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If you are reading this, then you have probably heard about digital currency and also its operations. Cryptocurrency is a digital currency that operates on a decentralized network called the blockchain. In recent times, digital currencies have gained a lot of popularity among the youths and tech savvy people. But the aim of crypto is to reach everyone and so on this Mother’s Day, let us see how to teach mothers about crypto trading.
But before we begin to teach mothers about crypto trading, it is important that they understand the idea properly first. So before we directly dive into crypto trading, we will first understand a few things. So without any further delay, let us begin. You can also consider this as an intro to crypto trading.
Understanding Cryptocurrency
Before trading or investing or your hard-earned money and before we teach mothers about crypto trading, it is a good thought to get them an understanding of the market. Digital currencies are tradeable virtual assets or digital forms of money. This virtual money is decentralized, implying they are not backed or administered by a government or a central bank of any nation.
One of the most popular digital currencies is BTC, which was discovered to create an alternative currency for anyone who aimed to opt out of the traditional banking system at the time of the 2008 Financial Crisis. Cryptos such as Bitcoin are aimed at making financial transactions more open and also accessible to everyone across the globe, which is why they have become so famous in recent years. Bitcoin transfers can be conducted with minimal processing charges avoiding the high fees charged by traditional financial institutions.
What Is Crypto Trading?
Before we teach mothers about crypto trading, they should be aware of what is crypto trading. Just like trading the Forex (Foreign Exchange) market, crypto trading is the purchasing and selling of currencies to develop a profit. In its simplest shape, the user is betting on the fluctuating price difference between two varied currencies. These funds are then used to place purchase and sell orders against another currency. You earn profits from selling, or closing orders at a greater price than in what you bought.
Trading cryptos operates exactly the same as the forex market trading, but instead of selling and purchasing fiat currencies, like US dollars or euros, traders purchase and sell cryptos, like Ethereum, Bitcoin, or Litecoin. One will usually exchange a fiat currency into a crypto and then, at a later date, back into a fiat currency, even though there are exchanges and traders that enable cryptocurrency-to-cryptocurrency trading. So now if you are wondering how to be a crypto investor or trader then keep reading this article.
Steps To Teach Mothers About Crypto Trading
Now that the idea of crypto trading is clear to you, it is time to teach mothers about crypto trading and how they can do the same on their own. There is no rocket science involved in trading crypto, all one needs to do is understand the market well, and that can be obtained easily if you keep a track of the market on a daily basis. So let us begin with the steps to teach mothers about crypto trading.
Learn How To Trade In The Crypto Space
To all the mothers out there, you may or may not have some experience in trading in the Forex or Stock market, but the digital currency market is completely different. It is always advised to study the crypto chart before you proceed to trade cryptos. Do not think that the skill you earned by trading in other markets will be enough for this market as well. Traders often anticipate that trading strategies and skills that have been developed in the alternative finance space can be applied to others, you are required to take time and research each industry respectively.
While we teach mothers about crypto trading, always know that if you are a new trader, it is suggested that you either begin with a demo trading account and train yourself, or you can even sign up for a free cryptocurrency trading account and practice there. Before beginning to trade you should know what affects the value of a crypto, the regulations of the crypto space, the supply and demand of crypto, the influence of media, the latest crypto news, and related things.
Select A Crypto Exchange
Choosing a digital currency exchange to buy your first crypto can be daunting and also an overwhelming process. After all, there are more than 200 digital currency exchanges in the present market, along with 24 hour trade volume in the billions. So how do you make your selection? Here are a few parameters to look at while you are choosing the perfect cryptocurrency exchange.
- Geographical location and also their constraints;
- Transaction charges;
- Security, customer support, and anonymity;
- Ease of use and also an easy user interface;
- Liquidity and volume of the exchange.
Select A Crypto Wallet
After selecting a crypto exchange, you are now required to create a crypto wallet to control and store your crypto. A cryptocurrency wallet is a place where one store encrypted passwords that portray your coins. This is the same as storing money in your bank account.
There are various types of digital currency wallets that offer varied ways to access and store your digital currencies. To evaluate more about crypto wallets and how to plan which wallet is ideal for you, you will have to do market research on it.
For beginners, we would suggest an online wallet for the convenience of use and accessibility that they provide. An online wallet can be created in a matter of minutes and operates somewhat similarly to mobile or online banking. Here is a list of some of the popular crypto wallets.
- Wirex
- Coinbase
- Blockchain
- Ledger
While we teach mothers about crypto trading it is crucial to note that most exchanges offer built-in wallets but it is the best to function to store digital funds off exchanges as exchanges have been the victim of hacks in the past. However, insurance entities are starting to provide crypto insurance against theft.
Find A Crypto To Trade
After you have set up your wallet, searched your exchange, and got familiar with trading and the crypto space you can now log onto your exchange and begin trading. Before inserting your money into any crypto, it is a good idea to initially study the asset.
One of the best places to know about every coin is CoinMarketCap where you can find all data related to a coin and token available across the globe. The data found here involves market cap, news, supply, and also trade volume. Listing them in chronological order of top crypto can be used to know exactly what each crypto portrays and compare varied digital currencies with each other.
Manage Your Risk
Similar to the diversification of other investment firms, risk management is possible by branching out a crypto portfolio. Going “all in,” so to speak, on one prominent currency can be an incredibly risky move. Because of the volatility of cryptocurrency, beginner traders may wish to begin at a slow pace and gradually create a position. This is the same as dollar-cost averaging within stock investing. Ample traders also solely trade with only a fraction of their available holdings or funds.
Admittedly, keeping a part of your money out of the way of harm could limit potential gain. However, it also restricts losses. This implies that you can continue trading, and also gain some wisdom from the experience.
Begin Trading
We are in the last step to teach mothers about crypto trading. After you have completed all the above mentioned steps, it will be easy for you to start trading now. But when you trade remember to never purchase a whole coin and also keep in mind that this space is a highly fluctuating one. So invest the money you are ready to lose.
Conclusion
Digital currency trading is still in its infant stage, and if you wish to learn about this market, then there is a big opportunity. On this Mother’s Day, we aimed to teach mothers about crypto trading and the ways by which they could earn a bit extra and also get the chance to enter a completely new industry that has not been discovered completely as of now.
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