Hello friends Steemians
Today I want to talk a little about how to market our currencies and succeed in such a volatile market.
I must begin by saying that I am not the most expert, however in these first months of the year I have been very involved in this world, and I must confess that this activity is already part of my daily routine, every day I evaluated the behavior of the coins inside of a changing market and of course I keep track of the ten most traded currencies, including the Steem and the Steem Dollar, this evaluation has allowed me to obtain my own statistics that, although they will not be the most accurate, have led me to take Good decisions.
In this post we will explain a bit what are the key points to make trading with cryptocurrencies, but not before clarifying that it is very important to take into account that cryptocurrencies move around Bitcoin, which means that they rise or fall according to how the cryptocurrency is in that moment. A clear example that I can give you is that of the Forex market, where all currencies move around as the US dollar is quoted, because that is how the cryptocurrencies behave in the market.
Then we begin:
1. The first thing we must take into account and it is very important to have it clear, is that if we are entering the world of cryptocurrencies, these are investments with a high risk, which have the potential to make a lot of money or lose it.
2. The second thing we must do is put together an Excel chart, which allows them to keep a record with the 5 or 10 most traded currencies, according to their interest, for that, I create a file in Excel where every day and for every coin I record the date, time.
3. Third, register in the file the price that the currency currently has in the market, I trust CoinMarketCap and consult the page three times a day, which allows me to have a perspective of what is the best time to buy or sell. Now if you are a cautious investor, the investments in cryptocurrencies are not the most indicated for your portfolio.
4. Fourth, I have read from expert people that it is advisable to diversify the investment, that is, if you are going to buy try to do it in several cryptocurrencies, do not do what the phrase known by many says: "Do not put all the eggs in one basket "because if we get bad investment would lose everything, in addition to the diversification of currencies we could find which of them could potentially become the next bitcoins.
5. Fifth, if we start to market we should start in the short term, this can give us good returns of profit, now, if we invest in medium and long term investments this could become a key factor to make a big difference, there is a example that a specialist published in a note that showed this clear example:
"People who bought Bitcoins in 2009 at a price of US $ 0.10, and sold it some months later at US $ 5, multiplied their investment by 50, an incredible return for any speculator." In contrast, the people who had the most patience and waited a few more years really made a difference. Do you understand the point?
"People who bought Bitcoins in 2009 at a price of US $ 0.10, and sold it some months later at US $ 5, multiplied their investment by 50, an incredible return for any speculator." In contrast, the people who had the most patience and waited a few more years really made a difference. Do you understand the point?
6. Sixth, when you have prepared your investment portfolio, clearly detail which will be the cryptocurrencies in which you will invest in the short term, and which in the medium and long term. Let's not forget that if we want to make a difference in this market, you must find out what the future Bitcoinst will be.
7. Seventh, if they invest in a cryptocurrency and see that they do not obtain the desired results, they simply sell it.
In all this time they carry the cryptocurrencies in the market (Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Dash) have shown us that they raise their price steadily, even though in recent weeks they are constantly fluctuating.
The main advantage of the cryptocurrencies with other markets is that the volatility is very high and its liquidity too, as new investors, exchanges, funds, etc. constantly come in.
At the moment of writing this post and according to the CoinMarketCap site, more than 800 cryptocurrencies are currently being negotiated. Probably very few will achieve success and will stay in the future, that is why we must be vigilant and get our own statistics, that will help us to assess the behavior of currencies and their existence within the market.
Friends Steemiants there are infinities of tips and tips to try to be a successful trader, both in cryptocurrencies and in conventional markets, I am in that way and that's why I keep investigating. For a second installment I will be sharing how you can buy cryptocurrencies more than anything for people who are starting out in this world.
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