HOW TO MAKE YOUR FIRST 6 FIGURE TRADING #CRYPTO FOR BEGINNERS :š§µ RT FOR OTHERS
First, you need to choose a crypto broker. You can choose from either of the following ; 1. Binance 2. Okex 3. Kucoin 4. Huobi 5. Bittrex 6. Quidax 7. Trust wallet 8. https://t.co/7VKWxcc0w6 9. https://t.co/ZXokgOXIZX 10. Coin base ( doesnāt work in some locations ).
Gate.io
Solana.io
Secondly, sign up and do your KYC. Third, fund your wallet with USDT or any other stable coins (USDC, BUSD). 4. You need to select a cryptocurrency you want to trade. How do you select the best crypto currency to trade ?.
There is no single best cryptocurrency, but there are best cryptocurrencies for certain use cases. E.g Bitcoin is the best cryptocurrency to use as a reserve asset because it has the most widespread adoption and a finite supply.
Decentralized finance (DeFi) cryptocurrencies are some of the hottest altcoins of 2021. Altcoins are a general term for any cryptocurrency other than Bitcoin. You can check them here >>
coinpare.io/defi
Download Coin Marker Cap & Coin Gecko. What does these two app does? CMC - shows you the coin market cap of crypto, historical data, real-time price chart, what itās use for and loads of other stuff. Check the pictures below for better understanding ššæššæ
CoinGecko - Is a crypto data analytics platform for tracking cryptocurrencies and blockchain assets worldwide. - Real time pricing data, trading volume, market capitalization Check pictures below for more details ššæššæ
There are other platforms / apps where you can get the latest financial / blockchain news e.g https://t.co/I3ZI5IXAkg, Cointelegraph, Yahoo finance &the etc. These apps / platforms gives the best update on any coins you decided to venture for after checking their market cap
Investing.com
Which is better large cap or low cap ? Large caps are shares of well-established companies that have a strong hold on the market and are usually considered as safe investments.
Most beginners go for coins that the price are cheap compared to major coins like $BTC, $ETH, #bnb $LTC $BCH Donāt Buy Simply Because the Price is Low. The decision to invest in a coin should have very little to do with its affordability but a lot to do with its market cap.
There are more 4,000 crypto currencies in existence. Once you decide on one to trade, do proper research on them and check if itās not rug (scam), the real world use, their white paper, audit, backing, support, historical data & the likes using all those apps i mentioned earlier.
Another way to check for a coin is using Twitter. For example type $XVS into your search bar & look at the tweets of CT influencers or people talking about the coin. If you feel like itās worth giving it a shot after your initial research, then you can go for it.
Donāt trade a crypto currency because of a certain person, always DYOR. Donāt borrow money to trade. Donāt be too greedy. Manage your risk properly. Crypto reward patience & risk takers
As much as you can reap profits in thousands in a day or less, the opposite is also true. You can lose everything you invest in digital assets in a flash of a second. So, the best way to get past such uncertainties is through diversification.
Now moving on to trading the asset & how the millions are going into your account. ššš
Take #dogecoin for example, letās say by January 17th when the price was at $0.009229 you bought it with $100. Now #dogecoin is at $0.28 cent as at the time Iām making this thread. Your $100 wouldāve been $3069 by now. Just in space of 3 months
Yes, Elon Musk was tweeting about it but is it a good financial advice to trade bos the richest man in the world is talking about it ?, IMO No. Look at the market cap & other stuff I mentioned earlier about this coin before you invest it.
Spotting a good coin like this is very key into making your first milli. Which is why you need to be careful with the kind of information you consume, some are bad for you and it can lead to you losing all youāve saved.
Donāt ever buy the top. What I mean by the top is when a coin makes a new high, donāt buy it there. Wait for retracement & do your technical analysis to spot a good entry for you to buy. Letās say when #bnb was at $638 & you bought it, as at current market price youāre in loss
Now how do you handle the pressure of not selling your bags so you donāt lose those millions youāve in store when there seems to be turbulence in the market ? I for example, I just close my apps & donāt look at them for a while. Or I buy more dips to increase my portfolio.
I need to repeat this again, please donāt be greedy with your profits. A $1 profit is better than a -$1 loss. Whatever profit youāre making is better than having a - on your portfolio. Donāt sit all day trading, go out & live normal. Thereās always another opportunity in crypto
To fund your wallet to start trading, you can send me a dm. I help people to exchange crypto currency for Naira. Buying and selling of any major coins at good market rate. Send a dm
To learn about some abbreviations in cryptocurrency follow this link >>>
abbreviations.yourdictionary.com/articles/majorā¦
