I played the altcoin game when everyone was mocking me saying it was getting slaughtered back in October to December and never going to return alive. Now it's doing the slaughtering and I've made a killing. I'm moving back to Bitcoin now while everyone thinks it is going to die. I'll always be "controversial" or against the grain because it's built into my blood from being a value investor in traditional markets. Except I've accepted all cryptoassets are overvalued right now so I just pick ones that are out of favor with serious momentum potential.
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I'm really new to trading, been doing for 2 weeks, and to be honest, there was a lot of times were I've struggled not to "follow the sheep". The FOMO sometimes hits me hard emotionally.
But fact of the matter is, all the times I resisted the FOMO I escaped a price drop 90% of the time.
So perhaps the attitude of not beeing afraid to be agaisn't the norm is vital for sucess in trading.
Controlling your emotions and risk management are both vital to trading successfully. You're lucky to have stumbled onto Cryptovestor so early on. I would also advise that that you pull yourself away from crypto charts (I know, that sounds very unsexy, but hear me out) and dig into a few books relating to both fundamental and technical analysis as well as trading psychology. There are a TON of good trading books out there relating to the stock market that translate very well to crypto trading. One of the books I found to be most useful was "Trading Beyond the Matrix" by Van K. Tharp.
Additionally, there is a plethora of great information on http://www.newtraderu.com/ by my esteemed Facebook friend, Steve Burns. I would highly recommend that you check it out.
Yea I dunno if its a good luck charm, but I'd say that around the time that I started watching Cryptovestor and his other vids is around the time I started doing really well in my crypto portfolio to the point in which I was able to diversify my funds beyond my initial investment and spread to multiple exchanges and wallets.
I've learned to set stop losses for all my crypto coins and while there were the few times where I got whiptailed out of the coin, most of the time when my stop losses are triggered I was able to avoid a 50-80% further drop in price, thus ensuring for example that when I was up $1000 going to bed that I woke up with at least $600-$800 still without having it drop to $100 gain or even worse losses.
I think the key to "gambling" with crypto is to not bet more than you are willing to lose like everyone says, and to diversify your funds and not go all out on that one random coin that is not in the top 100. Right now I'm just making random bets here and there on some of the lower cap altcoins while keeping my main in ETH/LTC.
That's the name of the game. If you are "gambling" on cryptos then you want to be playing the role of the Casino, not the Gambler. The house always wins. With a proper system that provides a positive expectancy and a set of trading rules that take emotions out of the equation, you can be the casino.
I gentleman I've interacted with a good bit though social media named Richard Weissman wrote a good book about just that called "Trade Like a Casino: Find Your Edge, Manage Risk, and Win Like the House". It's a fairly technical read, but I would highly recommend it.