The answer for that is simple.
Be that crazy guy who understands all of these confusing charts, market cycles, tech and watches the computer screen for 12 hours a day and you will have your success...
But this is not probably what you wanted to hear.
And I can ensure you that this is not the only way to do that.
There are easier approaches what you can follow at first as a side hustle to get yourself started to make sure that you will make money here.
If you are getting started then it is important that you enter the market right time. At the moment (while writing this) total market capitalization is $380,509,738,084, which is still okay time to enter, as we are slowly recovering from the latest correction.
But If some of you have come to a decision that you more likely want to take this market watcher standpoint then, of course, do that, but make sure you don't buy in when all of the prices have skyrocketed and then complain when the market has made the correction.
But they told me you can make money here ....
Yes, you can but this market moves in cycles and you pretty much have to do the opposite what the general market does. When it is so obvious and everybody is talking that Crypto will change the world while prices have skyrocketed then it could be a good time to consider exiting the market (just make sure you don't sell too early when stuff starts to take off).
So my point here is, you buy in when there is doubt in the market and the media is mostly negative. This could bring us to that you need to do some "selling job" before to yourself.
If you have made that deep research and have found that confidence in this space, then it doesn't matter if the "China bans Bitcoin" or not. You know in the long-term everything will play out fine with this space.
This leads us to next thing. Take this as a long-term game. Don't just try and make a quick buck searching for shortcuts. It wouldn't be very smart to put in money what you will need at the end of the month, as everything might not go always as expected.
Take this as a long-term investment and put in what you don't need in short-term and you can hold it here at least for a year.
After that keep on learning.
Education and understanding is the foundation. So many follow just other people and invest blindly in their shades and get rekt because they have no clue what they are doing. Your success will depend on yourself not on someone else. Of course, at first you need guidance, but try to learn as much as possible on the way.
There are many Facebook groups related to Cryptocurrencies and you can see people are promoting coins which are not quite the best decisions. I am not saying these coins don't rise, it's just that you can recognize that people are not quite sure what they are doing.
Which brings us to another thing, if there are so many people who have an enormous amount of "faith" in some coin then it doesn't mean that it is actually a good choice to pick. Try to be smart and understand why some of the prices are surging and what is really behind it.
If there are a bunch of individuals saying that this (X coin) will be 100x by the end of the year then this is not a good reason for us to buy in if there is no valid backing of it. There has to be something more (unique tech, concept, team, partnerships, low market cap, news) besides "pure faith".
One way to make money here is that you position yourself before most of the others do and by this, I mean that you actually go to the companies websites through https://coinmarketcap.com and check their roadmap if something is coming up.
Maybe they have a product launch at the end of the month?
This could be a sign for a buy, but of course, you also have to do the background check. Does the product make sense? Who are these people, what have they done before? Do we have competition, what is our difference from them?
Sometimes you can also check which Venture Capital Funds have already invested in the project (try to find confirmations) just to get more of that secure feeling.
All this information, you can pretty much dig it out from the space of the internet. I encourage you to pick a bunch of companies which show interest to you and follow all of their social media channels (Facebook, Twitter, Youtube, Medium, Reddit) and unfollow all these cat videos and useless stuff to make your feed more educational for yourself. As well there are Telegram and Slack chat rooms (some have announcement channels), so you can ask questions directly from the team members.
You could also enable mobile notifications (some Facebook profiles, Twitter tweets, and Telegram/Slack announcement channels), so if something important is being released then you will be one of the first to hear about it which could give you a lot of advantage in terms of timing.
Buy the rumors and sell when the news appear is one motto to go with. Buy stuff when it is oversold and sell when it is overbought and don't fall too much in love with some of the coins. No matter how great the project is, it is still okay to take profits and put it into other projects. Especially if you have been riding something for quite a while and have significant profits, then I would take some of that and put into next promising projects with smaller market capitalization.
As well, one option is to hunt ICOs (Initial Coin Offerings, which is like a crowdsale), where you can buy into projects in the earliest stage with the lowest price, but here I would be extra careful, as there is probably so much stuff which will disappear one day.
Just make sure the people behind it have a solid decent background and get yourself whitelisted, as some of them will get sold out quickly and might never do a sale to a wider public. In some cases, people who invest on the first day, get some extra % of coins/tokens, so always try to get that if possible.
There is definitely good ICOs to be found, as a lot of new players still enter the market who have a quite nice reputation from the traditional business world.
As well I think is important to not overtrade stuff. Take this as a learning process, be patient and don't rush into making decisions.
In the beginning, you will probably follow many others which is not a bad decision, but try to get as many confirmations for yourself as possible and make sure that it makes sense for yourself.
The start is probably the hardest, but as the time goes by everything gets easier and you will start to recognize more opportunities and can begin believing more of your own instincts.
There is a saying - you know when you know :)
Thank you for tuning in guys!
I hope you have found some value from it and even made that decision to get started on this journey.
Check out some of the previous posts:
If you are still having doubts about Cryptocurrencies...Link: https://steemit.com/tech/@heigovannik/if-you-are-still-having-doubts-about-cryptocurrencies
Important things you need to know before getting started with Cryptocurrencies...
Link: https://steemit.com/cryptocurrencies/@heigovannik/important-things-you-need-to-know-before-getting-started-with-cryptocurrencies
Hmm, what is on these other platforms?
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I am on my way to becoming more savvy in the crypto space, eventually it'd be nice to develop something on the blockchain myself. Thank you!
Yes, same plan here :)