Hello Steemit comunity!
As I wrote in a previous post, I think, this is the first question you have to ask yourself, when you want begin investing in cryptocurrency.
What I want to do with my money?
Buy and hold, and hope, that in future I will be rich?
Or I want trading daily and make money daily ?
If you know answer, you are on the best way to start. If not, I show you defferences between investor and daily trader from my point of view.
Daily trader
If you want be a daily trader, first of all I recommend visit a courses about Forex trading. You will learn a lot and you will understand a lot.
If I should describe day trader:
- working more than 8 hours a day
- need a lot, a lot, a lot of informations
- abot 60 - 70% success in trading, if you are a very good trader
- about 3- 5 % prifot from succes trade
My advise, use the STOP LOSS (SL)! Always adjust SL based on volatility.
Never do more than 3-4 trades a day, always trade only when it's a good opportunity
Investor
long term investment is easier but boring. The long-term investment is based on the creation of a diversified portfolio.
From my point of view, I divide the portfolio into three parts
- main part
long-term strongest potential currency (Bitcoin, Litecoin, Ethereum, Ripple, Monero) - perspective part
currencies that are more recent, but in the long run have perspective, interesting projects that will replace the current market leaders (Siacoin, Iota, e-chat, Salt ...) - speculative part
long-term existing currencies that stagnate but have potential (Dogecoin, Bytecoin, ....)
Best of all is combinatet both of them. I have created some portfolio, and also I do some trades per day.
Remember: We are still learning and this will help our development