Altcoin investing advice

The equation is simple — the number of winning trades should be higher than losing trades. The appeal of investing in an altcoin is, generally, the high potential for profit. Not all such projects reward their investors. Large whales drive the altcoin market — yes, the same ones responsible for placing huge blocks of hundreds of Bitcoins on the order book.

Journey To Mastery

This is part 2 of my step-by-step guide to investing in Bitcoin and cryptocurrencies. But aside from Bitcoin, there are hundreds of altcoin investing advice cryptocurrencies that are just as exciting to invest in. And some of them have even higher potential for growth. These are called altcoins. I want to help you understand what they are and how to altcoin investing advice in them, step-by-step. There are a lot of exciting projects aside from Bitcoin, and this guide will teach you to invest in whichever one sltcoin want to.

Have a Reason For Every Trade

Disclaimer: This article is not intended as investment advice. Cryptocurrencies are risky. Never invest more than you can afford to lose. Always seek professional advice before making any investment. Some background on Bitcoin and Blockchain if you are new to the world of cryptocurrencies:.

New Trading Tips For 2019

This is part 2 of my step-by-step guide to investing in Bitcoin and cryptocurrencies. But aside from Bitcoin, there are hundreds of other cryptocurrencies that are just as exciting to invest in.

And some of them have even higher potential for growth. These are called altcoins. I want to help you understand what they are and how to invest in them, step-by-step.

There are a lot of exciting projects aside from Bitcoin, and this guide will teach you to invest in whichever one you want to. But before I begin, let me say again, this is not financial advice telling you to invest in altcoins.

Yes, it is possible to 10x your investment in a month. But to do so is quite rare, and you have to be good or lucky to do so. But if you want to be one of those select few, then you have to be smart about investing. And following the steps below is how you can become one of those select. But aside from Bitcoin, there are hundreds of other cryptocurrencies to invest in.

Altcoins are basically other cryptocurrencies aside from Bitcoin, and there currently are more than of. However, you should only look to invest in the top or ranked altcoinsbecause the lower their rank, the riskier the project is. These altcoins are quite like stocks, in that they each have a price and a market capitalization. You can find the top-ranked cryptocurrencies on coinmarketcap. CoinMarketCap is the most popular place to check prices of cryptocurrencies. The coins here are ranked by their market capitalization.

Their market cap is determined by the price multiplied by the circulating supply. The price of each altcoin in CoinMarketCap is determined by the latest price each coin was sold for, averaged across all exchanges online platforms where that coin is being traded.

CoinMarketCap automatically ranks the coins by Market Cap, and this is where the concept of large-caps, mid-caps, and small-caps comes in. The reason why we need to know what coins are large-cap, mid-cap, and small-cap is because this will aid you in knowing how to diversify your cryptocurrency investments.

This strategy is the one suggested by Nicholas Merten, the man behind the DataDash YouTube channelwhich is my favorite YouTube channel for cryptocurrency news and tips.

I highly recommend you watch his videos. His playlist on Trading Tips is also great. Experts define large-cap altcoins a bit differently from each. Others defined it as the top 5 coins. The top 10 coins as of Dec. As such, large-caps are less risky to invest in, since most of them have been developed for a long time already, and a lot of investors already invest in.

Next we have the mid-cap altcoins. Some examples of mid-cap altcoins as of Dec. These mid-caps are riskier to invest in than large-caps, mainly because some have been around for only a short amount of time. However, even if these coins are riskier, they also have higher potential for growth. By Sept. Lastly we have the small-cap altcoins. These are any of the coins ranked 51st to th. However, if you get a tip from an expert to buy a coin past the topthen you can also do your research and consider buying that coin.

Some examples of small-caps are Iconomi, Zcoin, Bancor, and Loopring. These coins are even riskier than mid-caps, but they have an even greater chance of exponential returns.

For example, as I mentioned above, POWR is now a mid-cap, but it started out as a small-cap only not even in the top I think any of these 5 coins are good long-term holds. However, you can research on your own to find coins you would want to invest in. He also picked out exciting coins to invest in for December and for next year, so watch those videos of his for some ideas.

Remember to also think for yourself and research for yourself though, which you can do by Googling the coin and reading up articles about it. So once you have an altcoin you want to invest in, then you can move on to step If you think you have an altcoin you want to invest in, then now you have to transfer your Bitcoin into an online exchange platform.

So before you can buy altcoins, you usually have to buy Bitcoin. This lets you exchange your Bitcoin for other altcoins, similar to trading in a forex trading platform. You can also imagine each altcoin as a stock in a stock market, and Bitcoin is your currency to buy a stock. Bittrex is a US-based company and has been around for 3. As such, a lot of users on Bittrex trust it. Meanwhile, Binance is a Hong Kong based company and was only launched last July I tried out Binance because DataDash recommended it, and my experience in using it is better than in Bittrex.

As such, I recommend you use Binance instead of Bittrex. But my belief is that the companies behind these websites invest a lot in their security to prevent hackers from stealing money from their platforms. Anyway, so you can make an account on Binance by clicking here using my referral link. You have to download the Google Authenticator app on your phone to enable 2FA, but this will make your account harder to hack.

This will then let you trade that Bitcoin into other altcoins. The last time I sent Bitcoin to Binance using coins. However, when I checked on Dec. When I checked again last Feb. The fee fluctuates based on how many transactions are being done on the Bitcoin blockchain. The red rows in the column on the left are sell orders for OMG, while the green rows are buy orders.

Those are the prices people want to buy and sell OMG. Once a sell order has the same or lower price than a buy order, then the buy order is triggered. This means that a seller has sold OMG for that certain price, and a buyer has bought it at that same price. In the picture above, that means that every 1 OMG bought cost the buyer 0.

The yellow line is a moving average, while the green and red columns below it are the volume indicators. The one at the bottom is the MACD indicator. However, the price it puts by default is usually the last price.

Normally, you want to make your price a bit lower than the last price, so you can save a bit of money. So make your buy order a bit lower than the last price, then wait a few minutes for your buy order to hit. Pretty soon, your buy order will be fulfilled. Instead of logging in to Binance every day, you can instead use Blockfolio. Blockfolio is a mobile app that lets you input how much of each cryptocurrency you have, and it tracks the current value of that in real-time.

Most investors have this, and it gets addicting refreshing it to see your investment value fluctuate so much within a day. Even though he only has about 15, subscribers currently on YouTube as of Feb.

He also holds interviews with notable figures in the cryptocurrency space, so I think it would be great to listen to him and the people he interviews. Another person to subscribe to is Andreas Antonopoulos. The value of any cryptocurrency is determined by whatever people are willing to pay for it. This guide is for the people who want to try investing, and want to know each of the steps along the way.

Ultimately, to succeed as a cryptocurrency investor, these are what I believe to be the main principles you should remember:. I hope these steps and principles help you as you navigate this exciting world of cryptocurrency. So best wishes to you in your investing and trading! As I mentioned in Part 1 of this guide, one way to earn a few dollars of Bitcoin regularly is by signing up on Earn. Then just wait for a company to give you a task or message. If you liked this article, please click that clap button or altcoin investing advice a response below!

Every clap helps me reach more people with my writing :. Get in touch with him at brian hangtimeapp. Sign in. Get started. Brian Tan Follow. Why do I need to know these coin classifications? Large-Cap Altcoins Experts define large-cap altcoins a bit differently from each. Mid-Cap Altcoins Next we have the mid-cap altcoins. Mid-Caps are riskier, but have more growth potential These mid-caps are riskier to invest in than large-caps, mainly because some have been around for only a short amount of time.

Small-Cap Altcoins Lastly we have the small-cap altcoins. So once you have an altcoin you want to invest in, then you can move on to step 3: Step 3: Send your Bitcoin to an exchange platform If you think you have an altcoin you want to invest in, then now you have to transfer your Bitcoin into an online exchange platform.

Bittrex vs.

Please share:. Pigs get fat; hogs get slaughtered. You should carefully consider whether trading cryptocurrencies is right for you and take the time to learn how trading works and decide how much money you are prepared to lose. Even by the time you finish reading this article the market could have recovered or dropped even. Want to know more about how to get started in cryptocurrency? You look for the small gains that will accumulate into a big one. Others may look at hype surrounding the project or major upcoming milestones. Disclaimer Disclaimer: Information found on CryptoPotato is those of writers quoted. Altcoin investing advice order to stay up altcoin investing advice date, find a reliable group of friends with whom to share trading ideas as well as fundamental and technical data. Not only were they not being traded at all, but some projects disappeared with the money, never to be heard from. Clear Stops, Clear Targets: Have a Plan For each position, we must set a precise target level at which to take profit and, more importantly, a stop-loss level for cutting losses. Scroll to top. Share this article. In past years, it was common for Bitcoin and altcoins to exhibit an inverse correlation, i. Hackernoon Newsletter curates great stories by real tech professionals Get solid gold sent to your inbox.