Cryptocurrency Trading – Complete Altcoin Trading Guide
Are you here because you are new to the trading world? There are a lot of trading guides on the internet today about how to maximize your profits with the lesser capital needed. But are there any available guides on how to trade altcoins in detail? I find tons of general “altcoin trading guides” with very basic information like where to trade, how to buy Bitcoin at first, what wallet to use etc., but nothing specific about how to trade altcoins if you already know those basics.
Trading doesn’t start when you buy a coin and it certainly doesn’t stop when you sell that for a higher price. Proper trading involves planning before the first purchase has been made. Today, we will be talking about how you should approach altcoins in a profitable way.
The Best Crypto Trading Guide For Beginners
The very best guide for crypt trading beginners by far is the ebook “Successful Crypto Trading for Beginners”. It’s a very well selected compilation of professional trading knowledge tailored for the niche of cryptocurrency trading, so the reader gets the really important knowledge in a highly efficient way how profitbale crypto trading works.
It doesn’t matter how good a guide has been compiled, what matters the most is that if that guide works for what you want to do with your trading career. As a beginner, it is easier to lose track on what you need to achieve (knowledge) and get derailed and focus on profit instead. Making profit isn’t bad but you need to obtain this by a singular approach so that you will be able to understand everything and learn from it.
Trading Basics in General
The basic gist of trading is selling an asset/service for any monetary medium. Basic trading guides are there to help people invest in assets that would eventually raise in value may it be on the next couple of seconds or the next year, the best investments are always the one that was bought cheap and sold for a higher price. Aside from buying at the right time, people should also look into these few basic trading “guidelines” that they should look into.
- Learn the Market – Before diving into the trading world you first need to know which market or asset you are going to invest at. Knowing how the market moves and how you can enter and exit it is the first things that you should be doing.
- Selling – Letting go of your crypto assets at the right time is as important as to when you bought that asset. Traders tend to go on different routes when it comes to holding on to their assets and waiting for the right time to sell. When it comes to altcoins it is really hard to gauge if the token will take off or not. What we meant by that is that not every ICO goes the way as planned due to the number of factors that go around it. As long as you are comfortable with the profit that you are making then sell it.
- ICOs – Initial Coin Offerings are magnets to people that are new to the crypto trading market. This is because of the obvious reason: profit. ICOs promise people that their token will gain popularity if given enough time. Before investing money into newly released tokens make sure that you do a LOT of research before getting yourself fully engaged with what they have.
- Known Coins – Aside from ICOs there are a lot of altcoins that traders can look into investing that have fully launched within the past few months. Basically, these coins are just like ICOs but without the “what if this doesn’t launch?” thought at the back of your head. One of the biggest advantages of investing in this type of coin is that you know you are buying something with “Face Value” and not a “What if” coin.
“Practice makes perfect” but in reality, practice shows improvements. A very wrong perception about practice is that people think that if you do that every single day of your life you will never go wrong. This is completely false when it comes to the trading world. Even in the professional trading world, strategies are used as guidelines and the perfection of one is completely unreal.
There are a lot of broker websites today that offer a good number of coins to trade with. Here are a few names that you should check out:
In addition, choosing the best website for you to make your own trade should be as important as looking for the best coin to trade. As a new trader, always look for websites that provide test accounts for you to be able to get a grip on the whole trading system of the website you have chosen to transact with.
Security is one thing that a new trader of alt coins should sort out. There are a lot of websites today that offer wallet services wherein you will be able to store your crypto assets. One of the best ways to store crypto assets is with the use of offline physical wallet devices. Ever wonder why online exchanges store their customers’ assets offline? Yes, you’re right! That’s because it’s far from being touched by any intruder since it’s not connected to their website. Popular names in the business today are Ledger Nano S, Mycelium, and Exodus. On top of the technological advancements today it is also imperative that you always keep your guard up and never share any of your passwords with anyone.