The extraordinary and beautiful world of crypto is very exciting. Especially when you start trading in the wonderland of altcoins. Many projects will have a chance to change the world as we know it!
Sometimes, it is great to have some wisdom and to have clarity when your trade altcoins on a trading exchange. Let me guide you through this 20 wisdom advice to help you on the ultimate quest to increase the value of your crypto assets.
As you may know, one of the most popular places to read about any crypto is the popular forum BitcoinTalk. I recommend you to create an account or read the discussion that interest you. Visit it often to stay up to date and have the latest information.
Every coin creates a specific announcement thread on BitcoinTalk. In that case, it can be a good idea to find it and read it often to discover the evolution of the project that interests you.
The best way to start investing in the world of altcoins is to go with established and stable coins. As an example, you can invest in Bitcoin, Ethereum, Litecoin, and Monero.
When you start your crypto portfolio, do not invest in 20 coins the first day. You need to take the time to understand the market and start small with 3-5 coins.
You need to start your journey with a popular trading exchange. One that is reliable, secure and fast is Bittrex. Also, this platform offers a vast variety of popular coins that populate the altcoins space.
One of the easy ways to buy any altcoins is with the cryptocurrency Bitcoin. Always good to have some ready at your disposal, so you can seize an opportunity when it is time to acquire a good coin you like.
Never follow pump and dump groups. The vast majority of the time you are going to lose money, so you will feel frustrated, betrayed and angry.
You need to develop and follow an investing strategy that is working for you. It is the same analogy as making a cake and follows the recipe.
One of your best friends is the popular site CryptoCurrency Market Capitalizations where you can track the current price of any coins.
Never sold your coins when the price drop drastically. You need to investigate the reason why. Sometimes your emotions can trick you and you can make bad choices!
Always invest your profits in other coins, so you have better chance to spread the risk. Also, you have money that does not come from your own pocket, and you can invest a tiny part of it in coins that are riskier.
When you are trading your crypto asset, always stay objective instead of going with your heart and emotional state!
When the crypto space experiences a bear market and is crashing, the best philosophy to apply is to keep your assets and HOLD your position.
As you get more knowledge from the market, you can diversify. You can include in your portfolio project that raises money thought ICO. If you can locate and target the precious pearl, you have the change to hit the jackpot and make a nice return on your money.
Do not jump right away on the market. You need to take the time to do your due diligence and understand in what you are jumping into.
In the beginning, it is better to target a small return of 10% instead of expecting 100% return. You will have less stress on your shoulders!
You can monitor the history of any coins you find interesting on CryptoCurrency Market Capitalizations.
Any type of investment is not for the eternity. When you need some money, nothing is wrong to cash out a portion of your profit and transfer it to your local fiat currency.
When you have the right strategy that works for you. Do not change the parameters and stick to this plan and wait for your crypto portfolio to rise.
Always good to follow some tips at your disposal. I hope this list will help you in your quest of building a good and strong crypto portfolio for your future.
Do you have any other suggestion to add to this list?