There are some tips you should know when it comes to Trading Bitcoin in Nigeria.
If you’ve ever believed that Bitcoin Trading is a smooth ride without pit stops along the way, it’s time to ditch that thought.
But, I think (more like, I know) that with the right information, you really can survive through the highs and the lows, and come out victorious (with lots of money of course)
Some of this information I’d given you in this post(you’re always welcome!).
Before we get right into it, these tips are a combo of the things you do, and the things you shouldn’t do (that should help in the way of what to expect) while you figure out how to make more money in your Bitcoin trade.
Avoid Investment Platforms – trading bitcoins for beginners pdf
Kicking things off, it’s one of the things you should not do, as you trade in Bitcoin.
Basically, the only kind of trading you should ever be doing is to buy Bitcoins at a lower rate and try to sell it at a higher rate.
By virtue of that, Investment platforms, who claim to double your Bitcoin stash, need to be irrelevant to you; because they really are.
They exist as websites, and sometimes as channels on Telegram, and they look every bit a scam as they are (there is no such thing as a money doubler)
So, it’s only the right thing if I tell you to totally avoid sites and channels that claim to be investment platforms.
There really is no faster way to lose all your stash, and feel stupid about it, than believing anyone would double your Bitcoin for you.
Have a Trading Plan – trading bitcoins for beginners
This is actually a no-brainer if you think about it; you really have to be with a plan before embarking on such a serious journey as Bitcoin trading.
If you do not have a plan, there is a chance that you fall by the wayside faster than you could type out “Bitcoin” on your phone.
Or worse, you get misled into thinking it’s a Get-rich-quick scheme; then you make the money your top priority, and then you get greedy, then you do yourself in (trust me, it is specifically in that order).
Having a specific aim enables you to be level headed as you trade; small victories and big failures then become learning points for you, and you keep growing in the game, and before you know it, you’re a big boy, or girl already!
Avoid Loss and Seek gain
Of course, Bitcoin Trade is just like any other trade; you deal with profit and loss.
But we all know that the sole reason why you’re in the business of Bitcoin is to make more profit and minimize losses.
Not that you can totally avoid losses, but the point is you shouldn’t be ignorantly making decisions that would bring loss.
Take this: You shouldn’t mindlessly buy large amounts of Bitcoin for you to sell after a couple of trades. More often than not, you realize that you’ve lost more than you bought.
The game plan is to always sell your Bitcoins at the price you bought it, at minimum, no matter what. Even when things get rocky and shaky (literally) won’t budge and sell less ever . That’s it, that’s the plan!
Understand the Bitcoin Market – Trading Bitcoin in Nigeria
At this point, you realize that these tips have a tinge of “common sense” to them.
You should thoroughly understand the Bitcoin market you’re about to put money into, because… it’s really just common sense…
Get to know how the elements go up and down (they do, like crazy sometimes). Make findings on the easy things like the going rate for the day, and advanced stuff like macroeconomic releases.
Honestly, that’s the thrill of the trade! These things would make or break you, so, why not just fully understand them? (the kids would say “they won’t catch me slippin’” , because Bitcoin shouldn’t catch you slippin’)
Have a coin wallet
In popular fashion, I saved the best for last. In all you do, have a Bitcoin wallet.
Do you know how you absolutely need to carry a physical wallet for your cards and keys and loose change for an organization (and class too)? Well, you need that for your Bitcoin.
It’s even more necessary when you think about what Bitcoins really are; these things are untraceable, and once you lose them, you best believe you can’t find them again.
So, you see why a wallet is absolutely essential? Bitcoin wallets are services that hold your Bitcoin values for you as you trade.
I’ve got some credible Bitcoin wallet services; Coinbase Wallet, Luno Bitcoin Wallet, and Blockchain Wallet. These services would safely secure your Bitcoin and keep you from scammers.
Conclusion on What You Should Know About Trading Bitcoin in Nigeria
If you’ve decided to trade in Bitcoin, I’m here to support you with every bit of info that would help.
Up there, are some of the most valuable tips you can ever find about Bitcoin trading (don’t say I didn’t do anything for you!)
Simply adhere to them, and your days as a Bitcoin trader would be very long!