Probably it was not the most ideal to get into crypto business only a few months ago, but BTC going up to almost $20,000 sent an obviuos message to the ones, who never dealt with crypto earlier, like me. For those who enter this business might need to read a few or more analysts' published idea to compare them, and understand what to see in charts. Then you might feel the need to look up meanings of special expressions and abbreviations, such as FOMO or H&S, bears and bulls, etc.
Then when you feel like you dare to step forward and get into action, you will soon see, that the amount of crypto you initially had, starts to be less and less. Here are some advice from a beginner, who just lost almost the half of his money since starting 2 months ago, but seems to start getting back them:
1. Decide, what is the maximum amount of money, you start with. After you lost some part of it, meanwhile you learnt how to trade, you probably start to get them back. I suggest you not to exceed the starting investment, until you are able to get back your initial lost, by having successful trades. You do not need a fortune to be a good trader, you just need practice, with a little of your own money.
2. Avoid borrowing crypto for trades such as shorting at least you completed step 1. Otherwise you might end up soon by exceeding the starting investment.
3. Do not deal with the prices and that how much your crypto worth in fiat money. Focus on accumulating more and more amount of crypto. They will eventually worth a lot, if prices go up.
4. For step 3 to accomplish, a good pair is BTC/USDT. USDT is something that explicitely tries to be around $1 exchange rate. This is easy to understand and deal with. BTC is a good start, and anyway, most of the alt coins follow BTC movement more or less, so why bothering with alt coins at the beginning?!
5. So what my suggestion is to keep track of the price movements, and own the BTC with full of your little money, and when you feel like the price is dropping, sell BTC and buy it back cheaper. This way you will not sit in front of the computer 7/24, and with this short timeinterval actions you can accumulate BTC a little more and more. You will find out the rest meanwhile.
Br,
Tyke
Then when you feel like you dare to step forward and get into action, you will soon see, that the amount of crypto you initially had, starts to be less and less. Here are some advice from a beginner, who just lost almost the half of his money since starting 2 months ago, but seems to start getting back them:
1. Decide, what is the maximum amount of money, you start with. After you lost some part of it, meanwhile you learnt how to trade, you probably start to get them back. I suggest you not to exceed the starting investment, until you are able to get back your initial lost, by having successful trades. You do not need a fortune to be a good trader, you just need practice, with a little of your own money.
2. Avoid borrowing crypto for trades such as shorting at least you completed step 1. Otherwise you might end up soon by exceeding the starting investment.
3. Do not deal with the prices and that how much your crypto worth in fiat money. Focus on accumulating more and more amount of crypto. They will eventually worth a lot, if prices go up.
4. For step 3 to accomplish, a good pair is BTC/USDT. USDT is something that explicitely tries to be around $1 exchange rate. This is easy to understand and deal with. BTC is a good start, and anyway, most of the alt coins follow BTC movement more or less, so why bothering with alt coins at the beginning?!
5. So what my suggestion is to keep track of the price movements, and own the BTC with full of your little money, and when you feel like the price is dropping, sell BTC and buy it back cheaper. This way you will not sit in front of the computer 7/24, and with this short timeinterval actions you can accumulate BTC a little more and more. You will find out the rest meanwhile.
Br,
Tyke
The problem was, that what BTC was doing the last 12 months is dropping or staying low. If I would ever know it in advance, I would stay out of it, which is really hard to accomplish. Imagine, that you wait 2 months to have a Crypto vallet in the heat of BTC crazyness at the beginning of last year. Once your account is confirmed and loaded up with money, the one thing you see is a drop in price, which would normally say: stay out of it, until it reaches the bottom. I should wait to buy BTC 12 months after initial registration to be a successfull trader.
Well as always, there is a chance that a lower bottom exists, than the all-time-low and be careful, that when it is 3000 and drops only with 1500, your money will worth only half of it as before the drop. Probably we can say that there can is now space for longs or at least some swing-trades, but volume will tell you that. Without volume, we are subject to whales.