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| Cryptocurrency Lessons |
Over the past five years we have seen the crypto community grow and developed tremendously. Bitcoin and other major altcoins have been gaining a very good amount of exposure with new innovation and development always around the corner.
Right now mid 2017 cryptocurrency market has been experiencing massive growth and the numbers of investors keep growing daily that's why I will be sharing some important lessons to keep in mind if you are new to this because there are some people who are brand new to bitcoin and cryptocurrency. This lessons will go a long way to help you in your crypto trading journey and can be extremely profitable if you do it right but you can also loose a lot of money if you do it wrong.
We are in an interesting time in the crypto space you can see over the past two months the price of crypto currency have gone absolutely crazy amongst them we have bitcoin, ethereum, stratis, and some other big moves and this is attracting a lot of public attention. It's funny because alot of people even my friends who were talking trash about bitcoin and Altcoins over the past years are now buying this cryptocurrency at this high price and now we are seeing mass adoption unlike before.
So let go to the main of the day these lesson can be really helpful if you are just starting out even if you've been in to cryptocurrency for a while because have seen many people do the exact opposite of what am about to share.
1. Plan Your Trades Before Pulling The Trigger : Basically before you buy bitcoin or any other cryptocurrency make sure you plan what you are looking to do. Don't just randomly throw your money into the market and buy this is very important the song is buy low sell high. Probably many have heard about this tip but 90% of people are still doing the exact opposite. People don't like buying when its cheap it's high that that it grabs people attention. so before you put your money make sure you do your homework, learn and understand where the market has been in history don't just rely on somebody to do it your for you.
2. Stop Over Trading : Something baffles me really... I wonder why a people will get to know about crypto trading just now and will want to make 100% of his investment in 1day that's a man with a ponzi scheme mentality you need to see crypto trading as an investment not ponzi scheme and that why you see them make this mistake of over trading they are too eager to make money. But in the reality you just need one or two trade to make significant profits.
3. Don't Be Too Greedy : After investing try to take some profits if the price is increasing especially when it's rising fast there's nothing wrong in taking profits at pre define targets and at same time don't get out too early the problem is when you want try to pick a top at the exact time you may end up regretting if this price fall.
4. Manage your Trades with no Regret: Just like you want to be the right person to sell at the right price or know when the market is going rollover or bounce. Whenever you buy manage your trades in such a way that no matter what the market does if it crashes against you or keep going crazy you will be OK and not regret your decision because you can't, nobody can control the outcome of a market the more you force your will on the market the more you sink with it. Let me share with you my experience trading Digibytes I accumulated when the price was around 250 satoshi and sold majority of it when the price clock a 1000 satoshi leaving me with some because for me if the market crashes after reaching that threshold and I did not sell I would've regret that. So manage your trades in a way that no matter what the market does you're not going to regret.
5. Don't Chase Hype Rather Anticipate It: Just like the popular saying of Warren Buffen buy when people are scared and sell when people are greedy don't buy when the price is pumping rather you anticipate the pump. Have seen people chasing hype buying at all time high when the price is pumping especially in when it happens in short period of time its not a good time to buy.
So this are the warning for new traders and investor.
Hope you get value from this.
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