Should I long or should I short? OR (The importance of doing your own research...) - A Litecoin Tale on the 10th of july

Trading cryptocurrencies can be really fun and you can learn quite a lot about people's behavior and about how you react to things that are happening (on the charts and in your life).

Twitter can be a really usefull place for learning and there are several good traders around who shares their insights with the community (like Alvin Lee - @onemanatatime and @FatihSK87) but I can't stress enough the importance of doing your own research (DYOR!) if you want to succeed in this world.

source

don't just blindly follow traders or friends advices. Study, breath and think by yourself before making decisions.

Remember of this simple but really important thing:

NOBODY HAS A CLUE OF WHAT'S GOING ON!

(ok, maybe some people do, but well... I'm sure they think by themselves)

It can be usefull to hear other people's insights but always analyze them well and pay attention to your feelings and to what's happening.

Take this example, if in the 10th of July 2017 you were just blindly following to decide how you'd do your trades, maybe you'd decide that it was a good idea to short #litecoin

I'm sure the price will go down
tweet link

But after opening a position you could ran into a different opinion and see that all the TA was actually pointing to long Litecoin

but... maybe it could go up
tweet link

how to decide what to do?
Think by yourself!
it's ok to use twitter and social networks to take a look at other people's insights but have a filter to decide what to do with the information. Same for the trading view opinions/ideas on the charts.

in the end. the price went a bit sideways but with small shorts and longs opportunities.
If you remained calm and knew what you was doing you could open positions along the way according to the right signals:

I find it really amazing how everybody in the markets want the same thing, but the trades and markets keeps moving and happening because each person sees the situations in different ways.

Life is awesome.

It's also really important to read and study about risk management! Don't blow up your account, don't risk more than you can afford to loose. (here's a really good article on Risk management by @Cryptilicious)

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