A few tips for new guys trading with cryptocurrencies/ Altcoins
A few tips for the new guys...
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Only invest money you can miss. So you don't panic when the price suddenly drops and don't buy when the price suddenly rises and you are afraid to miss something (FOMO, fear of missing out)). You probably are better off if you buy when it suddenly drops and sell when the price spiked so much (like ETH recnetly and Antshared yesterday. When you invest money you can miss, you probably less driven the basic emotions like fear and greed.
of course greed, for the lack of a better word is good ;-) but greed it better when it is managed by a plan, and not day to day emotions
Unless you're an experienced day trader, stop looking at the price every 10 minutes and freaking out if it goes down $20. Spikes and dips are normal, and ETH is not dead just because it dropped $30. You should only panic if ETH drops below $50.
Experienced day traders know how to watch for abnormal fast spikes in value, then sell off and wait for the correction. Inexperienced users buy when it spikes high thinking it's going to go even higher then panic sell when it corrects back down. Unless you're experienced in this, buy and HOLD. Rapid dips are also an excellent time to BUY, with exceptions of course.
100% of the members here, including me, have absolutely no clue or an accurate prediction of what even tomorrow brings, let alone 3-6-9 months away. We are all here hoping that of course it goes up another 500% but nobody knows and anything can happen. Most people are here to hype it up because the more hype there is, the more money we make.
Be extremely cautious of all these ICOs popping up daily. It seems to be the new cool thing to do these days, starting your own coin. Lots of hype behind these and lots of people have lost money and lots of made a lot of money. Be cautious and invest wisely.
NEVER keep your investment on any exchange. Invest in a hardware wallet such as the Ledger or Trezor and store your seed words at a different location. A paper wallet is still better than leaving your investment with an exchange, of course, take proper precautions with that paper to prevent theft or damage. Remember if you don't have the private keys, you don't own your coins.
Last but not least. Do not use Coinbase. I have heard lots of complaints & random account closures. If you must use Coinbase to buy or sell coins in small amounts don't keep your coins on the exchange longer than you need to finish the buy or sell. Gemini & Kraken are good alternatives for inhabitants of the US.![images99.jpg]