DONT Make These Crypto Trading Mistakes!! ๐Ÿ˜ต

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๐Ÿ“บEssential Videos๐Ÿ“บ

How To Find Low Cap Gems ๐Ÿ‘‰ https://youtu.be/GIfihSBT6Bc
Altcoin Exit Strategy ๐Ÿ‘‰ https://youtu.be/ZGd6O79_MOc
Recent Chainlink Analysis ๐Ÿ‘‰ https://youtu.be/oszRMlrmm6o
Kusama Explained ๐Ÿ‘‰ https://youtu.be/mNSuvYaJ2Vg
Cryptocurrency Technical Analysis (Part 1) ๐Ÿ‘‰ https://youtu.be/lW3eWIj3Q04

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– TIMESTAMPS –
0:00 Intro
1:56 Trading Strategy
4:13 Exit Strategy
7:00 Market Depth
9:25 Trading Volume
10:54 Circulating Supply
13:21 Market Cap
15:43 Fundamentals
19:18 Final Thoughts

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โ–บ Trustnodes Report About LINK Selling: https://www.trustnodes.com/2020/08/14/chainlink-devs-dump

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๐Ÿ“ŠTrading Strategy๐Ÿ“Š

The number one mistake cryptocurrency traders make is going in without a well-defined plan, and most of this involves deciding on a timeline

If you are in it for the long haul, you are better off holding and dollar cost averaging. If crypto is a short term affair, you will have to do your research to find promising altcoins that could 10x or more.

๐Ÿค‘Exit Strategy๐Ÿค‘

โ€œExit strategyโ€ has a different meaning depending on who you ask. While fiat is nice to have, it is losing value by the day. Bitcoin may be a better โ€œcash outโ€ option, even compared to other assets

Profits can be taken in two ways: all at once or gradually over time. Like dollar cost averaging, it is safer to take some profits every time a certain dollar or percentage gain has been made

๐Ÿ“Market Depth๐Ÿ“

Market depth can be measured using the depth chart on cryptocurrency exchanges and on some coin tracking sites like Coingecko

If you see a depth chart where the buy wave is larger than the sell wave, this suggests that there is not much demand for the cryptocurrency being traded

The โ€œstepsโ€ you often see in the sell wave are called sell walls. Sell walls mark a price where a lot of traders will be selling. The larger the sell wall, the harder it will be to push past that price point

Sell walls normally develop around psychologically comfortable prices which may not always match up to whatโ€™s seen in the price chart. The reverse is true for sell waves and sell walls in market depth

๐Ÿ’ฑTrading Volume๐Ÿ’ฑ

The trading volume you see on sites like Coinmarketcap and Coingecko give you a birdโ€™s eye view of the trading volume for that cryptocurrency across all exchanges

This makes it possible to easily spot any volume abnormalities which could suggest price manipulation. A cryptocurrency should have lots of trading volume spread across multiple exchanges

As a general rule of thumb, if you see a cryptocurrency that is trading primarily on a DEX, be sure to give it some extra due diligence during your research

๐Ÿ’ธCirculating Supply๐Ÿ’ธ

Circulating supply is important because a low circulating supply relative to the total or maximum supply means that there could be a risk that youโ€™ll get dumped on by early investors or the team behind the project. This can be easily checked using the grey bars on CoinMarketcap

๐Ÿ’ฐMarket Cap๐Ÿ’ฐ

The larger the market cap of a cryptocurrency, the more money it will take to push its price up. This is why you have to go looking for lesser-known altcoins will small market caps if you want to pull a quick 10x

๐Ÿ› Fundamentals ๐Ÿ› 

Investing in a cryptocurrency project just because you expect the price to go up for whatever reason is the number one trading mistake. Having expectations is the number one killer of crypto gains

More often that not, people will FOMO in in the first few minutes expecting a price pump, and maybe it does pump by a few percentage points. It feeds on itself as those who see the pump try to catch it

Then a whale comes by and dumps on those new investors, leaving them wondering why they bought that cryptocurrency in the first place.

Instead of banking on a boost from some bullish news, take a moment to ask yourself if the cryptocurrency youโ€™re investing in has *some fundamental* value that makes it worth trading or holding.

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๐Ÿ“œ Disclaimer ๐Ÿ“œ

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#crypto #Bitcoin #trading #mistakes #tips #guide

Comments

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Osazee David says:

Please we need a video on XCUR. Thanks

Alexander Anderson says:

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Nick Hendricks says:

Great video

Kyle McMillion says:

As someone who is just getting into the crypto world, I really appreciate all the great information you provide.

D1sc O Duck says:

Thanks for your not financial advise

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Ayoub Hiar says:

Polkadot is actually a blockchain host layer 0 metaprotocol lol, it aint a competitor to eth. Eth as a layer 1 blockchain can build on top of polkadot as a parachain. And then each parachain have its own ecosystem of dapps.

Brian Sheppard says:

I'm down a 1/4 of my profits but the education will be invaluable in the long run. Wish I had watched a video like this sooner. Might have only been an 1/8.

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