Simple Trading Tips for Newbie CryptoTraders
Everybody's always on the look out on where to invest their money in and garner great returns in the least amount of time with minimal risks and explosive rates. Well, there's practically endless opportunities and the possibilities see no horizon. However, for every investment there is always a certain level of risk. You could actually earn 300% in a matter of hours, lose 200%, and end up totally broke the next day crying in your mom's basement. How, you ask? Well, I'll tell you in a bit.
However, it had already become a notion to the less informed that those that promise great and instant returns are most likely scams and close their doors and minds to the idea of injecting money into it. But, not all are.
Economics have always reminded us that for every decision we make, there's an equivalent price and economic consequence. And in the process of rejecting the chance to earn, the consequence is that you incur an intangible loss referred to as the opportunity cost. It is the cost you pay for rejecting something that would probably earn you a million dollars in the future. So, before you reject and stop reading this article, stop and think, what if this actually changes your life and transforms you from rags to riches, from an employee to the boss of your own time? Well, its up to you!
When I heard about bitcoin and cryptocurrencies for the first time, a lot of questions ran into my mind. I was skeptical, the word scam flooded my mind. I was one of those who had issues with the market, I was afraid of the risk. Good thing I had a good friend who constantly convinced me to invest in the cryptomarkets. It took him a little over a year to finally get me into this business and I'm glad and thankful he did. And because of his patience and diligence, I would like to return the favor by sharing some of the tips I learned as I grew as a trader.
Here are some tips for would-be traders out there:
(1) Start off early, start small and work your way up.
(2) Follow credible people. They know what coin are of true value and give you valuable info that could change your game.
(3) Read News. Read more news.
(4) Learn how to use the technical indicators. (Stochastics and RSI for starters)
(5) Learn how to set a conditional sell. It's better to lose than to lose it all.
(6) Be observant of the overall market trend.
(7) Strategise. Allot some of your BTCs on alt coins for long hold, some for quick trading and some spare for when altcoin markets are down. Just love to fill my bags with cheaply priced coins so you have to patiently wait for that especially when BTC is riding on a bullish train and alt coins markets take a nose dive.
(8) Never make rash decisions. Think it twice, think it thrice.
(9) Learn to wait. There's a time value of money and worthy coins are bound to rise substantially in the future.
(10) The trend is your friend. Learn how to analyze the trends on your exchange, the order book, the moving average could tell you something critical.
(11) Know your coin. It's best if you know what product you are supporting. Read, ask around, observe.
(12) Find the best ICOs. This could possibly give you the biggest returns as you are starting at the cheapest price that may rise to 1000% in the next three to four months. So be diligent enough and put a share of your BTCs on ICOs. Just make sure it's no scam.