Wednesday, February 21, 2018

Altcoin Trading Tips and Strategies For Beginners

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In one of my previous article where I described altcoin trading as the stock market for cryptocurrencies, with bitcoin most used as the base currency similar to daylight traders there are some techniques and strategy some this traders make use of regularly which can be applicable to crypto trading so let's see some of this tip daylight traders use in the stock market that can also help us in altcoin trading. 

1. Diversify Your Investment : There's a popular saying; don't put all your egg in one basket that means you should never risk putting all your capital in one single investment no matter how attractive it may look rather diversity it on several investment you never can tell what will happen to the coin in the future. 

2. Stop Believing the Hype: In altcoin trading, traders are easy manipulated and mislead in to buying coin which is artificially pumped and hyped by promoters who are paid either by the developer, whale or by themselves to spread such rumours.

3. Accept Loses and Maximize your Profit: I must be honest with you not all your investment will all bring profit similar to the game of football there are times when you lose and some times you win but make sure you try to win big to cover up for your loses don't be too quick to close profit on an investment at the same time don't be too greedy try to be rational in your approach. 

4. Buy At ICO Price: Most times when a coin is to be launch the price will be relatively low and this coin can grow to become a big fish later as seen the case of some digital currency. So its good to buy when it's been released first.

5. Buy the Rumors Instead of the News: Cryptocurrency is a fast pace market and is mostly driven by news, big announcement, partner ship deals and more and this news in turn drive up the price of the coins at this period when a rumours is still circulating that's the a good time to buy but when the news has been incorporated in the price of the coin that's when not to buy. 

6. Buy Low Sell High: a term common to the daylight trader it can also be applied to crypto trading taking advantage of the oppurtunity of buying when the price of a coin has fall and quickly selling them when it's high thereby making short term profit.

Finally don't give up in altcoin trading you must learn to be very cautious and don't jump quickly at anything or you lose throwing your money out of the window, loses will come at some point no doubt about it but don't quit, there's an old saying; you hang around a barber shop long enough sooner or later you're gonna get a hair cut so keep on trading learning from your mistakes and improving your skill and in no time you regain all what you've lost and so make good profit.

Source:  Altcoin Trading Tips and Strategies For Beginners