Hey everyone,
Around 10 months ago I started my Crypto adventure, and as probably most of you did, I didn't know which coin to buy, how to distribute my portfolio or what sources to use to get informed. That said, I would like to share my thoughts about how to use Twitter as a support source to those that just started with Crypto recently.
After I started following those people on Twitter that had more followers and posted charts about different currencies. In that moment, from my POV, someone with 10k followers had to be an expert!! so anything they posted I thought it was a good idea to trade.
After a while, some important points I have learnt are that:
- Usually Twitter users post charts that include those coins they have already bought. Therefore they are just spreading out the news to make the coin go higher. In other words: don't buy all coins they post by default, because they are probably in not the bet moment to get them. Have a deeper look into them: Explore the project, have a look at the roadmap. Usually some weeks before an expected launch, event or release is a good moment to buy.
- Twitter is a very good source to find intersting projects and crypto articles. From there I got the fundamental concepts and found out about most of coins I own.
My advice for those who just start trading is:
- Don't trade frequently at the beginning. Do a maximum of 1 movement per day / coin. Don't try to guess the trend for next couple of hours. Instead, try to guess the trend for the next month. And only sell after some time, be patient. Frequent trading with small gains are eventually losses in the long term.
- Don't get emotionally attach to coins unless you want to invest in the long term (1 year +). One of my errors was to accummulate more than 20 different coins and once they were in the top I didn't sell assuming they would go higher. I eventually ended up with some of them that will probably never reach that btc price.
- Try to monitor your gains in BTC, not in USD. This will give you a better overview of your profits. Try to accumulate BTC from your Altcoin gains.
- Don't trade more than 5-7 coins at the same time (excluding long-term coins you have invested with). It is very hard to have visibility of all of them and will be harder for you to anticipate possible movements. The more you focus in a coin, the easier it gets to try to anticipate.
- Buy Rumours, sell the news. And don't buy when it is too late, there's always a dip after a very high pump. Same as the opposite, if there's a huge dip, don't sell. Wait for some time and will go up (not saying it will come back to initial level).
I hope my comments are helpful! I will be looking forward to hearing your recommendations.
What tip you can contribute with?????
Cheers!