First concept: buying and trading a cryptocurrency
- create an account on your vendor of choice, someone that sells the most common coins for your € or $ like litebit.eu
- set up an exchange account like binance.com
- trade the coin you bought on the vendor website with Bitcoin or Eth using an exchange
- from there on you can already get a lot of different coins and make decent profit
The important note to this process is the vendor. It can take up to a few days to get a coin for the wire transfer, if you don't own a credit card. So the prize of the coin could wary by then.
It is best to keep some leverage coin in the vendor most of the time for investing.
Next Step: the Overwatch
Cryptocurrencies tend to be very fast in trends, but clearer in analysis over few days. For the overwatch you need to have either exceptional ability to make technical analysis or know a few decent analysts which you can take as a source. As of now i have little knowledge of so called TA's, thats why i use the latter approach.
This is totally fine as long as you view 2 or more analysts that you trust. They will show you into buy windows of a coin, in which you will be triggered to act on.
But the most important note on an overwatch is not to be greedy, be like the water meeting the sea in the top of my article.
Last part: Drop it like it's hot
Once you have increased a coin enough, doesn't have to be more than a few dollars in total, you should trade it to a vendor coin and sell out.
This process repeated a lot makes you indefinite profit. Maybe not rich but maybe someday you'll be able to invest all of those small dollars into one and make 50s of dollars at once ;)
This is it Thank you for reading!
Have a great day!