I have been asked frequently about specific targets for coins. Want to say something about that.
There are different types of traders. Every trader is unique in his style and only he can use his strategy for maximum profits. There are breakout traders, swing traders, shorters, 1Minute Scalpers, and finally longterm holders.
Having a strategy for your trading style is the most important thing in trading. If you don’t know what is the strategy of your trade entering, how do you know when to sell? If you get into a trade, know why, and where to exit. There are many different strategies in this too, you can sell at a specific price. You can see how strong the breakout is, taking into consideration volume, you can solely trade price action to determine where to exit.
Personally I am longterm holder. I see myself rather as investor than as a trader, because my strategy is very longterm. We are at the very beginning of crypto still. Seriously, who in this world gives a shit about Crypto at the moment? Only Early Innovaters, early adopters, like us lurking on exchanges, trying to get an edge before it all breaks loose.
If Crypto is in the beginning and will have a bright future, why bother about selling now? If you are shortterm breakout trader, sure thats fine, you make your profit, you know what youre doing, but if Crypto succeeds, the only thing you would care about is to buy the coins you see as having most potential for mainstream adoption as low as possible.
I repeatedly said its not the amount you invest, but the timing. The lower you buy, the higher your multiplicator once prices really start to kick off. Today most people on exchanges trade not realizing that every trade in this phase is very crucial. Its a huge difference if you buy DGB at 40 or 80. Just 7 days of movement from 40 to 80, but you would hold double amount of coins if you bought earlier, which means that your profits in the very longterm future will be 2x, just because of this trade. Try to buy low, increase your multiplicator.
Also there is another thing. Crypto is a crazy AF, absolutely unpredictable what happens next day. Coins could die, new hacks or bugs exploited, really everything is possible. If you hold a solid portfolio of coins, you are not only diversified, but if anything happens to BTC, you are more than good, too.
Im just elaborating on my strategy. In the two years of bear market in altcoins I have researched basically all coins and picked the very best 40 I see as having the most potential for upside longterm gain. All of these 40 I bought low, few bags are solely for the purpose of selling later for new projects coming up. So now I hodl. But as this is boring as a trader watching crypto every day, I use to trade breakouts in 1 Minute Chart. Try to sell the top when buy bars getting weaker, trendlines get broken, sell volume increases, buy back at breakout point with a solid 10-20% profit. that means I have increased the amount of my coins by 10-20%, which means I have increased my multiplicator by 0.1 - 0.2. Do that in every pump, and you will be fine. Still holding, just more than before.
If you are new to crypto, think about the strategy you want to pursue. Its fine learning trading the hard way, which usually means paying money for the lessons learned (and I dont mean scams, I mean putting on a bad trade and learn from it). Somehow Bagholding got a synoym for last buyers in a strong spike. It has a bad ring to it. But in actuality, holding is the most profitable move you can make in this game when you spot a longterm trend reversal. ESPECIALLY when you are not good in trading. I am sure there are some traders out there who might outperform “buy & hold” profit margins to an extent. But the largest majority is not. If you are still beginner, trade a small amount, invest the rest. You are investing in the very bottom of the altmarket. All these coins are several years behind Bitcoin. Look at Bitcoins price several years ago, try to spot a longterm trend reversal bottom. Then again, ask yourself, are you really want to sell this for a quick buck and miss the rest of the move when profits rise exponentially in like no time?
Think about it and take care,
CryptoYoda