All Tips for Trading Cryptocurrencies right Here!

[Desi7892]

Trading bitcoin and altcoins successfully is as you know very hard. For that reason, I have created this thread so we could share ideas and tips that could help other traders and investors. I made a short list of the TOP 5 tips that I consider to be the most important ones. The data is based on this guide https://tradingbeasts.com/cryptocurrenc ... beginners/

1) Build a strategy that you first test on a demo account. Once you know that the strategy works well with imaginary money, consider moving onto a real account. Remember to use only funds you can afford to lose. If you do not follow this rule, your trading psyche will be dictating how you trade (but for that you have a working strategy that is to be followed).

2) Wisely choose cryptocurrencies you want to trade. You do not want to put everything in one basket, make a variety of different coins. Always do your research before trading or investing in a particular coin. Your primary focus should be on the development team as they are the ones who stay behind the cryptocurrency. That said, there are also other aspects to consider when evaluating the potential of a coin.

3) Lookout for fundamental news before trading a cryptocurrency (E.g. if hard fork might be coming up, or the developers want to update the security of the coin etc.)). Study not only your particular coin but also the current trend of the cryptocurrency market. When the crypto market declines as a whole, it is very likely your coin will also take hit.

4) Think about your entry and exit points. This is extremely important unless you want to hold a coin for years. Technical analysis will help you with this task.

5) Trade only high-reward trades, 3:1 reward-risk ratio is probably the best one to use.

If more tips will come up to mind, I will update the post. What are your trading/investing tips that you would give to readers of this forum?

[Esteriayaoba]

Trade with coins that have great potentials. Like the OP said, research is very necessary so that you do not end up with a bag of shit coins. It is good to trade maximum of 4 coins at a time so that you have enough time to monitor them. Trade coins with active team and community members. Coins like Veil coins.

[Kpelumo]

The number one point didn't work for me because after using a demo account, I thought I have learnt it all only for me to lose funds when I got onto real trade. I had to go to expert who thought me the true fundamentals of trading. I have been scared after my loss but now am trading out tradi g ethereum and Veil. Its been good trades, am looking at adding other coins too.