Hey guys welcome to another crypto lesson , this is a recap of the things that i've learned, so without further ado let's jump right in :
1
You can still make money trading the hype of shitcoins , just don't use those as long term investments .
You can still make money of of them , but they don't have real project behind them there just a copy cat of some coin only good for quick cash .
2
If you go to coinmarketcap.com , you'll see there's 1469 crypto currencies right now , and i would say well over 90% don't have enough liquidity for me to be interested in trading them .
If you stick to the higher trading volume coins , coins that are trading at least five million dollars a day or more, what that's gonna do is help you stay away from pump and dump schemes and getting trapped in a trade .
3
This is a HUUGE one because i see these stories of people taking out mortgages to buy BTC .
Dont trade with money that you need for living expenses it's called risk capital for a reason.
The practical side of that , is if you're trading with money that you know you truly can't afford to lose , then you're gonna make emotional decisions :
you're gonna buy high and sell low , and everybody knows that to make money you buy low and sell high , but there's a reason why 9 out fo 10 people do the exact opposite , and the number one reason is usually they're trading with money that they can't afford to lose .
This is the end of Crypto Lessons , hope it was helpful and you guys learned something and if you like it please up vote me and let me know what you think about it in the comment section.
Thanks for reading!
Thanks for following @chahir99 .
@OriginalWorks
Thanks for the information. To the point post and valuable information for newbies like me who are just stepping into the crypto market.
With a whole lot of crypto coins out there, it's pretty confusing to know which one to invest in and which one to stay away from.The post is a good reminder of the basics we have to follow no matter what ever the conditions are inorder to be profitable or at least to break even.
Always make sure get to know the team behind the coin, the following, the plans for the future. Make sure to not sell at a loss.
Thanks
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