From a colleague of ours on cryptocompare:
mihaisyblu
1 day ago
Lately, XRP forums have increased much in the XRP forums, causing stress to other users or XRP owners. Many of those who are stressed by the evolution of XRP are actually noobs who have bought expensive XRP or have made their XRP portfolio only without buying any other currencies that are now moving upwards. Others have thought that XRP will grow as soon as they buy and seeing time passes and there is no movement up becoming more and more stressed. I remind you that XRP is a long-term investment with a time horizon of between 1 and 5 years. So, on the whole, what does it mean a few months, when we have a time horizon of up to 5 years? Ripple technology is revolutionary and sooner or later this will be reflected in rising prices. This is not a currency for those who do not have patience. Taking into account the above, we need a post with some trading rules for beginners. First of all I will make an introduction, and below you have the rules.
Here is a classification of capital markets from a risk point of view. Number 1 is the least risky market, and number 5 is the most risky market.
As you can see, Criptomarket is in the middle of this ranking. Capital Markets at No. 4 and 5 have all leveraged trading instruments very similar to smart contracts (X2 to X5) that some of the crypto exchanges have. The only difference between intelligent crypto contracts and other leverage tools is that they are much more risky. The leverage of CFDs, Gold, WTI oil, Futures and Forex varies between X50 and X1000. I do not know how many beginners are aware of the fact that Cryptomarket is a rather risky capital market according to this ranking. Many have not traded a stock listed stock in their life, but have come to trade directly at Cryptomarket. Because of this, many have no idea what trading means and some basic rules to minimize risk and be profitable. I started trading eight years ago on the Stock Market and I have traded so far almost all the markets listed above. The biggest gains I've had on the Stock Market and the biggest losses on Forex. The hardest the market is Forex. Only 5% of traders have steady earnings there. You must have native gifts to be able to cope with that market. Looking at the whole, I am pleased with the profits made so far.
Cryptomarket, it's not a children's play. Whoever believes that is wrong. Cryptomarket closely resembles the Stock Market but gains are much higher (%). Also, the losses can be much higher. For beginners, some rules specifically tailored for Cryptomarket. It is good to follow these rules if you want to make money here. If you do not respect them, you may donate money to whales. If you think that it benefits you, you can save the rules below in your computer.
Never invest more than you can afford to lose. In short, do not put all the money you saved here.
Buy cheap and sell expensive. It is the basic rule on any capital market.
Buy two or three top 10 crypto coins. It's a good idea to have a portfolio of two top three top 10 coins to protect you against risks. If you happen to buy just one coin and even have trouble having you bought it? It will not be good if you only have one coin. If you bought two or three coins, the situation improves. On one of the coins you will lose, but the others will win.
After choosing the coins you want to buy, look at a historical chart of the coins. See where the previous mines and maxims were. Do not buy anyway, expect a correction, and when the market gives signs of resuming the upward trend you buy. (Following the rule in paragraph 1)
Bitcoin is the king here and it's good to always keep an eye on him. Generally when BTC grows most cryptocoyn grows and when it drops the same thing happens with the other cryptocoyn.
Be informed. Find a news site and articles about cryptocoin. Follow the news and articles related to the BTC and the other coins you have in your portfolio. If not every day, at least every three days, it's a good idea to give yourself half an hour to read the news.
When do we sell? If you want short-term profits, it's a good idea to follow a common sense. When you notice that the market has been growing for some time and there is an euphoric state it's time to sell and not regret if the price increases 10-20%. It is good to set a percentage of your winnings, for example 100% winnings. If you notice that the price starts to drop, sell even if the percentage you have hoped for has not been reached. 70-90% profit is better than nothing.
These rules do not guarantee 100% success on this market, but if you apply them you will get rid of many headaches and make you profit. There are a few more rules, but I will not load the memory with them, the ones posted above are the most important and I use them successfully.
