So this isn’t so much of a “how-to” as it is a brief understanding. There is no “ultimate key” or I would be typing this from a beach somewhere instead of watching the snow falling out my window. However, I have had more fun, (and more frustration) trading alt coins than I have with any other investment strategy in crypto. I learn every day. I’m starting to see trends. I have learned places to look for information.
Some things I have learned that will be invaluable to a newbie getting into this:
Emotion is your worst enemy: Seriously. Don’t trade on emotion. You WILL LOSE. If you feel emotion driving a trade, walk away. Come back in an hour. See how you would have faired, had you sold for a loss right then. Come back in a day, just to see the price in the same place. I have learned this same lesson, over and over, and still make stupid mistakes.
Twitter & Facebook are your friend: Don’t make trades based on what you see on social media, but it is a great way of seeing what the market is going to do. If you see a lot of buzz about a coin, then go research it. If you see people talking bad about a coin, go research it. That brings me to my next bit of info.
Research is your best friend: Invest in a coin because of the technology, the dev team, the future of it. Not just to make money. If you are going to invest, do it because you really feel the coin has a future. And stand behind it!
Be smart about simple stuff: Fees are everywhere. Don’t waste money on stupid fees. Every time you send coins to and from your wallet you pay fees. Every trade you make has fees. By pre-planning your strategy, you can save yourself some money on fees.
Diversify: I know this is pretty typical investing advice (which I swore not to give) but diversifying is a great way to limit your risk, and have back up plans.