Are you ready to begin trading in the new crypto currency market? Where you like me in the beginning feeling very lost and overwhelmed? I think I was over complicating the concept it is quite simple to understand once you start going.
Here is a list of my first mistakes, I hope this will help someone if they are just starting to trade.
1)Don't over trade, that was my big misconception. I thought that was going to be the whole point, but
the idea is to get a feel of what you believe are good long term investments. A lot of these coins are still going for a fraction
of a cent. Start hoarding and reap the benefits in the long run!
2)A common emotion that traders get is FOMO fear of missing out. It's pretty much what drives the trader to lose profit, pulling out of current trades at a lower bid from fear of missing the next big trade. So for this issue I like to diverse profits. Only sell a cut of earnings from your profit and hold the rest for long term. It will cut the feeling of mistake and regret.
3)Do your own deep research about the major long term trades yourself. Dont just listen to what the next guy says..
4)An easy way for a beginner to recognize when a market is about to crash or rise is, if you see the graph start to make an 'M' shape it will most likely crash. If it starts to make a 'W' it is a good indicator you will see an up trend. I thought this was silly but as I analyzed the graphs this for the most part seems to be true.
5)Don't jump on the bandwagon, I'f a coin is on a bull run, it is not usually the best time to buy. Doing so will cause you to up your chance to lose by 50% also entering late will lower greater profit. It's not worth it. Enter markets when you spot a dip.
Feel free to leave me any questions or advice bellow, Your fellow steemer d1g1t4l