Cryptocoin Trading Tips – We’re Big Believers in Buy and Hold but…
While a key belief of all of us here at Crypto Capers is cryptocoin investments are long term, we understand the desire for cryptocoin trading tips. Yes, people can and do make money every day with cryptocoin trading. A lot of people lose money this way every day too. With that caveat front and center, here are cryptocoin trading tips you should print out and hang on the wall right by your computer.
If a crypto currency is down, never sell lower than you bought it for. Unless your coin is a total scam it will probably rebound. The market – and individual coins in the market – run in cycles. Any given cryptocoin will reach reach a peak, then dip. then level out as bottom feeders wait for FUDers (people with fear, uncertainty and/or doubt) to sell low. When the bottom comes the whales jump in and buy that coin cheap. Only sell your cryptocoin investment coin for less than you paid if you are almost certain you can trade positions into another coin and it can have significantly higher gains than the current coin you’re in. Don’t sit on losses if a solid opportunity presents itself. As a general rule, you can never make money in the long run by buying high and selling low. Doing this would be a cardinal sin against cryptocoin trading tips.
Identify a bull run before it starts. Study the digital currency markets everyday and find a coin that has a 10 – 20% gain for the day. Look at the charts and if you see mostly green candles, this is a very good signal of an imminent bull run. After you buy your coin watch it like a hawk. If you start seeing red candles with a wick sinking to the bottom, this is an indicator that it’s dropping. Everyone should really study candlestick patterns to know how to judge charts. Always remember, don’t chase a bull! As mentioned above, every coin always dips. If you jump on a coin when its up 75% for the day, chances are it’s going to start dropping really fast. Something similar to this happened to Ripple XRP just last week.
Avoid Buying at an ATH (All Time High). If your FOMO (Fear Of Missing Out) is kicking in and you just need to chase the bull just remember Bitcoin. Just three weeks ago Bitcoin peaked right under $20,000 on a very energetic bull run then plummeted then leveled out. Buying Bitcoin THEN would have been a bad idea. Conversely, buying Bitcoin RIGHT NOW would be a good idea. Study coin charts and see where the peak is. THEN WAIT. Inevitably, the coin will get get dumped by profit takers. Just be patient and wait. Here’s the hottest of all cryptocoin trading tips: Place a buy limit a little above the 24hr low.
Keep a Small Portfolio. I can easily relate to the “kid in the candy store” mentality in buying every coin that looks good to you. However, tracking the movements of all these cryptocoins gets incrementally harder. Best to stick to no more than five crypto currency investments for the sake of simplicity. If you’re totally stuck on a lot of coins divide them into two categories; long term and short term. Otherwise you might be driven clinically insane tracking so many coins minute by minute.
Stay Connected on Social Media. Be extremely active on Twitter and Facebook. There are some real expert analysts on Twitter who give away free cryptocoin trading tips daily.Among the best are The Wolf and CryptoYoda. As the day goes on people will post about different coins on different Facebook groups with sometimes up-to-the-minute information. No matter what DYOR. Remember to always DYOR (Do Your Own Research) before taking anyone’s advice.