Greetings Steemiams!
If it wasn't already clear.. It's me baby, me!
I know I look like a doctor, but I'm actually a crypto investor and entrepreneur.
I'm a crypto day trader with secrets on how YOU can make money this way too.
I'm not a scam artist I make mistakes so take everything I suggest with a grain of salt. But I have been doing this long enough to spot the patterns, learn from my mistakes and triumphs and form a strategy for future endeavors.
Today as a quick intro I will give you my 3 BIGGEST Rules for trading crypto. The 3 Commandments before buying or selling ANYTHING. Even stocks, this is more just general trading advice.
A. Before you buy.. RESEARCH.
a. Does this (x) company seem legitimate???
b. Poke around on google to see what kind of news and possible opinions on the company show up. If you see bad news and a terrible, sketchy website.. that's a big DON'T BUY.
c. Does it seem like something YOU would buy??? - Meaning: Does this company seem to have any intrinsic value to you? If you saw it in a store per say, would you consider buying it, and more importantly.. WHAT PRICE would you buy it for?
What do you think the value of whatever this company is trying to sell to you is worth to you and in general.
d. Consider short and long term. Does the company sound like a good short or long term investment. This may determine how much you want to initially invest. For starter I wouldn't put too much money on the line, but not too too little either, because hopefully, you want to make some mulah. I'd start with about $300 in each then build from there.
I could go on but i think you get the point. Do your research and maybe more importantly, USE COMMON SENSE.
On a BIG side note. Just starting coins can be great investments but i do not reccomend buying into any ICO's for investment purposes. Most initially drop in price after launch because you need to let the market determine the value. Everyone wants it cheaper than what YOU paid at the ICO. I'd give startups a few months to balance out and see what price is more realistic for the market. If the coin seems legitimate and definitely has a consumer value, it will surely go up maybe even spike somewhere down the road.
B. BUY LOW SELL HIGH / The idiot convention.
The markets and constantly jumping up and down, it varies and is more difficult to predict in most ways than the stock market. Big ups and big downs characterize these markets.
The way I see it ( when my butt is on the line).. It's a giant idiot convention that everyone wants to join.
Did you hear?? Did you get an invite?? The idiot conventions in town!
Yes it is. Every day.
When people see other people selling they start selling and before you know it everyones selling and it causes prices to plummet fast.... WHILE If everyone HELD TIGHT this wouldn't happen as it would force buyers into the higher prices. But the idiot convention knows no boundaries as buyers can be equally as moronic sending prices sky high, which is usually good but HUGE SPIKES IN PRICE lead to HUGE FALLS in price 99% of the time. SELL HIGH. But don't sell all at once or the idiots will get nervous and start selling rapidly.
Back to the subject: Bid your buys at low targets a few cents or whatever below whatever the asking price is now. If it's that day or in three days, you will have bought at the inevitable lower price, then it's only your job to sell it at a higher price than wherever you bought it.
C. And finally, BE VIGILANT.
In order to make money, you NEED TO DO THIS EVERY DAY.
Learn and make mistakes and triumphs for yourself.
Download an app I love called Coincap on your phone. IT's a beautiful app and shows a large percentage of available cryptocurrencies, certainly the biggest and most popular ones. STUDY the prices every day and over the course of maybe a month or so you will LEARN what prices are LOW and what prices are HIGH for these coins. Knowledge is power and if you know when something is cheap you BUY, when you know something is high you SELL.
Learn about new coins and follow them EVERY DAY in the same fashion. Learn the prices. Learn the so called unpredictable markets and I guarantee in due time, and with dedication your educated guesses will be like that of Mrs. Cleo's.
SO! These are just my first three sugestions to anyone trying to get into crypto investing as it can be very difficult and confusing.
Last things are you can purchase bitcoins after a drawn out process of banking info and verification on coinbase.com, these you will use to buy other alt coins or save the bitcoins themselves as an investment.
I use bittrex for my market watch, but I hear polinex is also very good. They offer different coins as well.
See you on the other side steemians!!! Good luck, and there will be more in depth advice to come, please follow and comment on what you think or add to what I said!
One love! :)