Trading crypto has large potential rewards but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest or trade the financial markets.
Definitely not for everyone and there is tons of ways of playing this Crypto game but anything worth while takes some hard work!
It is advisable not to start Crypto trading without getting some education first, so get a good Crypto education. You will reap the benefits sooner than you expect, make fewer mistakes, and your learning curve will be shortened significantly.
Well, it is also important to figure out what type of trader you want to be.
Day trader? Swing Trader? Find the answer of this question ! Don’t ever mix up! Even if you’ve had some experience trading stocks or Forex, you need to realize that Crypto is a different ball game!
Day traders typically spend more than 6 hours each day to watch trade setups and short term price movements. They use advanced charting systems which are plotted by 1, 5, 15 or 30 minute intervals. At the end of an intraday, the trader will simply exit all trading positions which means once they shut down their computer systems, they don’t have to worry about any news and how it impacts the market.
On the other hand, swing trading is more suitable for traders who are able to see the big picture and don’t have the time to sit in front of the computer to monitor charting systems. They can hold their positions for weeks / months.
Hodl? It doesn’t mean that you have to keep all your coins forever! Cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time. I have seen over 100 coins already dead in a year and a half!
Instead of holding wrong coins which dropped 70% or more from their all-time high, take your time to research projects that are undervalued and have the potential to 10x or greater when the market rebounds.
Any fool can make money in a bull market, but bear markets are where knowledge is gained and future profits are carved.
ALWAYS Apply TA and FA at the same time to get the best results.
Charts are not accurately predict the future.
Charts are useful for:
1. Showing where prices have been
2. Indicating the path of least resistance
3. Alerting traders to asymmetrical reward-to-risk set ups
Ideally you only want to buy a coin during the accumulation and hold phase. If a coin is rising in volume and % gained, you ideally should wait for profit taking and the next accumulation phase. Do you want to gamble? Go to Las Vegas! Dont gamble with your money in crypto! Always apply your strategy that you set yourself.
I will also share the tools below that I use everyday.
Know how to use Fibonacci Levels , Bollinger Bands and Moving Averages and EngineeringRobo.
Never forget, Over 60 % coins are also exist to steal your valuable BITCOIN!
Last but not least, Get your Trezor or Ledger cryptocurrency wallet as soon as possible, If you are not holding your private keys, You are not actually owning your coins! I also recommend you to use Delta app to track your coins.
DISCLAIMER :Remember to always have your head — Do your own research. What’s important is that you listen to others, apply their way of thinking to your way, and do your brain work. You analyse, you make assumptions, you think. Your brain should really swelling of all the work it does when thinking so it only then can produce your own critical thoughts.
Never do something because other says so, trust yourself, but be open and flexible to learn from experts. Become stronger, become a wolf, not a sheep.
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