Topic: TIPS TO BE A SUCCESSFUL CRYPTOCURRENCY TRADER - page 3. (Read 549 times)
Cryptocurrency is a volatile market and having a large portfolio could be a double edged sword. we've seen trends of all cryptos into a bearish run when bitcoin is on a bearish run. I think its always a good idea to keep stop-loss for every currency you own and to get out on time. Eventually all the good currencies will increase in value and its best to follow the news about crypto development..etc.
Research is the key word here. It is very important in the Cryptocurrency market. During your research about a coin, you should be able to know if it is worth holding for long or not. And I think the exchanges in which coins trade plays a very important role in it's rise or fall. I also agree that holding on to a coin for a long period is not a wise decision, especially in this era of time.
what you put down here is correct. Most times people invest in only one coin especially when they are being pumped and end up loosing money. best way is buyng coins when they are very cheap and making sure you buy different coins. dont wait for price to pump very high.
To be a gainful crypto merchant, don't pursue the pinnacle of the development. Make do with little profits which will, in the end, grow into larger one. Sitting tight for a larger profits may blowback on you and your coin lose big. While you are left with nothing.
Note that most altcoins lose their incentive after some time when you choose to hold them for long. Pick the altcoins you will hold cautiously since coins with a higher day by day exchanging volume have a superior position.
Invest in battalion of coins, I.e don't put all your eggs in one basket,
Distribute your risks across a broad portfolio. If one is not doing fine, the other will sure do well, do not be tempted to investing all your money in just one coin because it is currently doing well.
Lastly, one needs to be wary of chatting groups who promotes FOMO AND PUMP.
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