Most of you are probably gonna learn the hard way, like I did, by making a lot of mistakes, but maybe keeping in mind a few tips can help you reduce the learning time of stupid mistakes:
1. Your goal is to earn BTC, not the tether/fiat. Trade BTC/Alt pairs, not USDT pairs.
2. Do not buy something that has been multiplied by 2 or 3 recently.
3. Paid trading tips, pump n' dump groups, Twitter, or other sorts of paid groups are not going to give you the right suggestions, in fact, their main goal is to squeeze some money out from you! Use Twitter and other such platforms only for remaining updated, not for decision-making.
4. Always remain at least 40% in bitcoin, there're a lot of times when bitcoin makes a crazy move and alts get a heck of damage.
5. Never fall in love with any one coin only, otherwise, this love will damage you in the end as much as real-life love.
6. A time comes when you feel like all other alts are getting pumped up except for yours, in that case, just hodl. It'd be too late to jump onto some other alt.
7. If you're buying something that's about to get hard-forked leaving two coins (out of one) in hope of a pump, don't forget to dump it like 2-3 days earlier. It's a trend now, a pre-fork dump.
8. If something is obvious, it's obviously wrong. -Joe Granville
9. Good things come to those who wait. -Al-Quran
10. Never FOMO/panic. Never think "if I hadn't sold it, I'd have been sitting on a million". Never cry over the past, only learn from it and don't repeat the same mistake.
11. In crypto, the good thing is, you can always make a good comeback by being wise, even if you're left with 10% money you initially invested.
12. If you think no one's more unlucky than you, then watch some Youtube videos of victims of Bitconnect.
13. Wait for quality trades (good chances), don't just rush up to trade your bitcoin or dollars again after every successful profit. Decrease quantity of trades and increase the quality of trades. Don't trade while you're exhausted (or too much happy on previous trade).
14. If you think you missed the chance by not buying something, don't be blue, try to find some other opportunity. There're always some golden opportunities available in crypto.
15. Trade in levels. Buying and selling, both, do it in levels. This reduces the risk greatly.
16. Try to "bitcoin cost average", if you buy something at 0.02 BTC price, and it goes down to 0.015 BTC, then buy more of it at 0.015 BTC so that you can get into profit faster once it recovers.
17. Make one fully-researched decision without FOMO'ing out, and once you make it, stick to it. Finding absolute bottom to buy in at or absolute top to sell on at is pretty much impossible.
18. Very good and interesting analysis by @cy_stats on Twitter of altseason:
https://pbs.twimg.com/media/DZstNL-XkAAKFZN.jpg19. Always keep in mind the following pattern of BTC & Alts, as seen in past years:
*1) If bitcoin goes up heavily, all alts suffer.
*2) If bitcoin goes down heavily, all alts suffer.
*3) If bitcoin goes up slowly, only low volume alts suffer.
*4) If bitcoin goes down slowly, only volume alts suffer.
*5) If bitcoin stays sideways, every kind of alt grows.
*6) If bitcoin stays sideways for a few weeks (4+), all alts grow and low-volume alts go "absolutely" crazy.
20. Do not use leverage unless you're really experienced.
21. I personally do not include the coins I've in exchanges in my portfolio. Remember, as long as you've your coins in the exchanges, they do not belong to you. They belong to the exchange and you should always remain ready for a hack/loss of those funds. If you're not trading something, it's way better to take it off the exchanges.
22. If you're planning to have a big position in one of the coins, make sure to thoroughly investigate what's going behind the scenes (by joining its Discord or Telegram), else, you might find something suspicious later on which will be very annoying (and might result in a good loss).
23. Book your profits, don't be the one just "hodling" around. Hodling, in my opinion, works out when you're planning to buy something and then leaving it for a few years. If you're trading, it's not an option for you. Don't just sit back and look at your coins getting pumped up, remember, until and unless you take some profit off of them, that pump is actually useless for you.
24. Buying an altcoin that just entered a high-volume trading platform is simply a big gamble. If you're really planning to buy something which you think has dumped enough after a huge pump AND after getting listed at a high-volume trading platform, you better be ready for something awful. It's a pure gamble, by the next day, it can either get a huge dump or an awesome pump. I'd rather play a roll on FortuneJack instead of going for a trade like this ever again.
25. Before you buy something new, don't forget to have a look at its total supply & circulating supply. Moreover, make sure that there's not going to be an extreme addition soon into its circulating supply; like unlocking of founders reward or private investor coins can devalue your coin/token too much.
26. FOMO buying while the trend is overall downwards is stupidity. Place a buy order at around 3-6% less than the current price, there's a huge probability that it'll get filled.
27. Keep your portfolio as much diversified as you can. Don't just go "all in" in anything!
28. Want some charting skills? Don't forget to read this free guide:
The Complete Beginners Guide to Crypto Currency Trading by
@BigCheds29. Never blindly follow anyone. Even if you join any paid trading group, make sure that you DYOR before jumping into any trade.
If you've been in crypto trading and would like to share a tip as well, please post below.
PLUS I'M NOT RESPONSIBLE FOR YOUR LOSSES (OR PROFITS)!
really helpful for me but mostly it is little difficult to understand the best tips very quickly from the people who are not getting that proper experience in changing but once you are trying to involved in it it will definitely gives the confidence of making the income to be more extra than normal days.
