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2017 has been one of the most remarkable years for cryptocurrencies, despite countless warnings that the ‘bubble’ was about to burst. The breakout year saw Ripple top other cryptocurrencies in gains with an astounding 36,000% rise. As a result, novice investors are flocking the rapidly growing market to get a piece of the pie. However, the real challenge is deciding which cryptocurrency to invest. “While blockchain industry is booming, it is a difficult task for a new investor to ‘be in the right place at the right time’ with cryptocurrency,” says Alexey Burdyko, Founder, and CEO of Play2Live.
The intricacies of trading are intimidating, especially when you’re dealing with a subject matter as complex and uncertain as cryptocurrencies. New investors often buy highly volatile coins, chasing price, and sells them at the slightest sign of red in panic. With over 3,000 cryptocurrencies in existence today, it is crucial to identify an investment-worthy coin. “There are virtually hundreds of altcoins you can invest or trade, yet, almost 90% are outright scams or copycat projects with no growth prospects,” observes David Drake– a seasoned crypto expert and Chairman of LDJ Capital. The cryptocurrency world is a fast-paced market where you just can’t jump into trading and expect to make a fortune without appropriate knowledge. Your intuition plays a major role in crypto trading, and some basic research should help you identify a suitable digital coin. This doesn’t mean you have to grasp all the technical concepts of each currency, but you’ll need to read extensively to make a very informed decision. You can also act at the direction of proven industry experts. “It would be important for investors to either educate themselves or be directed by those who are actual experts when it comes to investing or trading cryptocurrencies,” says Sam EnricoCEO of DocTailor.
Ultimately, cryptocurrency trading will make big winners and losers, but your place between the two largely depends on your prior understanding of a currency’s potential. Garth Howat, CEO at Baanx.comLtd, recommends that investors should focus on a currency’s growth prospects, team, and business idea when conducting research. “Make sure you study the market carefully, buy the dip where possible and look for long-term, highly promising Cryptocurrency with sound business, team, and prospects.” If you’re done with your research and can’t understand why crypto is valuable, don’t try investing in it. The majority of these coins will fade into obscurity.
A trading strategy also determines the type of currency to be selected. For example, a suitable coin for active trading may not necessarily be ideal for long-term investment. Even so, coins with significant trading volumes are preferable. Volumes can help you infer the direction and movement of a coin.
It’s still quite difficult to tell precisely the currencies that will stand the test of time or even those that will flop. For this reason, having a portfolio of currencies is a great strategy. “Invest in 10 different cryptocurrency that has a good long-term prospect. Even if 9 fizzle, 1 will return 100x and sizzle. This way you have 10 different ways to return your investment a good 10x net gain,” recommends Steve Kuh– Founder, CTO of Group Project. Noneed to say, committing all your investment into one currency is a recipe for disaster.
N/B: Note that taking unsolicited advice from traders could land you in trouble; advice free of vested interest comes hard in the crypto world.
If this post educated you or helped you, you can kindly upvote and resteem
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Thank you
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Using irrelevant tags, especially popular tags, makes it hard to find good and relevant content.
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Hi starchy!
I noticed you have posted many times since you began your journey on Steemit. That is great! We love active partipants.
I do want to point out that the Introduceyourself tag is meant to be used once only to introduce yourself to the Steemit community. You have now posted 22 times using the introduceyourself tag. Please see this link for more information Tag Spam?
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Ok sir, i will put that into consideration
Welcome to Steem @starchy.
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Hey @starchy. I notice that you this article from https://www.coinannouncer.com/new-cryptocurrency-trading-heres-successful/ but are trying to make it look like it is your own. This is plagiarism. If you want to improve your rating you should not do this. If you want to talk about an article you should hyperlink to it and then discuss it in your own words. Also, don't use the introduceyourself tag for posts that aren't introducing yourself.
Ok sir, thanks alot