Yesterday I was asked by a member on Steemit to give some trading advice on Steemspeak chat. He was wondering if this was a good time to buy alt coins.
Yesterday I was asked by a member on Steemit to give some trading advice on Steemspeak chat. He was wondering if this was a good time to buy alt coins.
I don't have a crystal ball. But this is how I see it. And it's pretty simple.
I'm holders of coins, I don't day trade (anymore).
Again these are more own thoughts.
Also, but this should be pretty clear to everyone right now, please never invest more than you are willing to lose.
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For as long as the Bitcoin uptrend remains the alt coins will be in the red. The Bitcoin uptrend is very strong and we are in unknown waters.
Everybody who says they know where Bitcoin is going this time doesn't know.
The longer this uptrend lasts the redder the alts will become as more and more alt holders move into Bitcoin to ride the uptrend.
Nobody knows where the Bitcoin top will be this time. Could be now, could be in weeks (or more)
Once the reversal comes it won't be you who is out the door the fastest. (or who is buying alts the fastest)
Never try to guess the top or the bottom.
Take some Bitcoin profits in this uptrend.
Alts
Never invest in something you don't understand.
If you think you can make easy money (buying low, selling high) in crypto markets you will get burned. (emphasis on easy)
If you want to invest in alt coins this is a good time. Red is good when you want to invest and hold for a long time.
Select projects you think have good fundamentals. Do your own research ALWAYS. Never listen to others. Including me.
You can't mix day trading with long-term holding with the same coin. Pick one or the other. The mindset that is required for day trading (no emotions) doesn't mix with long-term holding (believing in a project).
I wouldn't buy the alt coins you want all at once. I would buy them gradually. It adverts risk. This is how I always did it. It also prevents you from having to guess a bottom/top.
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