CryptoCurrency: If you don't understand, most people don't.
While trying to learn the ins and outs of trading crypto on an exchange late last year , I found out that I was losing money left, right and centre with my supposed sensei as oblivious as I am. During one of those days i stayed up late trading, I took a short break to stretch my legs and whala!! a coin which I bought somedays back which was on the rise had take a serious nose dive and the had lost more than 50% of it's value in less than 5minute; there was my first lesson about crypto market volatility and the famous pumps and dumps. Here are a couple of things which I have learnt so far from cryptocurrencies and their markets.
Too many s***coins , all your investments can be wiped out by a pump and dump in less than a minute.
Only invest what you can afford to lose, as you meant to learn the ropes at the beginning.
Not everybody would make a truck load of money from investing or trading in cryptocurrency.
Always know when to get in or out of a rise or fall during a trading window.
There are alot of big investors (whales) who are waiting for coins to hit the major exchanges, so that they can dump them. ALWAYS KNOW YOU INVESTED IN A COIN.
In summary, always read before buy any coin and always be prepared for ups and downs in the market.
Short term trading is a dangerous game. Most people do it when they enter the crypto universe, because it seems so easy to win money.
It's actually hard and time demanding to have profit with short term trading. Actually I read that long term investors are generally more successful.
Totally true, you don' t learn until you have tried it. I think i would love to find out about long term trading.