So you stumbled upon crypto or maybe a friend told you about the exciting world of cryptocurrencies. You decide to get involved but after you’ve created an account on a crypto exchange well what do you do? what’s next for you as a beginner well don’t stress this article has got you covered with some bulletproof strategies to help you along your journey. We will discuss the 5 best crypto strategies for beginners.
5 best crypto strategies for beginners to use even if you are a beginner or a seasoned crypto enthusiast or trader you can follow these strategies.
1- Learn as much as possible
2- Follow Crypto Industry Leaders & News
3- Analyze a Coin BEFORE you Invest
5- Have an Exit Strategy
Learn as much as possible
It’s the best crypto strategy for beginners, If you want to learn as much as possible, now google can help power all sorts of knowledge regarding cryptocurrencies and blockchain-related applications. To learn about these topics, first of all, learn all about the crypto jargon like HODL and the dynamics like pump and dump. Youtube also has a lot of blockchain and cryptocurrency-related material, you can go through that to build up your knowledge. Now, this is one of the best crypto strategies to implement before you jump into trading or buying, or selling.
Follow Crypto Industry Leaders & News
It’s the best crypto strategy for beginners, Follow some of the crypto leaders and crypto news. Now for this, you’ll need to really get into the crypto twitter space. Follow the tweets of the important people in the crypto space and pay attention to the crypto market news and movements. Positive news has a significant impact on a cryptocurrency’s demand. It also means that it will help you avoid some of the negative press out there which often acts as fed, which is short for fear uncertainty, and doubt. The crypto Twitter space is filled with tons of info and crypto influences that will help you along your way.
Analyze a Coin BEFORE you Invest
Best crypto strategies for beginners, Analyze a coin before you’re planning to invest and you need to ask yourself four basic questions before finally jumping in.
1- Which market is the coin disrupting?
2- What sort of technology is behind cryptocurrency?
3- Is it easy to use, is it accessible, and is it scalable?
4- Who are the creators of the coin?
5- What are the market sentiments?
Research about the minds behind the creation of the coin knows its market potential read up more about it from sources like coin market cap and coin gecko.
Look at what is the market’s reaction to the coin in other words what is it that distinguishes this coin from its peers? Now some advice please be aware of the FOMO factor.
FOMO: Fear of Missing Out
Do not invest because other people are telling you oh you’re going to miss out on this opportunity don’t do that.
The best crypto strategy for beginners is HODL. HODL in the crypto world means holding on to cryptocurrencies when things are not going as planned. HODL is not a typo after it appeared in a bitcoin talk forum by a member named cam kubi in 2013 under the threat I am holding. Right it stands for holding on for dear life. This means holding on to your crypto even when the markets are going down.
So no matter what happens to the price you are holding onto this and this is always a good strategy for beginners and for those looking to stay in particular crypto for the long haul.
Have an Exit Strategy
Best crypto strategies for beginners, While crypto markets do generally move in a positive direction it doesn’t mean that they’re always going to do so, and so for this reason you need to have an exit strategy, which will allow you to take your profits and get funds into your local currency.
Now, this all depends on what you are looking to achieve so for each one it will be a little bit different. Don’t wait for what you believe is going to be the top selling price of a coin. Take profits along the way as the price moves up so that you can ensure that industry you are always winning. You can also make use of some stable coins which will help you hold on to the value of particular crypto because it’s pegged to a currency like the us dollar or the south African rare. So guys I hope that this article helps you get started in the exciting world of cryptocurrencies.
HODL is the best crypto strategy to earn more. You can earn great rewards if you HODL, Hold For Dear Life.
Start with little investment as many exchanges even allow you to invest as low as $10. Start with low investment with the passage of time when you earn you also learn then start increasing your portfolio.
1- Choose your preferred method for trading cryptocurrencies.
2- Discover the workings of the cryptocurrency market.
3- Get a bank account.
4- Create a trading strategy.
5- Choose a platform for trading cryptocurrencies.
6- Open, watch, and close the first position you take.