Cryptocurrencies become popular in 2017. Many people even who never heard about Bitcoin buy and sell Bitcoin and altcoins. They took credit, sold cars, borrowed money, mortgaged the house to get rich quickly with Bitcoin. However, most of them disappointed.
- Cryptocurrency exchange is not like stock exchange or forex.
- It’s open 24/7
- Most of indicators do not work for cryptocurrency exchange.
- Speculations is spreading fast.
First Rule : Have A Strategy
- Are you a daily trader?
- Are you a short term trader?
- Are you a mid term trader?
- Are you a long term trader?
Without having a strategy, you are a loser!
Second Rule : Target
- Your target should be certain according to your strategy.
- Decide percentage of profits.
- Sell your coins when you reach your target.
Do not wait 100% profit! Do not wait after you reach your target! Otherwise, you just gamble.
Third Rule : Do Not Be A Panic Seller
The ups and downs are natural. Do not be panic! Whales always feed your panic sells.
Do not forget your target.
Forth Rule : Buy/Sell Step by Step
Always buy and sell step buy step till reach your target.
Fifth Rule : Have More Coin
Do not buy just one coin. Share risk and buy more coins.
Sixth Rule : Do Not Listen Anybody
Just believe yourself. Human being is affected by what he/she hear.
I believe in math. I just trade based on charts that I analyze. I keep %70 of my Bitcoin in cold storage. I never trade with it.
My target is trading altcoins to accumulate more Bitcoin. I have more than 40 altcoins.
My daily profit target is between 4% and 7%
My midterm profit target is between 80% and 120%
I usually buy the lowest price coins and keep for midterm.
Most people buy coins when there is a rising trend and sell when coin starts to going down. However, my strategy is different. I always sell while my coins are rising and buy again when they are going down.
Do not gamble! Trading is not a game or gamble. You should not think it all the time.
If you have any questions, please feel free to write me. Good luck 😊