What I learned trading cryptos for 1 month

[Leishua]

Hey guys,

My uncle got me into crypto trading, i;m still quite new but I've jumped into the deep pool to figure things out. These are something I learned and I do hope I have understood it right. If I haven't please let me know!

1. The first thing I learned was that I needed to stay calm, the first 2 days I have a 1300 USD in. Prior to this I did some basic studies on support, resistance, divergence and stoch oscillators to make my judgement as well as a keen watch on media and news. Needless to say I did freaked out whenever bitcoin took a dive. Bitcoin tends to correct itself every 15-25% of its growth and when it happens I painicked and I lost about 150 USD for nothing after I gained 110 USD. I've learned to trust in the market and its general trends. One of the things that affirmed my consideration of bitcoin appreciating long term was the increased awareness of it and the fact that governments have made a rather supportive stance to it. My own country is trying to push for cryptocurrency education in the next 5 years. Although china did crackdown on bitcoin exchanges, china has been an outlier when it comes to the herd mentality of world politics and with switzerlands and singapore moving to favourable policies on the currency it seems that the rest would do the opposite of china.

2. I also learned that you can't catch every deal. I registered in a lot of exchanges only to realize I didn't have time to trade in every single one of them. There were so many good deals so many coins skyrocketing but I learned to accept that I can't take this full time earning my meagre wage of 1100 USD a month and I work long tedious hours. I set saturday aside which is my off day to look at the coins in Binance which is the exchange I have zeroed in on. From there I analyse charts and oncoming events which could affect the prices and set aside 30 minutes every 6 hours of my working days to check my phone and make transactions. For example, with the incoming CBOE there is a fear the traders will short out bitcoins and bitcoin's fall will kill all the alt coins. Some initially held the thought that the altcoins will skyrocket especially how Lite jumped in price as bitcoin went down due to its adoption in a massive gaming platform steam. Once that hype died down, litecoin too took a dive but before it did I place my money in MANA which took off a 40% gain before I pulled out. I anticipated some traders would desperately need a place to keep their coins from depreciating and I narrowed in down to MANA and ENJ, MANA because of their healthy charts and the fact it was due for another push and ENJ because its a long running currency which originally existed as a currency.

3. Keeping your money stable. Before bed I try to find a currency or coin I can safely say will grow while i'm asleep although I don't always have that luxury. Generally I place my money in btc or eth depending on which one I notice would likely move up in an upward trend while I sleep. In the events where btc and eth are going down. I just place it in tether. Tether to me is the absolute last resort when I cannot find anyplace that would grow my money safely without dropping. For the last 2 weeks btc and eth have been taking a dive and its where I place my money unless I'm awake to watch.

4. Never overlook negative percentages. I found this fixation in me to look at charts with green, charts that are low in green but could very well shoot up after a while, but there are a lot of coins which are in the red with a far better potential to do so. I usually pick 3-5 coins by instinct around this region (low green to red) look at media, the performance of the coin in the last 7 days, the performance of other coins (why would traders move to this coin) and so on to narrow down my choice. So far I've been able to get this right 60-70% of the time right. I'm still looking to improve my accuracy on this.

5. Lastly, educate yourself. No one is going to do it for you and give you what you need to know. I saw so many people asking other traders. Is it going to crash on 10 Dec? No one can truly say and if they do, most have a motive (making someone sell to buy up cheaply). When studying this occasion. I looked up other commodities that were known for volatility that have been listed in futures exchanges. I looked at their profits and performances and tried to look around events of that year to justify the trends. This helped me to narrow down what exactly did futures do to these volatile stocks and exchanges. Needless to say I locked my positions.

Overall I feel like there is a state of calm in me now after doing this for a bit. I'm glad I did.

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[MuffinMaster]

I would like to answer to you about first point which made lots of people lost their money, if you aren't calm enough and you can't hodl even if your coin go down, this world isn't for you. So this first point is the best advice for all newbies.

[Leishua]

eeyups, I feel a lot better now. more composed and more understood on things

[dxbcoin]

I am learning too I just realize that I have to focus on technical analysis which is I am really poor of

[IOTA_THT]

I would like to answer to you about first point which made lots of people lost their money, if you aren't calm enough and you can't hodl even if your coin go down, this world isn't for you. So this first point is the best advice for all newbies.

good advice bro. i'm new too and holding is very diffifcult 

[qq1041414104]

I also just understand the virtual currency, I hope to learn more knowledge in the community, your problem is very helpful to me, I wish you good luck!

[tony_for_president]

So you take your money out every day (storing in "safe" coin)? What if you are in negative? And why not wait a bit more?
When do you take profits? At specific percentages or are gauging how high it will go?

[MoneyFactory2811]

I’m also a new learner. For me it’s important to watch and seek the news about the coins constantly. Just look at the HVN coin, which is growing up everyday. It’s a new coin and about 1 month ago they said that this will be a huge month for them. I just want to say that it is very important to ‘be on track’ and just be patient. ‘Opportunity will come’ I say.

[Aishiteru]

I'm just a beginner here and I have a lot more to learn and to be patient with everything I do because it also has a great reward for you to be patient with what you did.thank you

[zayzik]

Great, your experiences will help me have more knowledge

[YinShuiSiYuan]

Those are good advices for newbies, they could save even their month by learning and making some knowledge on your experience.

[bhantom]

I am really surprised how much information you got in this short time. I think it will be good article for all newbies so you do good work. Regards

[marty78]

great post!

[frank175]

Did you study technical analysis?