The advice I gave myself in these 2 weeks is that If any of my coin investment is going low in price, I just need to hold and wait for it to come back at the profit level.
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Right now, you're not really trading but you're simply investing since you're just buying and holding for an extended period of time till whenever you're in profit before you can sell. That aside, I have some advice that might improve your odds.
1. Learn and understand what both technical and fundamental analysis entails.
- Fundamental Analysis: First you need to find an avenue where you can get fresh news about the crypto market (crypto markets reacts quickly to news whether positive or negative so you have to keep it in mind). Some tools in your fundamental analysis toolbox:
i. News site that is updated frequently like coindesk etc.
ii. A calender app with events for majority of the cryptocurrencies. You can use Coinmarketcal for that. You simply check events in future that can drive up the price. These includes events like Mainnet launch, new releases, partnership announcements etc.
- Technical Analysis: This is a very broad topic which you will have to spend time to learn and practice. It might take you months if not years to get more experienced in with it but in the long run, It'll be worth it.
Some TA concepts you should get familiar with:
i. Candlestick patterns ~ For a start, you can learn the common ones that entails a bullish or bearish price action.
ii. Drawing tools - support, resistance, trendlines, trend channels, Fibonanci retracements & extensions, triangles etc.
iii. Chart patterns: there are some chart patterns you should be aware of like head and shoulders, double tops & double tops etc. It might not be work everytime but knowing them will increase your odds as they do come up in chart every now and then.
iv. Technical indicators: RSI, Bollinger Bands, Moving averages are some of them. You have to know which ones to use for specific markets ~ some indicators works better in different market conditions like trending or ranging. You need to know which ones to use and when.
Aside from Technical analysis and Fundamental analysis, here are some other concepts you should know as a trader:
1. Risk management: How to effectively manage your risks to ensure you're not losing more than you can afford to lose.
2. Have a trading plan and journal: important in the long run.
In all, it will take time for you to become used to these tools and concepts. But you should keep learning and improving and with time, your efforts will pay off.