It’s tempting to write a reassuring, average article about how now is the best time to buy crypto. Bitcoin and Ethereum are down, and altcoins just got a whole lot cheaper. But this assumption isn’t always right.
However, I read something on steemit recently that contained some really good advice. The quote that stuck out to me was that “If you look around you, and can’t tell who the sucker is going to be, then it must be you”.
Looking around the web, steemit especially, you’ll see plenty of winners, and probably not as many suckers. This is the lense they want you to see them in. For the most part, people don’t enjoy displaying their massive losses.
If you catch yourself wondering why this isn’t you, and if you always find yourself on the wrong end of the market movements, then it’s time to take a realistic look at your investments. It is all too easy to compare your situation to someone else’s, and try to recreate their success.
Everyone has their own financial positions, limits and risk tolerance. Therefore everyone’s trading strategy should be personalized. Looking at how much you are putting in, when you are buying, and what merits your buys are based on is important to this personalization.
There is no exact formula that you can just follow for success in this market. The best way to learn, is to play trial and error with amounts you can afford to lose. Develop a strategy that you know works, from your own experience.
For example, I have relatively small amounts that I’m able to invest in crypto. I’ve found that my best margins, for the money I have, come from cheaper coins that still hold consistent value.
Coins like litecoin and ethereum classic have always bounced from irrational drops, presenting easy buy opportunities. I’ve had plenty of losers, no doubt, but the importance is in finding the things that work, and adjusting to use them to your advantage.
You make a good point, but I would say it is also important to be able to examine what others do and learn from them. Understanding the behaviour of other traders is definitely going to help you be a better trader.
Most definitely! I didn't mean to imply that you should never listen to others' insights on trading, rather to use them to form your own strategy. Thank you for clearing that up.