TIPS TO BE A SUCCESSFUL CRYPTOCURRENCY TRADER

[yetty10]

To be a gainful crypto merchant, don't pursue the pinnacle of the development. Make do with little profits which will, in the end, grow into larger one. Sitting tight for a larger profits may blowback on you and your coin lose big. While you are left with nothing.

Note that most altcoins lose their incentive after some time when you choose to hold them for long. Pick the altcoins you will hold cautiously since coins with a higher day by day exchanging volume have a superior position.

Invest in battalion of coins, I.e don't put all your eggs in one basket,
Distribute your risks across a broad portfolio. If one is not doing fine, the other will sure do well, do not be tempted to investing all your money in just one coin because it is currently doing well.

Lastly, one needs to be wary of chatting groups who promotes FOMO AND PUMP.

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[thankyoulord]

what you put down here is correct. Most times people invest in only one coin especially when they are being pumped and end up loosing money. best way is buyng coins when they are very cheap and making sure you buy different coins. dont wait for price to pump very high.

[nugezmils]

Research is the key word here. It is very important in the Cryptocurrency market. During your research about a coin, you should be able to know if it is worth holding for long or not. And I think the exchanges in which coins trade plays a very important role in it's rise or fall. I also agree that holding on to a coin for a long period is not a wise decision, especially in this era of time.

[vennali]

Cryptocurrency is a volatile market and having a large portfolio could be a double edged sword. we've seen trends of all cryptos into a bearish run when bitcoin is on a bearish run. I think its always a good idea to keep stop-loss for every currency you own and to get out on time. Eventually all the good currencies will increase in value and its best to follow the news about crypto development..etc.

[Fluxtorrence9]

Its always a bad idea to invest all your money in a single coin or token and sit back relaxed thinking it will moon someday,its just putting all eggs in one basket and that's a huge risk,diversity brings huge hope of succeeding in crypto

[franky1]

ive said it repeatedly over the years

if you have say $10k. dont throw it all into one order and then wait to sell when it 3x's(300%)(could be years)
its better to put $1k in and sell as soon as it 1%(0.01x)(hours/days)

if that 1% doesnt hit in a few hours but the price drops instead. you still got $9k(9 other chances) to get even better deals. thus make more profit faster.

rather than sitting there punching your desk that your $10k is locked in at a high price.

a year of waiting for a one time 300%(3x) is the worse than 300 days of daily 1% = more than 300%(3x)
hours of waiting for a one time 1% of $10k is the worse than hours of 10 $1k = more than 1%

this is the basic rule of "dont put all of your eggs into one basket"

[Ararbermas]

Its always a bad idea to invest all your money in a single coin or token and sit back relaxed thinking it will moon someday,its just putting all eggs in one basket and that's a huge risk,diversity brings huge hope of succeeding in crypto

yes putting all your eggs in one basket is very risky which is for sure the game will be over suddenly once the growth rate of your coin collapse and become stagnant one day .  So think first for the future before making investment,  anyways it's not necessarily to invest different coin but it's a big help to avoid massive losses especially like this situation.

[raidarksword]

I am not a professional trader but one thing i always keep in mind when i'm trading is never be greedy because when you do that you will just end up empty handed in the end of the day. If you have profited in that day, big or small then call it a day and comeback again tomorrow for another trade. Most importantly, always exercise patience because in crypto world anything can happened in market's condition, so just be prepared always.

[Dexion]

I think it is very difficult to become a professional trader, they must always observe market charts as well as the activities of each market. one of the big aspects that affect traders is FOMO. the market panics and negative indications from the outside always make them give up. conditions like today always make them choose to hold for a long time and choose 10 good coins.

[Upgrade00]

It depends whether you are engaged in long-term investments or day trading. As an investor, you must a times have to wait months or even years for return on Investments. As a trader you are targeting quick profit, and would make do with little gains and grow gradually.
A longer term trader/investor, expects larger profits considering the period of waiting and speculating.

[MetalGear]

In order to become successful trader you need to have strong emotion where you can manage it when price goes down. Having and keep on gaining information about trading will also help you to become successful trader. And lastly taking a risk in trading will give you a good experience on how to become good and wise trader.

[proTECH77]

At initial time when i begin trading with cryptocurrency i used to adopt the method of diversification of portfolio because of the volatility of the digital currency. In 2017 much profits were attached to altcoins along side Bitcoin but those who were able to diversify gain much than those who didn't, so, the success was through diversification.

[AAKODI]

The knowledge to become a successful cryptocurrency trader won't come in few days it need to gain through lot of self learning and dedication over long time period buy there are some tips I have learned throughout my journey that I would like to mentioned such as

1. Invest an amount that you are able to afford and prepared to loose

I have mentioned the above because there are some newbies who goes to the extend of taking loans to invest in Bitcoin or other altcoins which I think as a very bad decision because in nature bitcoin is highly volatile so the risk level is much higher than any other investment asset so it is not brave to take unnecessary risk

2. Make investments through proper analyzing but not based on trend

No matter how significant the trend and the demand level for Bitcoin or any other crypto is do not make decisions based on other investors or traders actions and always do through research and investigation to understand essential facts why the currency is moving up or down

3. Never think you know the market so Continue learning

Most experts tends to loose both there money and time because they get over confidence once they earn some money and they tends to do investments according to there guts but in reality the bitcoin market is unpredictable so the investor should always keep learning to know the market price movements to gain income and avoid losses

Above are  the things I have learned so far from crypto investments

[niceboy999]

i think short term trade gives just  food stuff like that nothing more if you are good trader though.i think for longterm if you look just altcoins like Verge and DGB that have no value 2 years and now they made some investors millionaire who holding their coins for longterm.Best strategy Buy at cheap and forget for longterm before bull run start get profits and out for some time .

[Sinone]

Though you have a good point but be a successful trader is not that easy and there are no fixed rules to be a successful trader. You may sometimes fail with your targets and the market can go opposite of your every rule in trading! Trading in a daily base can be helpful and yes everyone shouldn't put all money on a single coin! And we should pick those coin which has a regular update from the team.

[blockman]

do not be tempted to investing all your money in just one coin because it is currently doing well.

I think there's nothing wrong with this strategy if you are going to do this with bitcoin. It's a very good strategy to hold the king of all coins and you have invested most of your total crypto holdings on it. Yes, diversifying is a key to have a good portfolio but it's also proven that having bitcoin only type of portfolio has been effective. I'm also sure that I'm not the only that can prove that this happens most of the time, those early investors are the real life testimony that it really works.

[talkbitcoin]

you don't need any tips to be a successful trader, there is no magical solution out there. the only thing that can make someone successful in trading cryptocurrencies is having experience and that can not be gained by reading some tips from others. people have to start trading themselves to learn how it works specially to become familiar with the pump and dump show that is going on in the altcoin market.

[ChrisPop]

To be a gainful crypto merchant, don't pursue the pinnacle of the development. Make do with little profits which will, in the end, grow into larger one. Sitting tight for a larger profits may blowback on you and your coin lose big. While you are left with nothing.

Note that most altcoins lose their incentive after some time when you choose to hold them for long. Pick the altcoins you will hold cautiously since coins with a higher day by day exchanging volume have a superior position.

Invest in battalion of coins, I.e don't put all your eggs in one basket,
Distribute your risks across a broad portfolio. If one is not doing fine, the other will sure do well, do not be tempted to investing all your money in just one coin because it is currently doing well.

Lastly, one needs to be wary of chatting groups who promotes FOMO AND PUMP.

Actually a basic rule of a successful trader is to cut your losses short and let your profits run long. But you need to make decisions based on your technical analysis. Don't blindly follow the price like setting your stop loss 10 bucks above or taking profits 15 bucks below.. You know what I mean?

[Bitinity]

Its always a bad idea to invest all your money in a single coin or token and sit back relaxed thinking it will moon someday,its just putting all eggs in one basket and that's a huge risk,diversity brings huge hope of succeeding in crypto

It is not that bad as far as you choose the right coin, I can even say sometimes we need to take the risk to put our eggs in one basket only. Sometimes putting in more baskets give you nothing as well because all our investment may give losses. Its all about preferences obviously, spend our money wisely and use the amount that we can afford to lose only on any type of investment.

[comchien]

Yes, I often apply the things you mentioned here. It also helps me in this market. For those who are new to crypto, this is the thing they need to consult.