10 Simple Tips that Will Help You Trade Bitcoin (and Other CryptoCurrencies)

in #cryptocurrency7 years ago

hi guys Here are some tips that will help you
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1.learn Technical Analysis as soon as you can
Most people they follow experts in trading at forex and CryptoCurrencies .... ) in https://www.tradingview.com/
This is not bad but over time you need to learn how to trade Sometimes there is no recommendation, the landlord will be lost and your time will get lost In our time it is easy to learn trading
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2.Do not waste every day and you look at the prices go up and down
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3.Sleep well before deciding to buy or sell

4.Use an exchange, not a broker. You’ll save money on fees. For example, buy and sell with GDAX and not Coinbase.
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5.Accept that coins can go to zero, and even good coins can lose up to 80% of their value (especially against BTC). There are many coins that didn’t make it to 2018 that were once highly valued and popular. Meanwhile, even some giants of today like ETH and XRP have seen their value in BTC prices drop to depressing levels. You should prepare for this mentally and have a strategy that factors this in. If you buy the dip in ETH from .15 down, .08 may look like an excellent price, but you have to be ready for .02. ETH holders who didn’t prepare for this had a depressing June 2017 – December 2017. Heed my warning, that new coin doesn’t have to moon twice, it can go to literal zero, and even those that will moon again

6.Ignore the noise, do your research, and listen to pros. People on social media will constantly try to sell you magic beans and try to scare you into selling your favorite coin. You should ignore them and do your research. Listening to other people who aren’t seasoned pros is probably the worst way to invest. You are better off flipping a coin.

7.Don’t share your private keys or passwords. You have to share your public address to receive coins, but never share your private keys or passwords with anyone. If you can avoid being online when you enter your private keys and passwords, that is even better.

8.Double check you are using the right link. Some scam sites will use a similar domain or a very close Twitter address to run phishing scams. Double check everything.

9.Don’t invest more than you can afford to lose. No really, there will be many great investments in your lifetime, there has been in Bitcoins lifetime. Bitcoin doesn’t cost $225 anymore. The chances that you’ll never have to work again if you invest your life savings in Bitcoin aren’t non-existent, but they aren’t as good as they used to be. If Bitcoin ends up down, you’ll be hodling the bag while others are on to better and brighter pastures.
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10 . Take profits. Some investors think “taking profits” is a dirty phrase, but it is a rather conservative strategy none-the-less. Taking profits can result in you making less money than you would have if you did nothing and just “let it ride”… but that is only true if Bitcoin goes up over the long term. If you have hefty profits, consider taking them off the table, and then waiting for a lower price in the future. Worst case, you can buy back in at a higher price later (leaving some potential profits on the table). TIP: If a coin just went up 400%… consider taking some profits. Cryptocurrency almost always corrects at some point after a big run. I personally would say HODLing after making 400% gains is called GREED. I won’t ever sell my full stack in one chunk, but I’m going to start averaging out when the MACD turns bearish after a 400% – 1,000% run if the run was somewhat organic. If the run was the result of a pump and dump, then I will likely take it all off the table quickly. Pump and dumps are frustrating events, like I said, watch out for manipulation.
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  1. Make sure the bitcoin is not a bubble
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thanks you and enjoy

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Nice tips!

Especially the part about taking profits. Its important to remember why you're in the game in the first place and stack up that dough when you can. Wishing everyone the best of luck. Strap on your spacesuits and prepare for the next launch!

Thanks for sharing!
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