My One Cent Advice
The last few months had been enduring for crypto traders, especially in a month where everyone is expecting a bullish run to leverage on the losses encounter over the previous months only to see more red bath and a dip in value of Bitcoin and other altcoin alike.
As poor as the situation looks, there a few tips I wish to share with all fellow traders. I call it my 1 cent advice but who knows it could be worth a million.
Learn to use Stop-Loss
Stop-Loss a lot of times is a saving grace especially when the market looks scalp-able. It helps you minimizes the losses and sometimes helps to increase portfolio worth. My major advice here is learn the basic on how to use it very well, it is very important especially in a Red Market.
Take profits when it matters
Nobody ever lost money taking a profit. -Bernard Baruch
I don’t know if it is just me, but I think traders find it very hard to take the profit made over time. I know there is a particular target aimed at but it isn’t a sin taking a little from what you’ve made and enjoy.
Stay close to USDT
At a point when prices rises high and low, you never can tell when the next news that will crash the market or inflict further dump will happen. So anytime you see a dump storm raging USDT is the safe house to run to and stay safe till green candles are turned on.
Learn to take a break
I know this is not easy but market could be frustrating a times, you need to learn to take a break off anything cryptocurrency related. You can turn on your tv and focus on other things, it is really needed to stay health. Manage your frustration and control your anger by taking a break.
Don’t be emotionally attached to a coin
“Attachment is the great fabricator of illusions; reality can be obtained only by someone who is detached. ”
― Simone Weil
New project come and go at all times. As a matter of fact there are over a thousand cryptocurrency project, so don’t stay too attached to a coin for long. If it is not yielding back off. Remember you’re here to make money.
10, 15% is enough
Little drop of water makes a mighty ocean. — Anon
People wait for the next X1000 or X500 coin months after months and before you know it they get fed up. Instead of waiting for so long for what might not come why not just build up and accumulate as little as 10% or 15% over time. This is not betting though but it pays off to take the little profit over time and build a strong porfolio than having to wait for what may never come.
There is always more opportunities
That there is only one opportunity is a blatant lie. There are 101 more opportunities, you just need to be patient and open yourself up to them. Over the space of 6 months I have seen BTCRed, BLUE, EQUAL, Hawala.Today, Polymath, ELTCOIN, HYDRO, NOBS just to mention a few turn people to millionaire if not more. Relax more are still coming.
And finally my advice to new comers in crypto is that, making $1 as small as it is in crypto is hard work, as a matter of fact it is easier to lose it than gain it. Money are not plucked from the tree, don’t think the moment you start millions are automatically in your account. Learn the basic things before investing, education is very important and only invest what you can afford to lose.
If you liked this article and are interested in topics related to cryptocurrency and cryptocurrency investing, give me a follow on Medium:
You can also follow and reach out to me on Twitter:
