What I've Learned from Trading Cryptocurrencies thus Far
Hey guys this is my first post on Steemit and I decided why not Steem about what I've learned so far from trading cryptocurrencies for long and short periods thus far.
:: This is What I've Learned so Far ::
Research is KEY (Research ALL of the Cryptos and be willing to understand and respect the different technologies approaching) - If you are a SERIOUS investor you need to do this and keep up!
NEWS effects the prices
Get yourself a Twitter and follow at least the top 100 coins and start following more as you research(follow your investments and ones that could be potential investments) - Also don't forget to follow big name developers.CoinMarketCap.com is your bestfriend. Always watch the trends and compare next to roadmaps and news.
** Watch for new coins on coinmarketcap with good financial and developmental backing(These are great short term investments)- I would recommend the ones that make it on the bigger exchanges. (Bittrex, Poloniex, Openledger)ICOs can be great for locking in profits and could potentially be an easy double or more if you are not 100% sure on your trades but these take time to end and distribute your investment so make sure to remember the first rule. Research is KEY
Long term holds are your great bread and butter! Make SURE the technology you are investing into long term will bring about great change in time for its community and retain its value. ( I started with $300 and invested into some good altcoins I heavily researched and almost every time they would reach a good top level to sell I would take some off the top 10%-50% and put the bitcoin back into more undervalued markets and just rinse and repeat...and grow :)
I make my Long Term and Short Term holds the same coins so I have backup.
Don't get too attached to your coins! You are trading to make more!
Last but definitely not the least.. DO NOT BE AFRAID TO HOLD! If you did your research correctly then you are on your way to the top.
Happy Climbing Guys :) Don't be afraid to comment what you have learned so far in your journey of the coins. I love to hear about any new crypto tech and experiences and I will be sharing only the most helpful of news and tips I can.
I agree, research is the key and don't be easily swayed by trolls on poloniex troll box, I was once sawyer by comments that made me buy some completely useless coins that only end up causing me to lose money because they are over mined and just have too much circulating.
I completely agree. Don't be swayed and moved by the hype but be moved by your research and stick by it that way you are in before the hype.
I like marketcap but I found this website - https://www.worldcoinindex.com/ and its not bad at all, actually I really like it.
Most ICOs are scam, so... man if you have to do research on most... your time on Earth will pass :D and as I see more and more ICOs are coming!!
I agree on Long Term on what you believe in.
But here comes the trick.. one's gotta know when it's the up and when is the down ...and simply technical analysis don't always work on crypto, its just way too crazy :)
So, final words - hold is the only choice sometimes lol
Yea if you are smart with technical analysis and want to be a bit riskier then you could play the ups and downs. If you wan't to play more safe just do some holding. We're all investing to cash back out. :)
Nice content, but be sure to get your markdown right
I'll be your first follower 🚀