Bitcoin Forum

So i've been in the trading business for a bit of time now. And made my share of profits.. And 2 months ago i moved over to cryptocurrency as a side project with almost 100$ as my start cap. And i already made more than 10x. Of course many traders would say that i insane profit.
So i wanted to share a few key factors with all you investors out there on what NOT to do, if you want to profit of your actions. Just to give something back.

- DONT ever do something because other people do it! Always analyse/do a brainstorm/ study your "target", before making your bet. (in "crypto" theres ony a few key parts that pretty much defines one whole tokens current and future value), and i cant tell you exactly what this is. You have to find out on your own.

- DONT buy into a current bubble/pump! its waaay safer and more profitable to scout for low-end chart points and sell once you see a decent profit A.K.A "Buy Low, Sell High"

- DONT barricade yourself in only 1 informational area/website. Go through as many well descriped and sourced conclusions as possible, before you decide what to invest in. (a general rule could be: If people cant deliver any valid reason or explanation regarding their conclusion. Then question their perspective)


If anyone fond these simple factors helpful and wants to know more. Just let me know, and i will share my wisdom.

Just for the readers out there. A perfect example would be the pump and dump scheme that occurred months ago, specifically on Chaincoin(CHC) and Syndicate(SYNX). These 2 have been heavily pumped on multiple Facebook cryptocurrency groups.

Chaincoin's chart:

https://i.gyazo.com/86d5e69b3813156c3656894a39a981e0.png

Lot's of people has lost a huge number of their investments just because they went in blindly just because of all the hype and attention this coin is getting. Don't let history repeat itself, only learn from it.

I belive you've got the main fundamentals right there. It's essential to do your own research before hopping onto a coin. You can certainly listen to others but it's important to make your own decisions in the end.

This is all about knowing what you are doing. Information right now is awash everywhere and with the help of many sites and the old Google we can get the things we wanna know...it is just a matter of getting to know what we should know so we would not be a like an aimless bird flying around. I believe that there is always a good future for cryptocurrency even if there are also many scams in here (just like any other platform, anyway!).

This actually puts trading into a good perspective. I admit i usually thought about these things when doing trades though i can't seem to get everything going at the same time so there are times when i lose quite a good amount. Thanks for putting it in an easier perspective dude.

Man, I screwed up big time regarding above mentioned points when I got into QRL (Quantum Resistance Ledger) hastily right at the peak (77k sats) because it was the "next big thing". It was a hard but very clear lesson to learn. Funny thing is your three points all can be lead to emotions, and this is very true; emotion is the biggest enemy while trading.

You have rightly said. Internet has no doubt made our lives very much comfortable and easy. I being trader in Crypto Currency has learnt one thing and that is do not feel panic no matter what the circumstances are. You need to control your emotions in every condition. Only then you can become successful.

This is why I do always look on charts and when I do see this kind of movement then there no doubt that this coin is indeed just a pump and dump coin which it would really be a risky coin to join in.This kind of movement will give you profits if you did able to join the ride and didn't buy on the pump then for sure money would be there but if you are blinded by the hype for sure you would end up on having an empty hand or pocket.

i also find it is important to look at trade volumes,both buy and sell volumes. No use buying a coin with no buyers interested when you want to sell/

The worst thing - buy high, sell low :D

Always be patient and not in a hurry to buy or sell.