So if you haven't already read How to Make Your First $100,000k Trading Crypto-Currencices Part 1 please read that first... as it will make more sense you can read part 1 here >>> https://steemit.com/cryptotrading/@wealthyme/how-to-make-your-first-usd100-000k-trading-cryptocurrecnices
Okay so moving onto part 2,...
After you have bought a coin and waiting for the bloodbath to clear, it is possible that the coin will drop even further after you have bought it and it is possible for the coin price to go to a fresh new low... this can go on for a few days... the best thing to do in this situation is to hold.
Holding is easier said than done as media, technical guys and fundamentalist will start coming out with news theories justifying the new low price and why you should get out or why its looking really bad for the short term, even though the very same people may have said why this coin has so much potential just a few days ago.
This is not entirely their fault as emotion can take over the best of us and cause us to doubt our initial theories. This is why its important to research a coin first what it stands for, project objectives, technology etc... this will make it easier to hold in times of panic, as most people have no idea, they just do what everyone else is doing at the time that's why 90% of all traders lose money.
To give you a recent example of this Ethereum price dropped to around $206 from a steady price of $385.... when it dropped to $305 this is where I bought in order to make my standard 25% gain using my strategy mentioned in part 1. But the price kept dropping all the way down to $206 due to fake news and aggressive dumping, this caused so many people including hardcore fundamentalists and experts to doubt and sell their ether. The chart guys are saying its a bear market downward trend, everything's settling down, price correction, the fundamentalists started saying the hard fork coming, people will stop mining ether etc..etc.
But in my opinion theere is a 3rd view I always try to keep this in mind and you should too, and that is the price manipulators, price manipulators are the ones that make the most money from the markets and they cause bear and bull markets within days of each other using fake news, internet trolls, aggressive buying and sudden dumps... I've written an article on this in more detail what how it works you can read here >>> https://steemit.com/ethereum/@wealthyme/ethereum-crazy-price-movements-a-3rd-view
Today the price is back at $308 just 3 days later so lets see what happens... so if you're going to be employing my strategy patience and discipline is key so that's why I thought I'd cover first this early in part 2.
In the next part part I'll cover the specific coins I regularly buy and sell for the 25% to 40% gain using the compounding method discussed in part 1...
Until next time :-)
P.S if there's anything specific to do with trading you'd like me to cover in part 3 leave me a comment
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