From Novice to Expert - Wisdom Advice for Altcoins Crypto Trading
As we approach the crypto market, full of possibility and promise, we need to be smart, we need to borrow the brains of those who proceeded before us and learn from their knowledge and mistakes. Mistakes, as we know, are the greatest teachers, but it is much easier and less costly, to learn from other people mistakes than from our own.
I am not pretending to be a crypto pro, I too am only a beginner.
But, since the best way to learn is to teach others what we have already known, I've decided to write this article.
I hope you will take a moment and read it, and maybe even find here something that will enhance your future success in the crypto market.
First of all, it is OK if you shy away from technology,
You don’t need to understand what the blockchain is to make money from it!
Also, do not pay attention to headlines that mention the crypto market is a bubble, most of the time this is FUD (fear, uncertainty, and doubt used as a disinformation strategy to influence our perception) and fake news.
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We are still in the early stage of the crypto revolution, so you need to be aware that many crypto projects will fail. Most Altcoins lose their value over time, so choose carefully the ones you want to hold.
What kind of coins/tokens are recommended? The ones with continuous developments, a high daily trading volume and a widespread community behind them, are here to stay with us:
Ethereum, Litecoin, Cardano, NEM, Stellar, Steem, Verge, Stratis, KuCoin Shares, Binance Coin, are all leading coins with high trading volume daily. You should follow the coin’s chart and identify low and stable periods, and when the right time comes, you will sell them with profits.
Do not search for dropped coins, hoping they will return to their previous high value. There are coins which are miles away from their peak levels. For example, Aurora which traded all-time high price of 0.14 Bitcoin, now trades at 0.00015915 Bitcoin. Could Aurora make a move upwards? Who knows, but you can’t assume a coin being lower than its peak price is an opportunity rather than a falling knife. What goes down – does not have to go up again!
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When examining coins for investment on CoinMarketCap, look at both, the price AND the market cap. Do not look at the coin’s price alone when making your purchase decision. Just as you assess a company by its market cap performance, which is calculated by multiplying the number of shares times a single share’s price, do the same for Altcoins. The number of existing coins in circulation times the coin’s price.
For a low price coins, such as Cardano, Stellar, Bytecoin etc there is a strong psychological influence on the buyers. There is no difference whether one Cardano equals one dollar, and there are a billion Cardanos out, or if one Cardano equals a thousand dollars and there are a million of it.
Most of the crypto gurus, here on Steemit too, think they can predict the price, please do not follow them blindly. Never follow blindly other people charts or their predictions, always do your own research. The best indicators at your disposal are the altcoin price and volume of transaction.
As you may know, one of the most popular places to read about any crypto is the BitcoinTalk forum. Every coin creates a specific announcement thread on BitcoinTalk. I recommend you to open an account there and visit the forum often to stay up to date and have the latest information on the coins that interest you.
And here is one more, already mentioned before, true must have, crypto website:
CoinMarketCap: https://coinmarketcap.com/
This is a leading currency index for cryptocurrencies. Real-time data from all the trading platforms including 24 hours trading volume, daily percentage change, market value, and much more.
This is a really helpful article, @cryptoclick. Thanks for including all of those additional resource links, and for advising people to do their own due diligence, and research thoroughly before making any investments or purchases. Good advice for any situation.
I am still not able to upvote yet, but I have resteemed this article as one of my daily post promotions for the @mitneb Curation Trail Project. It will be featured in the @mitneb Curation Trail Project Daily Report for 28 JAN 2018.
Cheers!
Thank you very much for your kind comment and of course for including my post in your @mitneb Curation Trail Project Daily Report. I saw it and oh boy, it was a nice surprise!
I'm so glad you were able to see it, @cryptoclick! Please do keep me posted on your additional informative articles.
Cheers!
WOW, what a nice invite, thanks so much
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Thanks for that post, some details regarding the price and the volume have been clarified, it's really fundamental, I recognize myself a bit at the beginning when I was just analyzing the price. It's just a number so you have to keep looking at the index everyday to identify the key moments to buy or sell ; but I'm more of a holder right now, making big choices and investments on 4 or 5 things then just stopping thinking about it and doing something else, like earning crypto (steem is the best solution), day-trading is just too stressful, and as I said, earning crypto is more interesting than always spending from your own bank account too. That's why Steemit is so fundamental. I hope soon it will be possible to convert Steem and SBD to something else than only the biggest coins.
Yep, lucky you, holding is the best solution! I made a commitment to my family to withdraw a big portion till spring and gosh, the 21 of March is getting closer and closer and I am getting more and more stressed ;-)
Great that you already have some relevant things to withdraw, I shall still have to wait for a few months to have that, as I'm a newcomer in that world, but I know this world for quite a while though I investigated more about it more than anything else since 2017, I wasn't taking it seriously yet compared with my other tasks, I admit I thought a lot before investing my own money inside it (safety problems, scams, I let them all happen and learn from other earlier investors' mistakes) but finally here I am, and I'm holding and playing the "crypto-generating" game on Steemit and other possibilities I will post about soon, but Steemit is more fun as it's not only about the money, only one month I'm here but still that's interesting what I learned and still have to learn, I think I couldn't spend my time better :D
Yes gosh, I experienced different things online too... scams and alike... Just recently lost big time with BitcoinMiningPros that came to me highly recommended by a good friend, no more... Still waiting for my last opportunity that I am going to build online, I am a founder there and this time I personally know the ower, so I will build it and then retire from online marketing and only play with coins and visit Steemit :-)
I am happy to know that you are so pleased with Steemit, big change after your first comment, remember ;-)
My first comment ? I think it was one of my 1st posts you're talking about, but I feel this was still justified, I witnessed what happened with the people sending money to some bot services like minnowbooster to get upvotes; I was too "on-edge" with that kind of practice, but now that I earn more I am the one doing it too, I have understood it's part of the possibilities as well, these services are here to be used. I initially thought it was some kind of scammers. That's why I was a bit upset about it. But still, I'm not withdrawing what I said about people posting irrelevant content and taking too much profit of the fact they're here for so long...but anyway, they will end up being flagged, I'm not here to play the police so I no longer worry about that. Yes Steemit is interesting, in spite of that kind of things, I believe it has far less ugly side as the facebook and real world, that's mainly why I 've believed since I'm here that it will end up overrunning facebook, it's only a matter of time and of more and more people trusting it, look what's happening in the crypto world, people are throwing themselves blindly out of the market cause they're freaking out, and opening new doors to newbies and people who have less cryptos like me; it's a golden opportunity to buy at ridiculous price and begin making more profit :D
Oh gosh FB is FB, and there are plenty of people who spent every free moment there, engaged in some time-wasting nonsense... I never liked FB, even FB marketing. I see Steemit as something completely different from FB and way more sensible though I too see some of the less pretty things here. In Steemit, like in every other online opportunity, those who joined early and invested more, enjoy extra perks and extra profits.
And BIG yes, we live in a crazy world where thanks to crypto, everything is possible!! Cheers to crypto and Steemit possibilities!!
Yes that's ok I understand those who join early are the ones who are whales now, though we can still manage generating that type of profit without investing too much, there are more than 7.5 billion people on Earth so I guess being among the first 500 000 people still makes us "early" contributors. I'm not a fan of investing too much, rather someone who enjoys making high benefit from minimum investment. I've not invested a single dollar into steemit right now, mostly because I know its self-generating methods are enough for me. If there was a "steemit" site for other coins like for ethereum or bitcoin maybe I would not invest at all, cause that's amazing how creating content and managing your account smartly can get you crypto money fast
@echowhale team swimming by with your upvote
this post was just let me say WOW !! ... keep it coming .
What a complement, thanks so much :-)
Wonderful analysis..
Thank you. And... you have belated birthday wishes from me at your birthday post :-)
Wow.. Thanks soooooooo much.. Really appreciate..
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Thsnks @cryptoclick for teaching me a new way to look at this
Hi @Kyrian, thank you for reading.
There are many ways and many directions to profits in crypto, I just shared what is working for me.
Great analysis and advice..helpful for newbie...
Thank you, I was hoping it will be...
It's a best...
WOW ;-)
:)
GREAT ARTICLE!! I really enjoyed reading it, you have a few necessary points. The part about not following gurus blindly and coins possibly not regaining value is so important. I agree with you on so many of your views,the crypto market as a whole is very new with no real ability to project future prices. There is just too many variables to accurately give long term targets. We are all together in this new industry and market, the ones who study and take risk will survive and profit. Great read, I really liked it! thanks for sharing!
https://pixabay.com/en/business-currency-finance-dollar-3066442/
Thx!!
I think I am slowly but surely getting addicted to Steemit too. I missed reading your posts and comments, missed talking to you. Good to be back and find your reply to my new article :-) Oh, I just found today something special for you and your new alliance, I will try though to write a short post tonight and than share it.
Steemit has a true product and real community. Very transparent and positive for everyone involved. I am starting to think it is the most powerful coin out there. It could survive if the crypto market was to crash. I am enjoying using it so much I would continue regardless of the rewards. They truly have built something special. I am very happy to be a member and also becoming very addicted
Hey hey, they are saying that no addiction is healthy ;-)
The too with me was in reply to this post:
https://steemit.com/steem/@grateful-charts/goodnight-steemit-the-addiction-is-real
Quite a time ago, right?
Oh, and this post I wanted to resteem it, but thought that my SP not big enough for it yet. You will have to re-write this when we both are more powerful and as such more often read:
https://steemit.com/steemit/@grateful-charts/attention-steemit-whales-baby-whale-dreaming-of-a-trending-life-up-for-adoption
You've said that you would continue to post regardless of the rewards, but the rewards here: our Steem Power, our Reputation Score, and our Estimated Account Value,
are the tangible measures of our worth in Steemit.
Some people have high SP and a negative reputation score, others have a high reputation and low power, so we all have different strengths and different purposes. But alltogether the reward system makes our Steemit presence more challenging and more gratifying, at least this is how I see it ;-)
so true, iam really enjoying it on here. i think i will be slowly shifting my profits from other projects into steem. i have more faith in it than any of my other coins
WOW, great, meaning Steemit has passed its test, great. Looking forward having a powerful and rich friend ;-)
slowly but surely we will all have very large accounts. the amount we use the platform it will be inevitable. with or without investments. but i do feel it is very safe now that i have been on here for a while
I like that slowly but surely :-)
By the way, this is a very cool picture,
if I was making it, I would replace the ripple coin with something else LOL
It will be good to learn your stand on Ripple, maybe you can write a short post one day about it.
that photo was from pixabay, i forgot to put the credit underneath. i will go back and edit. I like it too, pixabay is great for royalty free images for your blog. I use it sometimes for comments or generic filler for blogs
I've never used Pixabay yet, making my graphics on Canva, but thx, I will visit it soon.
Very good post. And you have excellent Analysis
WOW, that is nice to hear, thank you :-)
crypto is the future, but as you so aptly say,
The choice to invest in the crypto is at every rate the correct one, but we do well to mind the trend, and to learn about it, so to gain an individualized perspective of it.
The links you give are good. I am looking them up.
Thank you!!
You just got a new follower cause of that comment ;-)
You follow based on the quality of people's interaction/engagement? Okay, you are one in a million!
I am obviously glad to make your acquaintance, very.
Evidently, i share a similar mind-set, when it comes to following others.
@ebitularmbert, I am very pleased to meet you too :-)