this time has accumulated a sufficient amount of knowledge. Most often, a trader should study three major disciplines:

  • psychology;
  • technical analysis;
  • fundamental analysis.

Do beginners have a question - why study psychology if I only want to buy and sell? It can be answered by the fact that psychologists are more likely to become successful traders than economists. The movement of graphs is largely influenced by emotions. Optimism leads to an increase in quotations, then an alarm comes that the profit will disappear with a change in trend. And this causes a collapse in prices. The scheme is quite simple, but it proves its effectiveness every year.

But even this section of the psychological training of the cryptocurrency trader is not the most important. Much more important is the ability to cope with their personal experiences. And here the presence of an experienced mentor will be a good help. Large brokerage companies conduct courses where they learn to work on the stock exchange, often they are a good start for beginners.

Cryptocurrency as an asset

If an investor decides to trade directly with digital assets, then he will also have to go a little training. In this case, you will have to decide which cryptocurrency you need to buy. For this you will have to find out

  • where exactly it is applied;
  • the professionalism of the development team;
  • reasons for the rise and fall in asset prices in the past;
  • who forms the demand, large or small investors.

After that, you must have a wallet. Or immediately find a crypto exchange or exchanger. In either case, you can buy coins for fiat money. This will be a kind of training, cryptocurrency is a new asset, and the technology to work with it has not been debugged to automatism. That is, the network has a lot of offers from trading platforms, but the choice here is required to be approached with special care.

Earnings on mining

Now cryptocurrency mining has become another way to generate income. But in recent years it has become much more complicated due to the high competition. It is no longer possible to mine a coin on a home computer. More precisely, it can be used for these purposes, but the amounts received will not recoup the cost of electricity.

Even farm owners on video cards and ASICs have certain difficulties. Since there are too many volunteers, you have to look for the most profitable asset to date. This task is within the power of novice miners, but they will have to carry out considerable preparatory work.

In fact, any of these ways of earning is able to generate income. Only you need to understand that now its obtaining will require knowledge and skills that will have to be obtained with hard everyday work.

Are you ready to start?
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LH-CRYPTO is an online service for crypto-traders

LH-CRYPTO is an online service for crypto-traders. The service is available to everyone, except for the citizens of particular countries and several categories of people listed in the License Agreement. LH-CRYPTO is a free software for making conversion operations with CFDs on various financial assets nominated in cryptocurrencies.

The project does not manage funds and does not guarantee profits. The project only offers a service that allows to make conversion operations with cryptocurrencies on a specially configured software.

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All the settlements in this project are processed solely in cryptocurrencies. Conversion operations are processed on the terms of margin trading without a direct supply of underlying assets. According to the generally accepted term, these operations are called operations with OTC (over the counter) CFDs (contracts for difference).

Trading with OTC CFDs involves considerable risks. We recommend you pay the utmost attention to both theory and practice of margin trading before making any of such operations.

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