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Ya know, I been keepin’ a close eye on them cryptocurrencies, tryin’ to get a feel for where the market’s headin’. My ole elementary school teacher taught me to wake up, pray, brush my teeth, and have breakfast. But now, I wake up, say my prayers, and then hit the web, startin’ with coinmarketcap, just to see which crypto assets are in the red.
The start of 2018 wasn’t too pretty for them altcoins and other related assets. Their performance got crippled by them bankers, spoutin’ their opinions left and right ’bout how the crypto bubble was ’bout to burst. But ya know what? Them hardcore crypto followers, they still holdin’ on tight, and they’re reelin’ in some serious dough.
Not too long ago, Bitcoin took a hit and dropped down to nearly $5000. Bitcoin Cash got close to $500, and Ethereum found some peace at $300. Pretty much every coin got smacked around-except them new ones still enjoyin’ the thrill. But as we speak, Bitcoin’s gettin’ back on track and sittin’ pretty at $8900. A whole lotta other cryptos have doubled in value since this upward trend started, and the market cap’s sittin’ at a cool $400 billion, up from that recent peak of $250 billion.
If ya slowly warmin’ up to cryptocurrencies and lookin’ to become a successful trader, I got some tips for ya:
• Start off small, don’t go all guns blazin’. You heard ’bout how them crypto prices are shootin’ up, but you also heard the rumors ’bout how it ain’t gonna last. Some of them naysayers, usually them fancy bankers and economists, like to call it a get-rich-quick scheme with no real foundation. Don’t let all that noise make ya invest recklessly. Take a good look at them market trends and the cryptos worth investin’ in. And above all, don’t put all your hard-earned cash into these assets.
• Get to know them exchanges. I saw a friend of mine postin’ on Facebook ’bout his buddy who started tradin’ on an exchange without knowin’ a lick ’bout how it works. That’s just plain dangerous. Always check out the site before signin’ up, or at the very least, before you start tradin’. If they offer a dummy account for practice, take that chance to learn how the dashboard looks and works.
• Don’t feel like ya gotta trade everythin’. There are over 1400 cryptos out there, but it’s impossible to handle ’em all. Spreadin’ your portfolio too thin will just shrink your profits. Pick a handful of ’em, read up on ’em, and learn how to spot them trade signals.
• Keep a level head. Cryptos, they’re wild and unpredictable. That’s the beauty and the beast of it. As a trader, you gotta understand that them price swings are gonna happen. Uncertainty ’bout when to make a move will make ya an ineffective trader. Use solid data and do your research to know when to make that trade.
Successful traders, they hang out in them online forums where folks discuss all things cryptocurrencies-market trends, signals, the works. Sure, you got your own knowledge, but it’s always good to rely on other traders for more relevant info.
• Diversify, but do it smart. Plenty of folks gonna tell ya to expand your portfolio, but nobody’s gonna remind ya to focus on them cryptos with real-world uses. Yeah, there’s some crappy coins out there that can make ya a quick buck, but the best ones to deal with are them that solve real problems. Them coins with real-world uses, they tend to be more stable. And don’t diversify too soon or too late. Before ya buy any crypto-asset, make sure ya know its market cap, price changes, and daily tradin’ volumes. Keepin’ a healthy portfolio is the key to makin’ big gains with these digital assets.
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