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The crypto space is undoubtedly experiencing a mass influx of enthusiasts. Partly due to the awareness the most recent bullbrun brought, and the extra publicity on the potential application of the blockchain technology and how it can affect the future. This has also resulted in a plethora of new coins, with unique use cases.
To stay on top in this sphere (especially when trading altcoins) I think the key word is INFORMATION, always be updated on changes and possible annoncements.
There are usually a lot of noobs, who are easily swayed by news (possitively or negatively), and such panic or FOMO can have a telling effect on the market. (especially on a newly launched currency)
Always be selective of the information provided, it is advisable to always do your own research as opposed to suggestions from others (even highly regarded crypto influencers)
Timing is all important. Cryptocurrencies are wholly unstable. You'd need the right timing to make the best of the constant fluctuations in the market.
Always protect your capital! The possibilities of higher returns is alluring, but always weigh them against the risks involved. (I would rather sell my assets too early, and miss the highest spike, than too late, that I'd have to be waiting for another pump)
Always take profits when you can, as nothing is certain in crypto.
To stay on top in this sphere (especially when trading altcoins) I think the key word is INFORMATION, always be updated on changes and possible annoncements.
There are usually a lot of noobs, who are easily swayed by news (possitively or negatively), and such panic or FOMO can have a telling effect on the market. (especially on a newly launched currency)
Always be selective of the information provided, it is advisable to always do your own research as opposed to suggestions from others (even highly regarded crypto influencers)
Timing is all important. Cryptocurrencies are wholly unstable. You'd need the right timing to make the best of the constant fluctuations in the market.
Always protect your capital! The possibilities of higher returns is alluring, but always weigh them against the risks involved. (I would rather sell my assets too early, and miss the highest spike, than too late, that I'd have to be waiting for another pump)
Always take profits when you can, as nothing is certain in crypto.
Mostly I agree with you, as long the information came from trusted sourced and we can manage it everything will be fine. Unfortunately market have their own answer and setting stop loss & take profit area is the right way to deal with it. Everyone have their own strategy in many different calculation but as long they still get profit and can protect their asset, profitable journey is yours.
