Crypto Wisdom - Why You Should NOT DayTrade
Daytrading Crypto is almost equal to gambling. You need a lot of luck to sell your assets on a profit and then purchase them again on a lower price. There are cryptocurrencies that are subject to Pump and Dump but you'll never know when that will stop and you'll be at a loss.
Recently, a lot of FOMO and FUD hit the markets and that was a great opportunity for daytraders, but you can't predict IF and WHEN will that happen.
In addition, here's a video by one of the most experienced crypto investors @boxmining
Yup, lost some money to learn that...
Harsh... :/
I prefer to swing trade. I don't have the risk tolerance level to day trade. The current down trend is actually good as I'm using the opportunity to sharpen my skills and discipline. I entered crypto last year in November when the market was high with euphoria and greed. Luckily I stumbled across a few resources online while researching trading crypto that recommended to avoid buying during such a phase. That advice is now paying off. Beginners luck I guess :)
Oh yeah! Buy low, sell high is Rule #1 for any type of trading on any market. Even if you sell physical products it's better to buy something on Black Friday and sell it a month later.
I'd rather invest in crypto and just HODL. I started mining Bitcoin back in 2014 and I gave up thinking to myself that it has no future. I'm not making a similar mistake again =D
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