No, I am not going to provide you with chart analysis or other crystal-ball promises. This post is not a story about financial unicorns riding cryptographic rainbows. I am writing this post because lately I have seen way too much buy/sell speculation posts. So much in fact, that I believe the next trading post will be about newborn sacrifices to the Dark Lord of Forex.
First things first. If a trader was really succesful, they wouldn't be desperately trying to lure you into the next crypto-hype. In the Crypto world currencies pop up like mushrooms - only to fade away equally ...mysteriously. You' ve seen 2 or 3 charts online, the guy on the post looks like he knows what he is talking about, so you pour your savings into the dark pits of trading. If only it was that easy...
You want to invest wisely in for the unvailing Blockchain revolution? Great. The easiest and safest way to do it is open an account with Coinbase. It will automatically create Bitcoin and Ethereum accounts for you when you transfer money from your bank account or debit/credit card. Afterwards you need to get into a cryptocurrency exchange service such as SimpleFX in order to be able to purchase all the other cool coins you keep hearing about. It has a step-by-step guide guiding through your first purchase. There is no way you can mess it up.
Now that you have your bitcoins, ready to press for the first time the buy button, you find yourself buffled about which coins to puchase. The trending Ethereum? Perhaps more Steem tokens? How about piling up with ol' good Bitcoin? The asnwer is simple. Sort all the coins by volume and buy tokens from the first 20. How much of each? Doesn't matter. Just distribute your investment equally. Blockchain Technologies are still massively undervalued right now. In 10 years it wouldn't matter if you hold 100 tokens or 1000 tokens. Just make sure you invest in all of them. That's it.
Nobody has any idea which cryptocurrency will thrive in respect to others and don't let anyone tell you otherwise.
The top 20 cryptocurrencies have established some reputation and trust. They look like they are here to stay by competing with each other. Surely new ones will keep coming and this is why you check your account every month (not every 2 hours like most day trading gomblings do). Treat this investement as if you are investing in a Crypto ETF.In the FIAT world millions of companies compete, including many different ETF's. The more choices, the more chaotic and random the market becomes. In a sense we are all lost whether we like to call ourselves "experts" or "rookies". In the crypto market you just have a handful of coins.
As long as you are "In" there is no way you can loose longterm.
To sum it up. Instead of wasting your time with technical analysis and trading advice, that will most likely make you loose more than you will earn, research new blockchain technologies. Avoid Trading between cryptocurrencies back and forth. This form of Trading is similar to gambling. The only "systems" that exist are the ones that end up with your pocket empty. Don't get played into the game.
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As always the mantra "This is not an investing advice nor do I claim to be an investement expert". Thank you for following me -
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