1. Investment Budget
You should set a plan to focus on what budget you have to make a trade with your crypto.
Here is an example, Tyler has $1000 for investment in cryptocurrency. $1000 seems like has a lot of big choices. But he only chooses to trade bitcoin daily. After 1 month, his $1000 turned into $502.
The question is why he only traded with bitcoin. For me, Bitcoin is a holding investment. It was hard to do Day Trading because the amount is oversized. It is hard to pump a lot in only 1 days. If I were him, I would like to choose a small amount of cryptocurrency like OMG, EOS, ETC, XRP. They are way better to trade with $1000 Amount. I have tried to turn $500 into around $850 with these coins. So don't only target 1 coin.
2. Buy High Sell Low
A lot of people always buy high and sell low. In economics way, that can't make any profile. But what happens when you do if you buy high and next day fall. I have 2 option for you.
The First one is simply just holding it for a few months. Why? Because you need to make it a long investment like stock. If you don't sell it, you haven't lost any profit.
The Second one is more difficult and has a risk. Sell it at low and keep trading back to the original amount, this is the one I don't want to suggest to a newbie because they haven't do any analysis to trade.
3. Trading Target
I think the best way to earn in daily trading, you should set a target how many cryptos you earned. For me, my limit is the amount of 5%. I know it not hard for me. But you won't know what happens in the next day. So I will set a goal for me to be a better trader. Don't remember you should always buy dump coins that are top50 from Coinmarktetgap.
4. Didn't do an analysis before
I have done a lot of analysis chart or graph in my Instagram account. You don't need to make one like mine because you can use the exchange one to analysis the price predictions.
I will do a tutorial on how to use exchange inside analysis and another analysis tool for free. But you can watch the news to analysis the price prediction, it is an important way to know the market.
5. Push All the money
A lot of people only focus on trading one coin. It has a lot of benefit from it but I would choose trade multi-coins.
One coins Advantage: Can more focus more on the coin
One Coins Disadvantage: High Risk, Low profit.
