What I learned from a few weeks of trading cryptocurrencies.
The news is everything.
Before you buy/sell something, check the latest news to avoid surprises. ( Reddit is quite good, Coingly also has useful news stream - I bet they are much better service for that, please share in comments )I am not sure if the technical analysis is working very well in such volatile market. It seems like everything is driven to the extreme by news and FOMO. Still, some people firmly believe in posted on Internet technical analysis so for me is also a barometer of crowd mood.
Regardless, some basic charts I found pretty handy for me like MACD, Volume, Stochastic Oscillator.Tether coin is also a quite good indicator what is going to happen in next few minutes.
If you see significant changes in volume, it means that market likely is going to move quickly.
The market usually overreacts or overestimate the effect of something that happened recently, so prices are going to low or going to high. Exploit that.
If you see unusually long red/green "lines", it could mean that you don't know yet something somebody else knows, so research and wait a little bit longer, as it may be a signal of a bigger correction.
When you participate in ICO look into the current market cap for the token and get real about that, don't move your brain into FOMO state. Currently, There is no such money in crypto which can support billions $ market cap evaluation for new projects for a longer period.
Playing ping-pong strategy may push you out of your hand, and you either miss a good profit, or you lose. ( still, I made quite a lot % by playing ping pong strategy, but don't be over greedy )
Stay calm so that you can avoid "brain farts."
I think playing chess and poker, really helped me to manage that, but I know it's challenging for some folks.If you read about significant changes in protocols, then research the topic deeply. It would let you exploit things when market overreacts.
Check how the support splits between potential forks, who is going to move were from the core team, check miners support and make a plan of action.Try not to sell at loss. If you got you self into such bad trade, it usually means that you didn't research enough latest news. ( but if news are terrible, still may be useful to short tokens )
Don't be greedy, don't be greedy and don't be greedy. I think I missed at least a few good opportunities because I was waiting too long and been trying to catch a few extra Satoshi.
Follow developers on twitter.
A bad plan is better than none at all. Always try to have goals and plan. Remember that your plans are usually based on incomplete information, so modify goals and plans accordingly as everything develops.
I know that I know nothing, so please take all pieces of advice with a grain of salt.
Please share more tips in comments :) and upvote if like my post :)
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