Are you just starting out your prediction markets trading journey or trying out means to earn passive income, well you’re at the right place? Here are carefully selected tips to help you start out your amazing journey on the right foot.
The crypto and financial markets hold so many opportunities for new traders, however getting started and being profitable in the market as a newbie is a very daunting task.
In any business endeavor, getting started on the right foot is essential for success, same applies to trading prediction markets – using the right platform and having a sound state of mind are very important factors.
Here are top tips to help you start your new amazing journey in grand style:
We realize you need to get started, and that is astonishing, however before starting you should be prepared and know what you’re getting into and what to expect. In the event that you jump into trading without prior knowledge of the market, you’ll most get burnt real bad and might end up losing some or all of your money encounter, and no one likes losing. Trading should be promising, fun, and enjoyable and not scar you or your finances forever.
It might interest you to know that trading is connected to everyday daily events and happenings, and getting started with your research might involve you simply:
- Following the news and media
- Keeping tabs on World and Local politics
- Follow an economic calendar and notice how the market reacts to various events
- Doing preliminary research on different markets you intend to trade
- Backtesting your intended strategy on various timeframes and market conditions
Keeping every piece of information at your reach ensures that you’re not just going blind into the market, and can plan your trades using all the information you’ve gathered from various reliable sources.
One of the most important trading tips is to never trade with money you can’t afford to lose. On a very profitable day sticking to your trading plan might be difficult since most people will be motivated to take on more risk than usual, but this is something you should avoid, never risk more than you’re comfortable with since trades are all or nothing, you could end up losing money if the trade goes the wrong way.
Value Network ensures you see approximately how much you can earn from each bet you place.
You should note that the profit might fluctuate at settlement due to the platform’s bet settlement mechanism.
Depending on your trading strategy and stomach for risk, you can always make changes to your trading pattern to increase your trade success, and you can test your trading strategy before trading with real crypto by placing bets using the test net.
Set Trading/Profit Goals
How will you keep track of your trading success if there is no target or goal you’re working towards? As a novice trader, you can start by setting a daily or weekly trading target that is easily achievable, and once the goal is achieved, you can pause trading, go back to the drawing board, and study all the trades you took, what made you take them, and mistakes you made, this is how to become a profitable trader in the long run.
Test your Trading Strategy
You wouldn’t purchase anything without testing it first, would you? Same thing with every trading strategy. Before you decide to trade with real cash using the strategy, ensure you’ve tried it out repeatedly placing bets on the test net. Placing bets on the test net allows you to test run your trading strategy and fine-tune it to perfection in different market conditions.
Keep track of trades
It’s very important that you keep a correct log of each trade you take as well as the outcome of the trade. At the end of the trading day, you can easily refer to your trading log to see if you made any profit or loss trading during the day. In the event that you wind up constantly missing your profit target, this could be an early indicator that you need to revise your trading strategy and make changes where necessary.
Invest in yourself
When learning something new it’s very easy to become harsh on yourself when it’s not going as planned, and unless you invest in your education and start implementing all that you’ve learned while trading, you will always be at a disadvantage. If you fully indulge yourself in learning regularly and back-testing you can become a profitable trader in no time.
Find your way and stick with it
There are periods in the market when moves are happening very fast, or trading is intense and your capital is at stake. You might find an opportunity and see yourself risking too much on a trade, psychologically this is bad, and it is advisable you stay away from the market during these times, rest, and return to the market refreshed. Trading involves flexibility in every decision you make and would make, and if you’re not ready to make split-second decisions boldly, you still have a lot of work to do.
Enjoy every moment!
Trading is very challenging which is why many people give up early before reaping the rewards. When you start taking your trades, treat trading as a long-term project and not just some side hobby or casino, take the time and educate yourself. Keep up the hard work and in no time, you’ll start reaping the benefit of your hard work.
Beginning your trading adventure is always the hardest part but be rest assured that Value Network is here to serve you better.