Cryptocurrency Trading Tips from Francis Hunt
Are you new to cryptocurrency trading or just want to brush up on a few tips?
In this post I want to share with you a few of the tips I've received by following a visionary cryptocurrency trader named Francis Hunt. The following are a few tips I have learned from him that I'd like to share with you.
Tip 1
Don't short the market. This could put you in a very bad situation as the market can turn around so quickly that you could be liquidated while you sleep. Unless you are a master cryptocurrency trader you will probably lose if you try to do this.
Tip 2
Don't try to sell your altcoins expected to get them at a lower price (particularly in a bull market). Many people have sold their coins expecting to get them back at a lower price but sometimes they go up and just don't come back down!
Tip 3
Don't trade on leverage (borrowed money). Patience is the name of the game. In the crypto market things are constantly growing and in a growing market buying and holding is a winning strategy!
Cryptocurrency isn't a bubble. It's the future.
I strongly agree with the points made by Francis Hunt in this video. Crypto is not 'Tulipomania' (a time when Tulips became insanely high for no logical reason other than people just seemed to keep bidding them up into illogical price levels). You can trade crypto and it is and can be used like money. Watch the video here to here Francis Hunt make some incredibly valuable points.
These points are up for debate but I think they will support a very logical and successful trading strategy that will make people who follow it money in the market. Please leave your thoughts and comments below.
Thanks for reading!
Thank you; I sold my litecoin and missed the big dip last weekend to re- buy so this post hits home! One question; can you explain "shorting the market"
Happy to clear this term up. It's possible to have a few meanings for this term. Traditionally it means to borrow shares that aren't yours, sell them and then buy them back lower (you get to keep the profit). It can also be referring to selling shares / tokens / crypto as opposed to buying and holding. When you buy a stock or crypto they refer to it as 'going long' meaning you intend to hold it and you expect it to go up (however, you may have a price you would like to sell it for in mind before buying it which can be a wise idea). Animal terms are also used in trading. Bulls are known for buying and bears are known for selling. In a bear market traders and investors keep selling until the market agrees that the correction is finished, then comes the bounce (a quick return to a higher price) and after that consolidation (people buy shares or tokens thinking that they are buying them at fair value) and if lucky after that stage will come the bull run (a quick increase in price and strong buying pressure). Hope this helps you understand the traders more when they talk about this! Take care.
Thanks; I definitely won't be shorting the market then; my instincts do not serve me well lol