It’s time to make sure that you’re ready to run with the Bulls.
(If you leave this to chance, you’re dead to me.)
Capeesh.
Friendly Advice For Your Consideration
Setting up accounts on more than one exchange will serve you well. I recommend having access on a minimum of 3 different exchanges.
Choose exchanges that have some operating history and are larger.
I’m not joking. If the exchange that you’ve chosen to use, isn’t big enough they may not have the physical coins in their actual possession. They’ll happily over-sell to you and take your funds. Then, they’ll lock you out of your account while they fain maintenance or administrative issues so that they can procure your order. This will mean that you wait, unable to access or trade. This will cost you coin and lost gains on trades you could have made while hours and days go by. Choose your exchanges wisely.
- Once you’ve secured your coin (if it’s not on your long- term hodler list) keep a certain percentage on the exchange(s) that you plan to actively trade with. The rest, secure in a wallet of some description.
During the Bull run of 2017, we witnessed great difficulty even being able to make accounts on the exchanges. They just couldn’t process the physical volume of business that they were hit with. It took 3 weeks just to get your foot in the door. My advice: get in the door before the panicked crowds even try.
- Do not leave coins (that would hurt you to lose) on the exchanges. (I cannot yell this loudly enough. Not all exchanges are regulated. Will you be protected? Who knows.)
In 2017 and 2018, exchanges were hacked. People lost because they left their assets vulnerable on exchanges. There is no insurance. It takes time to organize and protect yourself. Leave time for this. What’s the point of being an early adopter if your coin is stolen because you didn’t take the time to stow it away properly?
- Make yourself a trading strategy. Start by researching the companies associated with the coins that interest you. Is the management team accomplished and organized or, are they running on a wing and a prayer?
This is an action plan related to “what” coins you plan to trade for and “when”. Consider the gains you want to realize from the coin. Choose your entry and exit points. Monitor and be prepared to trade when your benchmarks are achieved. Some coins you will trade with some semblance of speed. Some coins you will hold onto long term. It’s important to have a mix of different coins. This will give you the most flexibility and lower your risk.
With everything in order (because you’re prepared) the sky will be your only limit.
I hope you ALL soar. Rebecca ;)