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.
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.