What I have learned so far trading Cryptos and why I love Steem!
Honestly, I didn't even own any bitcoin when I first opened my steemit account. After I made a few hundred dollars blogging, I decided to get some bitcoin and then ended up investing in a few altcoins on Poloniex. I even tried my hand at some margin trading and my account has grown a little over the last 2 months.
I have seen many interesting things happen in that short time. Most recently Zcash coming on to the market and hitting a high in value momentarily of 2600 BTC!!! Last I checked it was down to about 1 BTC. But, my point is that you see these wild swings in altcoins and the fees are so cheap that someone like me, a micro investor, can actually make a profit if you manage to make the right moves.
My experience trading has been very minimal. I've owned just a few stocks after doing tons of research into companies and their stock charts and plans and finances. The most recent investment I am excited about is Steem! I am sure most of you feel this way, as has been the only crypto that I have actually used so far, not only to obtain bitcoin, but to easily transfer to people without any fees! I also consider it my number one investment as I also see many steemians deciding that it is time to buy Steem now as the market cap for Steemit Inc. is down to a more reasonable valuation.
image from pixabay + steem image on pixlr.com/editor/ and then uploaded it to dirtyimg.com, feel free to use it
Tips that have helped me so far in trading cryptos
- Be quick to take a small loss if you realize the move isn't starting like you thought it might.
- that being said, don't be emotional when making decision, analyze your trades enough that you feel you are making a reasonable decision that you are confident in, but don't forget tip number one
- Pay attention to lines of resistance and support and look for trends like 3 higher lows
- Most recently I've benefited from being in bitcoin for its upward move and then getting in altcoins immediately after when they are low. A day like today can pay off for the altcoins.
These are tips that I have heard along the way and put my own spin on them. I am by no means an expert, but my goal is to keep learning and sharing my experience. I am not giving any advice here or making any recommendations. Trade at your own risk. My personal decision is to invest in Steem and thats why this post is a:
Hello @richardcrill,
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Good luck!
~BETTER~
Your first point is the most important regardless of the instrument being traded. If one does not take losses they will not have an account to trade.
Yeah, stop losses are a good idea for that reason.
I have just now been learning these exact same principles. I've been learning with the bitshares platform. Too bad that missed Zcash :p not gonna let the same thing happen with steem :)
Never trade with the emotions. NOTHING is a dead-cert in the markets ;)
thanks for sharing @richardcrill
good tips!
Your story is a similar story to mine. I started off on Steemit with no knowledge of bitcoin or blockchain technology. Now I have invested in other altcoins on the exchanges only a few months later. Thanks for the investment advice.
The image is not edited at pixlr, because pixlr is using www.toolpic.com interference. Check it our www.toolpic.com You should give credit to toolpic also. Thanks