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Cryptocurrencies, Nfts

Cryptocurrencies have always been at the forefront of technological development, thanks to their advanced features and capabilities. Naturally, despite the involved mechanics being quite complex by default, they evolved to be even more tricky to grasp for everyday investors over time. Nowadays, there are countless ecosystems, with new combinations popping up quicker than the average trader could possibly follow.

However, it’s not only the underlying that seem to be out of reach. There are numerous types of cryptocurrencies, such as Non-Fungible Tokens (NFTs), Utility tokens, Store of Value coins, Decentralized Finance (DeFi) tokens, and many more. Unsurprisingly, it’s proven that fully understanding just a handful of the above could take several years of practice for those just starting out. By not having sound knowledge, traders not only deprive themselves of maximizing their returns, but evidently multiply their chances of registering great losses at the same time.

Needless to say, there is another crucial aspect to inefficient trading next to not maximized profits: that is, possibly increased losses. Optimal risk management is undoubtedly one of the most vital elements of any successful trading strategy, as it’s the number one part that ensures sustainable results.

Knowing what to buy is one thing, but pre-planning your precise entry and exit points, determining the exposed amount, and setting your dynamic metrics are all required steps. If not done properly, long term results will most likely dip to the negatives eventually.

Consequently, many new, and intermediate traders who manage to find early success fail to remain profitable, thereby missing the ultimate goal.

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