Best advice on how to trade and stay calm!

in #crypto6 years ago (edited)

For anyone who is new to trading and is down because of TRX, PAC or any other coin..
I think it's good time for some comforting advice.

Here are some tips that might be helpful.
It's a strategy that will help you to get trough some very rough waters that we all know happen in crypto world all the time...and now we are experiencing exactly that with a lot of coins in our portfolio diving under -20%.

1st of all.
No matter how bad is the situation try not to see yourself in a hole.
Just think of it as the cost of education. Whats gone is gone, don't try to all in another coin to try to make your money back over night. You'll be making the same mistake twice.

2nd.
Don't give up.. these markets will eat you alive if you make plays on emotions (mostly fear.. FOMO, Fear of missing out).
Have a strong head and take emotions out of trading.

3rd. Don't look at the market as a place to make money.. 90% of people who enter the stock market lose money. Crypto is the exact same, the only difference is the blockchain tech has an overall long term potential. Your goal is not to 'make money', your goal is to 'not lose your money'.

  • Lock in gains when the come and don't be greedy..
  • Buy and sell in stages. I entered TRX yesterday at 12 cents.. it went down today, so instead of being a bitch about it, I bought more at 10 cents..now my buying average is 11 cents instead of 12 so if it goes back to 12 I make profit instead of just breaking even (those aren't my exact numbers and there is a more complex break down of percents but you get the idea.) ..And do the reverse when you sell off.. don't wait for a 400% gain to take out 100% of your investment.. take out some of your investment at like 50% or 100% or some shit.. have a strategy and stick to it.. don't be greedy.
  • If someone else is making big money on something youre likely too late to the game.. do your own research and dont just follow what other people say. (except me, im a fucking genius.. just kidding .. but i will rarely recommend a specific coin at a specific time. im not your financial advisor and neither should a random youtuber or person on the Internet.)
  • Google the coin and read the whitepapers.. and ask yourself "why do I think this coin will grow" and "why should I give this company my money."
  • Most importantly, it kind of goes without saying. Never 'all in' anything. Diversify. If you're wrong about a coin at least you were right about 4 other ones. (I recommend keeping 40 - 50% of your portfolio in btc or eth (at least for now, this will be the most I will ever recommend anything thats not a 'catch all tip') Just in case alts blow up. Then try to just make more btc with alts by trading.. or rather try to not lose btc with alts.

If you stick to this you may not make 500% over night but I promise you will see consistent gains over time or at least you have good management of risk. .. there will be bad days so don't give up and there is no such thing as too much research.. you're investing in the quality of your research, not the coin.

Trade smart and good luck ;)

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"Whats gone is gone, don't try to all in another coin to try to make your money back over night. You'll be making the same mistake twice."

I have lost lot of money doing this mistake :( . Learned from that mistake. now invested most of my money in Ripple and some money in various coins like verge, digibyte, siacoin, etc. Last two days were tough :) , but not traded a single coin, just waiting for the market to rise again

I feel you! Done that far too many times before myself haha

My overall portfolio fell at least 25% down but I can fell the new upward wave coming harrrrd! ;)
So HOOODL!