For a few months I’ve been monitoring the performance of crypto assets to gain a sense of where the market is heading. The pattern my teacher at school taught me, where you get early, pray clean your teeth, and eat your breakfast has changed to getting up, praying, and surfing the internet (starting at coinmarketcap) to determine what crypto assets are in red.
The first quarter of 2018 was not a great one for altcoins, and other relatable assets. Their performance was affected by the constant rumors of bankers that the crypto bubble was poised to explode. However, many cryptocurrency enthusiasts continue “HODLing” on and truth is, they’re making big profits.
In the last few days, Bitcoin retraced to almost $5000. Bitcoin Cash was close to $500, while Ethereum reached a level of peace at around $300. Every coin was hit apart by newcomers, which were in the excitement phase. At the time of writing, crypto signals telegram Bitcoin is back on the right track, and is currently trading at $8900. The price of other cryptos has nearly doubled since the uptrend began, and the market capitalization is now at $400 billion, down from the current peak of $250 billion.
If you’re slowly warming up to the concept of cryptocurrency and would like to be a profitable trader, the guidelines below will help to get started.
Practical advice for trading in cryptocurrency
* Begin modestly
You’ve heard about how the prices of cryptocurrency are soaring. You’ve likely also received announcement that this trend could not last very long. There are naysayers who, while respected, economists and bankers, typically refer to them as schemes to make quick money with no solid foundation.
These news could make you make rash investments and not be able to manage your investments. A quick analysis of markets and the most cause-worthy currency options will yield you a decent return. Whatever you decide to do, do not put all of your money in these investments.
Learn about how exchanges function.
Recently, I came across my friend share a feed on Facebook about one of his acquaintances who decided to trade in an exchange. He did not know how it works. This is an extremely risky decision. Make sure you review the website you are planning to use prior to daily signals making a sign-up or, at a minimum, prior to trading. If they have a dummy account that you can play with you can use it to see how the dashboard appears.
* Don’t be a slave to trading everything
There are over 1400 cryptos to trade, however it’s not possible to handle each one. If you spread your portfolio over many different cryptos than you’re able to effectively manage will reduce your earnings. Pick a few of them, and read about them and how to obtain their signals for trading.