Recently I have seen a lot of posts on Steemit and other social networks about losing money in the crypto game.
Me too. I have lost some money in this game, in exchange for various lessons. Although I'm still learning, I want to summarize my knowledge and share with Steemit community, helping you guys in your trading out there in a dangerous, highly-volatile crypto world.
Why it is essential to know all these stuff?
When it comes to trading, people often say "No big deal, just buy low and sell high, that's it." It is right for a profit-taking mindset in any financial market. However, as per definition of types of exchange, I define the crypto market myself as a Weak Market, which stands for:
A market in which trading volume does not correspond to price where increasing volume accompanies decreasing prices or decreasing volume accompanies increasing prices. Also known as technically weak.
Source:Investopia
What does it mean?
Bitcoin, the first-ever-known cryptocurrency are highly influencing the whole market. If you look at the chart from last year:
Chart provided by Coinmarketcap
The second half of 2017 is purely a rising time when the market observed a all-time-high for Bitcoin and many essential currencies like ETH, DASH, etc.
During that time, I could say that, you can enter to the market without any preparation and still benefit from it. During the Growth Stage, things are quite easy to pick on and claim profits. During that time, I always remembered a lot of trading groups were founded, providing spot-on signals that everyone in the market.
Things had changed, and you should, too.
After the peak, Bitcoin went on a roller-coaster ride that touched the lowest point of $5750 in just yesterday. I bet that if you are holding your coins back then, you have witnessed a significant loss.
So do I. And here is how I am going to change it.
I will share with you guys the following topics, be sure to follow me and check my feed daily. I will post them once a day.
1. Defining yourself: Trader vs. holder (on air now!)
2. The ultimate trading tip that you should know (on air now!)
- Trade with no emotion
- Business during HOLD: Is it possible?
- It's not about USD; it's about coins.
Stay tuned for the first part tomorrow.