I have been thinking of getting into day trading. I have read that it is one of the riskiest things about the Crypto universe, but also one of the most rewarding - if playing your cards right. Of course, I know very little about the indicators and the charts of the Cryptocurrencies, other than reading the candles, but I am very willing to learn.
Any advice that might be of use to a newbie like me? Oh, and I am not a quitter by any means - so the 'don't do it' does not come into play at any time 😁
Do you already buy crypto? Here's my recipe:
Only invest in coins or tokens where you can explain what the underlying network does, why it's important, and why it will grow as crypto gets adopted. Example: I own $AUDIO tokens because:
"Audius.co offers musicians a streaming platform where they can be partial owners in the platform itself, earn rewards by staking $AUDIO tokens, and because they are able to execute as a business team (see deals with TikTok, Katy Perry)"
Then, I use conversions between tokens that I want to benefit from long term (eg $AUDIO) and a stablecoin (eg. DAI or USDT) to fractionally sell out of bull runs, and buy back into dips. So, if $AUDIO goes up 10%-30% or more, I sell of a portion (5%-10%) into a stablecoin, assuming that due to the volatility, I'll be able to buy back in at a lower price. But I never sell all my $AUDIO - since I believe in its long term potential, and announcements that trigger massive upside (like new deals that the team might be working on) can come at any time.
very valuable advice! much appreciated! 🚀
Just never sell if you are red zone 😉
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Waw Good job ,pretty😍
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