Hi guys! Have you noticed how many crypto experts there are now? I feel like I'm constantly being told when the market is going to change, what coin to buy, and I can't seem to get away from technical analysis projection charts! 99% of the posts, comments, tweets and videos are followed by the disclaimer This is not professional financial advise. Yet, here they are. Calling for tops, bottoms, blow off tops, double tops, bear markets, whale bear markets, bull markets, the list goes on and on! Do you get the feeling that they just learned these stock market trading terms sometime this year?
Do you know how I know there are a bunch of uneducated people in the space? Long Island Ice Tea Corp. literally changed their name Long Blockchain Corp. and their stock skyrocketed 200%. They have zero affiliation with any blockchain or any new technology start up for that matter. But, people bought the stock like crazy regardless.. It's pure madness.
http://money.cnn.com/2017/12/21/investing/long-island-iced-tea-bitcoin-blockchain/index.html
Now, I'm not picking on everyone, because there are some legit experts out there making well rounded and educated assumptions of the market, but John McAfee says it best. He explains that you can not follow the same paradigm as the stock market, or any other trend lines or charts, graphs or technical analysis, because Bitcoin is a whole new asset with no established history other than it's own trends to follow.
I know, this sounds ranty.. But it's supposed to be more of an educational piece for newcomers into the space. Don't listen to ANYONE. Invest what you are willing to lose, invest with knowledge, not emotion, and have fun!
Here is some advice from me. When the market goes red with down arrows, buy it! It's on sale! If it's going green and up, but hasn't topped yet, jump in early, or wait it out.
In fact... Don't buy altcoins at all, because the majority of them are owned by someone. There is a CEO, a company, a business or a group of people that you are investing into. And many of these companies are overvalued because all people care about is getting rich quick!
If you are going to buy altcoins, the pattern for the moment is pretty evident. Buy anything cheap that's dipped and it will eventually go up. Buy anything that has big news announced. ex: ADA talking with Microsoft, XRP talking to any new bank, John McAfee talked positively about Monero on Info Wars. (Yes, it skyrocketed after that.)
And remember, This is not expert financial advise Don't listen to ANYONE! Not even me ;-) So disregard this entire post and take it for just pure entertainment! Thanks guys!
Grab everything that's free!
Other than that, I agree with you. Do your own research, guess at what patterns look good to you, buy when prices are low/falling, sell when you will profit from the sale.
My honest opinion is I truly don't buy altcoins. I bought a lot of them a few years ago for cheap. I just hold them now and focus on building my BTC as it's the only one that is truly not owned or ran by a person or company. I have burned myself on a few trades that have made me sick to my stomach, so I no longer play gamble with it and just hold what I got! Thanks for the comment!