You Need a Strategy to Succeed in Crypto – Tycoon is your best Bet

Many people are coming into the cryptocurrency market daily with half-baked knowledge of how the market works. Some just heard that people are making money in crypto and jump into it without understanding that investing in cryptocurrency is unlike any other asset class. Yes, it is relatively new, fresh and certainly exciting, but the chance of getting burned is exceptionally high. Especially when comparing to other markets. Another thing about cryptocurrency is that even the right trading and investing strategy often does not deliver the expected results. This market is acting erratic and almost unpredictable. It requires years of expertise in order to be able to generate a high return on your investment. Typically rather the opposite is true, specifically for the inexperienced retail trader.

The first thing to keep in mind about the cryptocurrency market is that the market is highly volatile. Coins/Token can gain or lose 25% of their value within hours or days. Several coins/tokens are being pumped daily by whales and later dumped on unsuspecting and naïve investors. So, how can you ensure that you do not become a victim the cryptocurrency market volatility, but rather profit from it?

Research on your own

The risk of losing money in the cryptocurrency market is much higher than in the traditional stock market, therefore, the need to always do your research cannot be overemphasized. Those currencies you are considering to buy, do you know anything about them? Do you know if the ideas and visions of these companies are actually based on fundamentals? Do you know if the team can execute?

These are just some of the many type of questions you need to ask yourself to evaluate properly.

FOMO (Fear of Missing Out) is your worst enemy

Surely, you will be tempted when suddenly a coin pumps but do not fall for it. In the cryptocurrency market, there is a lot of hype going around and most of the times, people are lured into it due to FOMO. More often than not they end up losing money if the currency’s value drops. Then fear sets in and the coins get sold for a cheaper price. This is where research comes in handy; do not “invest” in a currency that is only rising in price due to an organised pump that is only designed to empty your pockets.

Be disciplined and never FOMO without adequate knowledge about the project in question.

Diversify your Portfolio

Professional investors never have more than 20% of their liquidity in one particular market and never more than 5% in one specific company or project. The average private investor does the opposite, falling in love with a project and going all in. There are thousands of cryptocurrencies in the market, therefore one need to ensure to have a diversified portfolio. Hence the chance that you pick a project that surges is incredibly small. Just do the math. You need at least 20 projects to be invested in to comply with the 5% rule. Portfolio Managers at Goldman Sax know this, the retail investor typically does not.

Do not be Greedy

Greediness is one of the biggest of the many pitfalls in the cryptocurrency market, as people do not know when to take profits. When a coin surges, people get overly excited and hold on too long, believing and “feeling” that the project is going above and beyond and make them financially independent. But the Cryptocurrency market swings a lot, If you see a large increase in the value of your currency, you might wait to see if the value will increase further. However, the price will inevitably come down eventually. Those that have set up a strategy to take profits at regular intervals without letting greediness clouding their judgment will always see steady returns. That is true for maybe 1%.

Make Stop-loss your friend

This is especially vital to those into day trading. Stop-loss is useful to protect you from being burned in case of a heavy dump of your currency. And dumps happen more frequently than pumps. Especially in a bear market. A stop-loss is pivotal to set a determined price to sell a currency if it drops in value.

Are you new to crypto or you do not have the time? Tycoon is here for you.

Many people dream to make money in the cryptocurrency market but they simply do not have the required time to carry out extensive research. Some people are just coming into the market and have no idea how it works at all. If you are one of these people looking to invest in cryptocurrency you are most likely asking yourself how you can prevent losing money? This is where Tycoon comes in.

Tycoon is a social trading platform developed by professional traders to make crypto trading easy and accessible for everyone. Tycoon serves a secured interface between professional traders and end-users.

On Tycoon, with just one click, you can connect with top tier trader that beat the market and use our unique CopyTrader technology to automatically copy their trading portfolio performance. Whether you are a newbie, inexperienced or intermediate trader, or you simply do not have the time to make adequate research on your own. Tycoon and our professional traders are here for you.

Join the fast growing Tycoon community, explore an ever-expanding variety of cryptocurrencies, and automatically copy the underlying assets from professional traders in our community. Be a Tycoon!

Join and chat with us on Telegram: https://t.me/Tycoon_Official

Our website: https://tycoon.io

Below are Tycoon’s other official channels, follow us to be the first to know about our latest news and updates:

Linkedin
Github
Twitter
Youtube
Facebook
Instagram
Medium
bitcoinwiki
Bitcointalk