The following information is only my opinion and in no way financial advice.!!!!!!!If like me you always wanted to try and trade you may find one the best ways to start is to trade cryptocurrency. I found this method easier than Forex but you must be mindful of what you are doing. In this crypto trading world you have to be aware of how volatile the market is which means it may go up or down by 20% or more per day.
You can be two times of trader which are a swing trader or a long term trader also know as a HODL which means you hold for the long term for some big gains. At first I started out has a swing trader but found this very time consuming and made me miss out on to much life and also was forcing trades to try and meet a target that I had set. Now instead I just buy certain coins and hold them until the rise in price.
My trading plan is rather simple which are in this order;
- Research as much about the coin as possible, do this by looking at the coins website, looking at the roadmap and following their social media accounts. If you don't know what the purpose of the coin is after viewing this then I normally avoid. (do you want to invest in something you don't understand)
- Follow the coin for a number of days to get a better understanding of the price action and to gain confidence in what you have learnt about the coin.
- When you have done these steps do more research on the coin as you may now have a better understanding of the tech behind the coin to make a more educated decision.
- If after all the above steps are done and you are happy with everything then look and buying some of the coin. This is where I normally have an idea of the price action of the coin and I ONLY buy when the price is down or in the red. Cause if you buy low you will always be able to sell high.
- The last tip is if your a long term holder never ever panic sell as you will lose more in the long run.
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