So Just a little follow-up on my previous article:** There is no luck in trading Crypto**
Because somebody made a very interesting comment:
@Cronos thanks for the inspirational comment that started this follow-up.
@All just FYI my dad and I are no day traders, we just like to hobby around.
But I have been making nice profits trading so far and I am learning and improving daily. What my dad & I are looking for is to increase our stack of sats a bit by being right more often than not, and so far that has been working out more often than not.
Good Luck....No Thanks
So what I mentioned previously is that if you think trading is about luck.... go to the casino you might have more luck there.
That the market can be predicted and that finding a good project is a combination of doing your research & understanding what the people want. But as per Cronos´s comment, I cut a little corner there, as I did not count in the X-Factor.
The X Factor
So let me put some wholes in my previous statement by saying that I have to admit one thing.... some call it the X-Factor I rather call it the Elon factor. For a project to really moon it needs the Elon Factor. That one specific push that makes the project take off and go viral.
Elon tweeting about getting his Shiba Inu set the coin up for the moon and his follow-up caused another 20% rise in the Shiba token.
Two sides to the Elon Factor
Unfortunately, this works both ways because if the Elon Factor turns on you....you get dumped like ...ehh.. like?? Well ehh Like Shib.
Because the next tweet caused Shib to dump over 20% in a few hours.
Now, this is the textbook example of the Elon factor, but there are many coins that got to see the moon because of their own 'Elon Factor'.
Take Torums XTM they went live in October 2021 just after Facebook turned META. And as they are ahead of Fakebook being a SocialFi (Social + DeFi + NFT Metaverse ecosystem designed to connect worldwide cryptocurrency users) they rocketed up on the 2021 metaverse hype.
So any coin definitely benefits from the Elon Factor to stand out at the right time at the right place, but still:
Shib is a smart concept designed to make use of the meme coin mass hysteria and with a good business strategy and a lot of money to use for promotion to ensure it would make millions.
So if you would have gone with a good team that understands what the masses want.... Shib would have been a good project to invest in if you were early.
Torum definitely has a lot going for itself, being an early adapter of the metaverse with a platform, a good team of devs, and a following. But coinciding your release with the Meta Kick-off (and being supported by Kucoin) definitely created the Elon factor.
That Elon factor never lasts long, it´s like Elon Musks' rockets they shoot up but never reach the moon leaving a project hanging in mid-air to find its way to the moon by itself, or drop back down to earth at a crashing speed.
Anyway, I guess I made my point that trading isn´t a lottery, it´s not a casino, but should be approached by knowledge and understanding of market principles and human interests. And if you´re lucky your carefully selected project, will run into Elon and his factor.
So I wish you all good luck in life and a happy rest of your day...and don´t forget to make this my lucky day by hitting that like button.
My Dad Articles:
Teaching My Dad to Trade Crypto
Teaching my Dad What Crypto Coin to Buy
Free Crypto links
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Platforms where I Earn Crypto for my Content (Affiliate Links):
Torum - https://www.torum.com/?referral_code=bitcoinbaby
NoiseCash - https://noise.cash/u/BitcoinBaby
ReadCash - https://read.cash/r/BitcoinBaby
Hive - https://hiveonboard.com/?ref=whywhy
Peaked - https://peakd.com/register?ref=whywhy
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Exchanges where I trade Crypto (Affiliate Links):
BitVavo Exchange- European. Higher trading fees (0.25 %) & Great Customer Service - https://bitvavo.com/?a=C21A94C2FD
Kucoin Exchange - Hong Kong. Okay, trading fees (0.1 %) & Contains a lot of low cap gems. Customer Service takes time - https://www.kucoin.com/ucenter/signup?rcode=rJ821BX&lang=en_US&utm_source=friendInvite
Bitmart - Global (USA allowed) Low, trading fees if you use BMX (0.025 %) & Contains a wide variety of coins - https://www.bitmart.com/en?r=7XFCVy
Places where I do my Staking
Celsius. Celsius Network provides a platform of curated services with fair interest, zero fees, and lightning-quick transactions. You can store your crypto and get rewards or lend crypto with low fees. Celsius has been around since 2017 and stated to always have the best interest of the community in mind. My experience so far has been good although I will not stake all my crypto with them...NYKNYC