As a newbie in #crypto you’ll struggle with a lot of stuff.
This thread is on resources to help you navigate the ecosystem and make sure you invest on the right crypto currency.
RT FOR OTHERS 🧵🧵
First, this isn’t going to be easy. So prepare your mind to study every given links or resources to help you sharpen your trading skills.
Before you need to understand what Bitcoin, crypto currency is & what’s driving the craze
Watch this 👉🏾
For most people in this past of the world we use “Binance” app to trade. Lately there is an issue with their verification process, so most people are not able to verify their account well.
Don’t worry tho, you can still trade (buy / sell) with it, just that you can use p2p.
Since the crypto ban in Nigeria, you can only buy/sell via the p2p platform or via a crypto vendor.
The p2p can be complex for a newbie, so here are videos explaining how to navigate the channel & trade successfully
Whenever you’re trading on p2p, always buy/sell with a stable coin like $USDT or $BUSD. The reason is because there are less volatile like your other coins & their value is tied to an outside asset, such as the U.S. dollar.
To make your own research you need these apps. 👇🏿👇🏿👇🏿
Add YouTube & google to the list.
Previously I made a thread on how to use those apps to do your own fundamental analysis
These videos explains how you can do your fundamental analysis on any given coin. You should take your time to watch it, write notes and carry out your own research to practice what you just learned
You can only search for more.
Fundamental analysis takes a lot of time even tho you’re just going to be reading reading a lot of stuff. But patience is key
Don’t be in a hurry to get over it, you may end up overlooking the loophole if you rush yourself to be done with it.
Here’s an intro guide on technical analysis in #cryptocurrency
This isn’t the only video you need btw. Technical analysis is complex. There are other things to know, but you need to decide for yourself if this is what you want to do.
Understanding the basics is key to being a successful trader. Always take your time to digest every little bit of info, don’t be in a hurry to make money.
This is part one of the threads. RT & turn on post notifications not to miss out on the next one
FOMO is fear of missing out. When you see other people enjoying something, you too want to be part of it, so jump in so as to not to be left out. That’s fear gripping you, fear of missing out on opportunities
FOMO might drive you to buy into a coin, not take profits on a coin.
Or you don’t set stops on a coin that has done crazy numbers. This is an idea you’ve in your head that the profit will continue to go up or waiting for a possible reentry will result in you missing out. This fear of missing out is what causes people to buy at the top or...
... hold during a dip after making profits (only to lose some or all of their profits again). People can be said to get FOMO when they act on impulse due to the fear of missing out.
First, HODL is a purposeful misspelling of “hold” that implies holding on for dear life through crypto’s ups and downs. It’s a very good advice, but very hard to pull off through 40-80% price corrections.
HOLDing through 40% – 80% corrections takes a level of grit most people don’t have… and 40% – 80% corrections are common in crypto.
It’s like what you’re seeing right now in the market. Some will sell at this point bcos they can’t stand the loss
HODL simply means to buy & hold #cryptocurrency. For someone that’s new into #cryptocurrency, HODLing is much a better strategy than trading bcos of the risk. Just buy & hold it till price goes up and you can sell. This strategy can also be hard for newbies to execute. Why ??
5 mistakes traders make in crypto currency trading;
1.They want quick money
They’ve zero patient in them & they immediately want to make $$$M amount of money in a short while. Build your profits slowly, start with lil achievable goal with good time frame.
2.Over trading
don’t enter into even trades bcos you want to make money quick. It’s not everything you need to trade. You should only be trading one trade a day maximum. Not more than one trade a day. If it ends in profit great, if it doesn’t end in profit great.
3.Don’t trade with every single penny if you have.
You’ve $10k in your wallet and you want to buy xxx coin with big lot size so you make big profit.
Trade with only what you can afford to lose. Not like you’re going to lose if your setup & strategy is good. Set TP
1. Near infinite scalability. That means they are able to process at least millions of transactions per second and possibly also billions.
2. Near infinite decentralisation. This means that their voting should be distributed over at least 10,000 to 100,000 different voters. That means, they CANNOT be PoW, because PoW suffers from strong mining pool centralization, so the coting is pretty much distributed across only