RE: So You Want to Be a Crypto Trader? Ep. 1
Jeez! no fault to you Heidi, but do not go here!
You start off making the same mistake most others make, which is to interchange the terms trading and investing. These are totally different fields!
Trading is getting into and out of a trade on the same day or within a few days, and doing so with a set entry level, target level AND with a STOP LOSS level in place. Hands up those who have ever set a stop loss level on a crypto they have bought? No! Well that is because you are NOT trading, in-fact you are not even investing! What you are doing is SPECULATING and hoping :).
Market cap and daily volume are the most important things to consider when looking for a market to trade. Cryptos are not yet ready for trading. For God's sake MacDonalds alone has more of a market cap than the whole crypto market put together!
Sure, please do go ahead and buy and speculation on all the crypto you have researched with Heidi's guidance above and funds you can afford to lose (even call it investing if you like), but take this advice below when it comes to trading.....
- Do not trade the crypto markets!
- Read No.1 above again.
- Ignore 1 and 2 above and you will get beat up!
Stay safe friends.