There are several things you can do to trade responsibly.
Some things to consider are:
- Start small. If you're new to cryptocurrencies, it's best to start small. Decide on an amount that you are willing to put at risk (and potentially lose) and ensure you do not exceed this exposure.
- Be deliberate in your trading decisions after doing your research and developing an informed opinion on a particular cryptocurrency, crypto-asset or token.
- Remember that no one knows where the price of any cryptocurrency, crypto-asset or token will be in an hour, day, year or any other period. Price is determined by the market forces of supply and demand. Keep this in mind whenever you hear forecasts about the price of a particular cryptocurrency, crypto-asset or token that may influence your trading decisions.
Other ways include:
- Securing your trading account and wallet.
- Creating a trading plan.
- Diversifying your portfolio.
- Doing your research.
- Avoiding FOMO(Fear of Missing Out).
- Understanding leverage.
- Using a cooling-off period where you take a small break from trading to review and gain a fresh perspective.
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