Hello,
Can somebody explain how to decide buying an altcoin?
Let me write what I know;
- Check the coinmarketcap.com and choose ones with high volume
- Check the projects
- Check the chart, if it is pumped, don't buy, wait
- Check the chart, if it is dumping, wait low volatility
Please correct and/or add other ideas to help noob traders like me
I will try to give merits to good posts as much as I can.
Thanks.
Choosing an altcoin to buy is very difficult,with tons of alts popping out everywhere you really need to spend some time doing some research what good alts to buy.
When im buying altcoins im always looking at their *concept,use case and the team behind it.
*Joining their chat groups where i can have a chance to ask questions to the founder and devs.
*i usually ask things about their whitepaper,roadmap and projects developments
*if I'm satisfied with their answers and they really have good knowledge with what their doing its a good sign that those devs and founder are IN for a really serious project.
And for trading,all coins/tokens will always have their UPS AND DOWN..for me its advisable to focus on few alts rather than riding the hype and buying different coins everyday..a frequent monitoring of the market is really needed especially when you do day trading so its better to focus on few good ones rather than monitoring 25 kinds of different alts.with this you can still have time to monitor and have more idea about their price history,upcoming plans and project developments.
Someone just shared this strategy to me and its working good for me so Im hoping it work for you as well.There are lots of strategy you can use in trading,just always be open for sharing and discussion with other traders and you'll really learn a lot from it..