Crypto Trading. Quick easy money? Right? Well Slothly takes a look into Crypto Trading and see what he can find. Having been in Crypto for years, Crypto Trading was always a BIG part for some users. For this sloth I preferred playing Dapps and earning slow and steady gains. Learning to trade should be easy right?
We’ve recently been in a HUGE bull market and Crypto prices continue to break ATHs! Even the heavily FUD’ed TRX has seen a pump to $0.05! Could this be something to do with the #LTSARMY scaring away all the short traders? Or possibly more people are just staking their tron in light of the recent fee increase?
What ever the cause the recent Bull market has been GREAT to most people! Anyone who’s held this long had a chance to get out at ATH if they wanted! Even the super meme coin Doge has had it’s 15 minutes of fame, has Elon finished pumping it?
Crypto Trading first impressions
The first impressions of Crypto trading can be daunting, what exchange to use, how to find the next “moon coin”. What’s volume, RSI, Bollinger Bands? It could make any Sloth’s head spin! So I started doing some research, as always in crypto DYOR is KEY! Having spent a few days trading now I realise…It’s harder than it looks. There’s so many things that can effect every decision. Not to mention the PING! Watch out for that killer ping on exchanges! Especially when things start getting heated like the recent market dip that seen prices crash, including Eth to $700 on Kraken exchange!
Being Super Slothly, I decide to jump in three toes first! And, well I lost about $500 in the first week. Trading isn’t or the faint hearted. Admittedly, I was over eager ands over confident, I looked at some charts and thought, this is easy. How very wrong I was! First take away, don’t try 100x leverage futures trading until you have a REALLY good grasp on the market! Which…Could be never, if you’re honest with yourself! It’s a dangerous game, although super FUN when you have a small amount to “gamble” with. Trading shouldn’t be a gamble, it should be an educated decision based on trends and predictions. Of course you won’t get them right every time, but after some time you should be able to see patterns and pick up a strategy.
Crypto Trading long term, Trading Bots, Day trading?
What’s the best type of trading? That depends how much time you’re willing to put in. “Day Trading” Crypto take a lot of time, you need to be aware of the market, up to date with the latest news and always have your finger on the pulse. Some traders manage to find great strategies, studying RSI indicators or Bollinger bands and finding those 10x Gems to capitalise on the best market opportunities.
Other’s like to take a slower, slothlier approach. DCA trading is a great way to slowly build up your capital whilst keeping the costs to a minimum. Buying a small amount weekly/monthly depending on your budget to make the most of the highs and lows. If you’ve a little expendable incomes every month why not get it working for you, you can start from as little as a few bucks on some exchanges!
Trading bots are another popular approach, not without their risks Trading bots can be a great asset to a traders handbook. Bots are no replacement for a “good” trader though, you should be able to spot the best chances in the market with some hard work! Bot’s can make for “simple” gains automatically pushing buy and sell orders. There’s still the same risk that the crypto will dump and your bot will be left holding a bag. So make sure you understand stop loss and other protections! Check out Kucoins Trade bot for an easy to use example.
Crypto Twitter and Youtube Traders!
Of course we aren’t first to think about Crypto Trading, some people have made a living off it, or some have made a living off talking about it! There’s some great CONTENT creators out there. There’s also some AWESOME Traders out there, don’t get them confused. Content creators are trying to create the best content, traders are just there for the trades. There’s a fine line between them so make sure you DYOR before following either too closely.
I was going to recommend some account to follow, but to be honest, you’re better DYOR and finding influencers that cover your chosen “area”. There’s so much to cover in crypto from chains to tokens, it wouldn’t be fair for me to narrow it down! One I do consider noteworthy is BlockchainWhispers on Telegram! Some great reads on price action, but as always. DYOR as YOU make the final decision!
Portfolio Management and other Tools
Crypto Trading relies on you managing your assets and creating the best opportunities. Having a Crypto portfolio is a key part to this, keeping an eye on your best and worst trading assets / times is key. Most traders recommend having a trading diary, something a lot of new trader miss out on. I’ve found using “coin tracking” a great asset to keeping an eye on where I’m making money and more importantly where I’m losing it! It’s easy to get caught up in fomo and buy an asset that’s soon to dump. More often than not, if the fomo has started, you’re already too late.
Using a portfolio manager opens your eyes to potential profit and loss, some other great assets are:
CryptoMyFace.com – New service launching soon covering Crypto News, Price action, Coin and exchange Tracking!
CoinMarketCap – Crypto Price Tracking
Coingeko – Crypto Price Tracking
Crypto.com – Crypto Services
In conclusion Crypto Trading is TOUGH!
Let be honest if you thought any thing different you were kidding yourself. Not for the faint hearted, Crypto trading take a lot of time especially if you’re day trading. DCA (Doller cost averaging) feels like the “best” way for a new crypto user to get involved, build up your stacks over time and get the “best” price for it. We’ll jump more into detail in the upcoming parts to this trading journey. This is just an introduction, I might even show some of my losses from my first weeks adventure into this exciting new field.
Crypto is such a volatile and uncertain market no one should be investing more than they’re willing to LOSE! Crypto will make you or break you! Don’t forget you are in charge of your own destiny, crypto opens doors but only you can walk through them!
Sloth Shill section.
We all know most people in crypto are here to make money, Sloth is no different, Just look at the Sloth. Although he spends 99% of his time procrastinating helping others make money, this article is a prime example, I was supposed to be learning how to trade to make ME money! Not to share the info with YOU!
So some shameless shills to help build my brand, but also to help you. Most sloth projects benefit the users more than this little Sloth! I need to start charging people somewhere somehow. Any ideas? Leave them in the comments 😉
Sloth has been enjoying his journey into trading and will have more articles coming soon. Check out all the latest Sloth articles today SlothlyD Posts!
Contact SlothlyD: Here