Newbie's: Welcome to Crypto

I know, that I don't know everything when it comes to do with crypto and trading crypto, infact i don't think anyone knows it all, if not we won't lose even a dollar if we did know it all.

What we do, is to make our technical analysis, check for News that can affect (positively or negatively) our potential coin we want to invest our money in, before making a decision to take the trade or not, but it doesn't stop there, mostly if you want to hold the coin for a long-term period and not just short-term trading.

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After we have made our analysis, and done some risk management, then we know how much we are willing to lose if the trade goes wrong, which will help us trade without getting too emotional and make some wrong decision that we will regret later. When we got all that in check then we take the best possible trade with a potential win outcome.

Here are some tips which has helped me in my crypto trading journey:

  • If you're trading Crypto Futures, do not over leverage your account, it never ends well in most cases. You can't be using 40x for a $100 portfolio, that's just suicide mission.

  • Don't invest in something you don't know, because our here people hyping the coin.

  • Don't open too many trades at once, when you know your portfolio can't carry it, it's a bad move.

  • Never buy a coin that has pumped.
    There'll always be a correction, don't be fooled by the percentage pump you see when you enter the market.

  • Don't buy with 100% of your portfolio,
    Buy with part of your portfolio, if it dumps buy more, If it pumps stand down and take profit. Always have something incase of a dip.

  • Don't try to sell off the top of a green candle, it won't end well. Take what you can, so you don't lose all your profits when the market corrects, which it always does.

  • Avoid pump groups like a plaque.(important)

  • Don't drink and trade (funny but important), it sounds funny right, but it doesn't end well, you may take a trade which you normally would run from.

I read an interesting post from @belemo talking about $2500 per month from Splinterlands will change my life, a quote catch my attention.

As nice as it sounds though, crypto doesn't work like that and along the way, there will be fluctuations. However, most of the time, your chances of making it is about timing and decision making.

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