Unless you have actively avoided all news outlets, websites, and social media for the past few years, you can’t have failed to notice that cryptocurrency is a huge deal. With bitcoin in particular, the headlines screamed that people had become millionaires overnight from their investments, and for once this was no exaggeration; it really was possible. 

Although the furore over cryptocurrency has died down somewhat, it is still an exciting way to grow your money, and even if you won’t become an instant millionaire anymore, you can still make a great return. If you’re interested in cryptocurrency trading, here are some tips on how to get started. 

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How Involved Do You Want To Be? 

The first question you’ll need to ask yourself before you can move forward with your cryptocurrency plan is how involved do you want to be with your cryptocurrencies? In other words, do you want to be there right at the start, mining the bitcoin and other currencies? Or would you rather just buy and sell them? 

There are advantages and disadvantages to each idea, and taking a look at My Blockchain Life might give you a little more information about mining your own; it can be the best option for many people, and with the right advice, you can do very well. 

Choose A Simple Strategy 

No matter where you want to start with cryptocurrencies, the market is a potentially confusing one, which is why having a simple strategy to help you see your way through and make gains whenever possible is important. There are many complex strategies that you can find online, but the best thing you can do is work on a much simpler one; one that you can continue to use whatever the situation might be and that you won’t have trouble remembering when you need to. 

The truth is that there is no magic strategy that will give you good results every time. What there is, however, is a strategy that works most of the time, and that works for you. Don’t worry about what other people are doing; choose the most straightforward system that does what you need it to do. 

Automate 

Cryptocurrencies are bought and sold 24 hours a day, and the market doesn’t close for holidays either. This means that unless you want to be glued to a computer screen or smartphone forever, you’ll need to automate your trading. If you don’t, you’ll find that trading takes over everything in your life when it should be something that doesn’t take up too much of your time, especially when it’s not your primary income. 

If you tried to monitor the market, you would become exhausted, and you would probably fall out of love with trading cryptocurrencies – or trading in general. Automating your strategy means that you can just ‘set and forget’, returning to check on your trades just once a day or so. This can be hard to do at first, but it’s for the best, and if your strategy is one that works, you shouldn’t have any problems.