HOW TO MAKE YOUR FIRST EARNING TRADING #CRYPTO FOR BEGINNERS:

RT FOR OTHERS

This thread is very important.

First, you need to choose a Cryptocurrency broker.

You can choose from either of the following;

1. Binance
2. Okex
3. Kucoin
4. Huobi
5. Bittrex
6. Quidax
7. Trust wallet
8. Blockchain
9. Paxful
10. Coin base (doesn’t work in some locations).

How do you select the best Crypto currency to trade?

There is no single best cryptocurrency, but there are best cryptocurrencies for certain use cases. E.g Bitcoin is the best cryptocurrency to use as a reserve asset because it has the most widespread adoption & a finite supply.

Decentralized finance (DeFi) cryptocurrencies are some of the hottest altcoins of 2021. Altcoins are a general term for any cryptocurrency other than Bitcoin.

You can check them here >> https://coinpare.io/defi  and make research on anyone of them you like to trade.

Download Coin Marker Cap & Coin Gecko. What does these two app does?

CMC - shows you the coin market cap of crypto, historical data, real-time price chart, what it’s use for and loads of other stuff. Check the pictures below for better understanding

CoinGecko - Is a crypto data analytics platform for tracking cryptocurrencies and blockchain assets worldwide. - Real time pricing data, trading volume, market capitalization

Check pictures below for more details

There are other platforms / apps where you can get the latest financial / blockchain news e.g Cointelegraph, Yahoo finance, etc.

These apps / platforms gives the best update on any coins you decided to venture for after checking their market cap

Which is better large cap or low cap ?

Large caps are shares of well-established companies that have a strong hold on the market and are usually considered as safe investments.

Most beginners go for coins that the price are cheap compared to major coins like $BTC, $ETH, #bnb $LTC $BCH

Don’t Buy Simply Because the Price is Low. The decision to invest in a coin should have very little to do with its affordability but a lot to do with its market cap.

There are more 4,000 crypto currencies in existence. Once you decide on one to trade, do proper research on them and check if it’s not rug (scam), the real world use, their white paper, audit, backing, support, historical data & the likes using all those apps i mentioned earlier.

Another way to check for a coin is using Twitter. For example type $XVS into your search bar & look at the tweets of CT influencers or people talking about the coin. If you feel like it’s worth giving it a shot after your initial research, then you can go for it.

Don’t trade a crypto currency because of a certain person, always DYOR. Don’t borrow money to trade. Don’t be too greedy. Manage your risk properly.

Crypto reward patience & risk takers

As much as you can reap profits in thousands in a day or less, the opposite is also true. You can lose everything you invest in digital assets in a flash of a second. So, the best way to get past such uncertainties is through diversification.

Now moving on to trading the asset & how the millions are going into your account.

Take #dogecoin for example, let’s say by January 17th when the price was at $0.009229 you bought it with $100. Now #dogecoin is at $0.58 cent as at the time I’m making this thread. Your $100 would’ve been $5,069 by now. Just in space of 4 months

Yes, Elon Musk was tweeting about it but is it a good financial advice to trade because the richest man in the world is talking about it? IMO No.

Look at the market cap & other stuff I mentioned earlier about this coin before you invest it.

Spotting a good coin like this is very key into making your first milli. Which is why you need to be careful with the kind of information you consume, some are bad for you and it can lead to you losing all you’ve saved.

Don’t ever buy the top. What I mean by the top is when a coin makes a new high, don’t buy it there. Wait for retracement & do your technical analysis to spot a good entry for you to buy.

Let’s say when #bnb was at $638 & you bought it, as at current market price you’re in loss

Now how do you handle the pressure of not selling your bags so you don’t lose those millions you’ve in store when there seems to be turbulence in the market ?

I for example, I just close my apps & don’t look at them for a while. Or I buy more dips to increase my portfolio.

I need to repeat this again, please don’t be greedy with your profits. A $1 profit is better than a -$1 loss.

Whatever profit you’re making is better than having a - on your portfolio. Don’t sit all day trading, go out & live normal. There’s always another opportunity in crypto