January 2021


Best Practices when using a Hardware Wallet

Hardware wallets such as the Ledger钱包下载 generally empower you with a sense of control and ownership to your crypto assets. However, with great power comes a great responsibility. This practically implies that being your own bank is definitely not trivial and it requires you to have discipline.

Using a hardware wallet such as the ledger wallet, does not 100 percent guarantee that you will be invincible against human errors, social engineering or physical threats. It is recommendable that you always use your common sense and apply some basic security principles.

The 24-word recovery phrase

Whenever you are initializing your hardware wallet for you first time, you will most certainly be promoted to note down twenty-four word writing on a certain recovery sheet. These twenty-four words are typically referred to as a recovery phase and are basically a human readable back-up form which all of your private keys are usually derived from.

These twenty-four words writing on the recovery page is used for the purpose of restoring access to your crypto assets on another Ledger钱包下载or any other wallet that is compatible. To put it in a more simple term this ledger recovery sheet that is practically containing the 24-word recovery phase is a unique list of words that is basically generated by the hardware wallet.

General security principles

Basically, there are two major reasons as to why you require access to your recovery phase which you will most certainly be able to see, learn, and comprehend by thoroughly reading this article.

One of the reasons as to why you require to access to your recovery phase is due to the fact that your hardware wallet has the possibility of undergoing a certain loss or destruction. With the recovery phase you are very much capable of entering on a new device so as to recover full access to your crypto assets

The other reasons as to why you require access to your recovery phase that is the issue of cloning to a new device. Therefore, by entering your 25-word on another hardware device, you will most certainly be in possession of two hardware wallets which you are pretty much capable of using them independently. Another reason as to why you should clone a device would be whenever you are upgrading to a newer model.

As you are very much capable of easily deducting from this, anybody who is able to get access to your recovery sheet that has your twenty-words would most certainly obtain instant access to all of your crypto assets.

This, therefore, proves the manner in which it is of the utmost importance that your recovery phase is secured in a correct manner. The reason being is due to the fact that any form of compromise to your recovery phase, at any particular time, would most certainly, have a high probability of leading to cast strophic losses to your crypto assets which is something that you most certainly do not wish to go through.

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Futures Traders Mistakes You Should Avoid

Many futures traders start trading by winning some decent profits. However, after some time, they surprise themselves by the string of losses that they encounter.

These losses chip away from their trading capital while they try so hard to find what mistakes they are doing.

If you want to avoid becoming this kind of futures trader, you have to learn about the most common mistakes one commits when trading futures.

Ignoring the System

A successful futures trader always has a system in place to help them select trades and keep losses to the lowest possible level.

On the other hand, many traders often deviate from or abandon the system they are using at a time when the trading strategy is beginning to show promise.

When they let this happen, they also let emotions creep into their trading. And that ultimately leads to losses.

Not Using Protections

Futures trading, or all kinds of trading, for this matter, carries a certain level of risk. This is the reason why it is imperative for you to protect yourself.

There are many ways by which you can protect your trades. You can use or sell stops to limit your losses to a tolerable level. You can also use some hedging strategies such as buying put options.

Obviously, when you take steps to protect yourself, you also help keep losses to the minimum while you try your best to maximize your profit.

Not Concentrating

To successfully trade futures, you need to give it your undivided attention, particularly when you read and analyze the financial markets.

Of course, you can expect to experience difficult distractions. However, you always want to have as few as possible when you’re a futures trader.

Being Closed to New Ideas

Whether you like it or not, the markets always change. Even if you think you’re already a great trader, you can always find something new—a new idea—that can help you improve your results.

More often than not, traders get caught up in thinking that they already know enough. Therefore, they sometimes no longer want to learn anything new.

When market conditions change, this trader gets left behind. Meanwhile, if you are always open to new ideas, you will adapt to the market changes and gain consistent profit.

What Qualities You Should Have

Now, to avoid and fix these mistakes, you must have some qualities that you should always nurture

  • Be an independent thinker – think for yourself instead of following what many others are already thinking.
  • Be a strong analyst – learn the technical and fundamental sides of analysis and use them in your trading to spot trading opportunities.
  • Be an active learner – even when you think you’re already successful, never stop learning and improving your craft. Attend seminars or go to events to expand your knowledge and meet other traders to continue your education.
  • Have all the tools of your trade – make sure that you have the tools you need for when you create your trade or gather information anywhere you are.
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