1. What are my goals?
If you have NOT set a single goal in life then you have NOT achieved anything at all.
Goal setting allows you to establish checkpoints towards your success in trading. If you frequently correct yourself after evaluation of each small steps (short term goals) you become better and better towards achieving an overall goal (long term). Establish short term (days), medium term (months) and long term (years) goals that are SMART
S pecific
M easurable
A chievable
R ealistic
T ime-bound
2. How much can I afford to lose?
Going all-in to something that is not regulated and not insured is not smart at all. The opportunity is given but never be too complacent and always be secure with your investments. Two years ago I gave someone a seed fund (bitcoin) to kickstart her trading career. Few months after she said she sent complaints to the exchange saying she never received her withdrawal. I went on to help her and found out she made a lot of gains except, when she withdrew, she transferred ethereum (ETH) to a bitcoin address. Unlike banks where you can tell the banks you mis-spelled on your withdrawal forms, in the blockchain, transactions are immutable. Of course she ended up losing everything luckily it wasn't her retirement fund or her entire bankroll.
If you think you are threading on shallow waters, only invest an amount you can afford to lose.
3. How much time do I have?
Unlike the traditional stocks market, crypto-trading exchanges runs 24-hours, 7 days a week. Opportunities come and go anytime of the day and when you are not trading you need to keep up with the non-stop news and updates for your fundamental analysis. Time-management is paramount to your trading success. You don't need to be awake and be active 24-hours but make sure you choose the right time when to trade for optimal profit and when to do your research.
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