There are some golden rules if you want to succeed in *Cryptocurrency Trading*

in #bitcoin7 years ago

1. Patience - If a coin which is undervalued has gone lower than purchased for, don't sell it for a loss as chances are you will end up seeing this coin shoot past your paid price and you end up rebuying back in at a higher price. Unless you bought at the top then sell and buy back at a lower price.

2. Do your own research - Don't trust when a pump or signal group says "buy this", make your own decisions as you should be able to beat these people to this information and thus generation of more profit when these groups announce this coin. (All pump groups prepump and break buy/sell walls so they can generate more profit for themselves)

3. Buy a coin that is likely to still be around in 2-3 years as then you are looking at guaranteed profit long term. A lot of coins won't survive regulations.

4. Don't think of things in FIAT price - Bitcoin is the key, always try and think Price Vs Bitcoin Price as then you will generate actual profits as Bitcoin will go up against FIAT long term.

5. Use Crypto telegram bots dijusign or cryptoping to find out the changes that have happened in the short term and then check the Twitter and Bitcointalk Pages. Use Coinmarketcap for the specific coin to get access to the majority of this information. Social Tab will show you latest feeds from social media. On the left of the page you can usually see "announcement" which takes you to the Bitcointalk page. This is helpful to find out why such random changes are happening with a coin. Such as roadmap release, airdrops, burns. These are all things that cause increases then drops as soon as "everyone" knows about it.

6. Greed - Always remember that profit is profit , if you don't do this and get greedy you will most likely end up selling for less than you could have as you waited too long and thought it was going to "the moon" but this is dangerous as all coins go by this logic "what goes up, must come back down"
Not always back to the lows but the swings will always happen, even with the larger coins such as Bitcoin and Ethereum.

7. Allocation of investments - Never go all in on one coin only and always have a setup for profitability using a variety of coins. Setting up an investment plan is important for guaranteeing profit long term.

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Great post! Thanks for informing all newcomers to the cryptosphere. No 1 on your list is no 1 in cryptocurrency investing is no1 in investing and no1 in just about anything else in life. Best regards Dr DMD

Thank You For Your Lovely Comment Dr DMD