Quote from: HabBear on Today at 05:52:18 PM

Someone just gave you links to really good resources. I want to share some mental advice for you because success in trading comes down to removing emotion from your buying or selling decisions.

What do I mean by emotion?

If you own Bitcoin and watch it run up as it has in the last few weeks and you'll feel great, then at somepoint you'll wake up one day and see the market falling back (it happens) you may decide not to sell because you've become attached to those gains you see on your screen in your wallet app
Or, maybe there's a coin you think could be a solid play but it's been getting crushed lately and because it keeps falling you decide not to buy - red on the screen is scary - then you wake up one day and that coin is up 15% and you've missed the jump

Those are decisions based on emotion. They crush every trader's performance. You can avoid it by being aware of it.

So what do you do to fight the emotion?

(1) Have a plan and stick to it - e.g., you're going to trade on 20% swings, so when the coin gets to 20% above your buy price you sell it to lock in those gains. Then once the price has stabilized...where ever that is...you wait for it to drop 20% from that new high and buy in on that dip.

(2) Focus on 2-3 crypto currencies at a time so you can become familiar with their price volatility patterns

(3) Always use a fiat currency as the basis for comparing your cryptocurrency values, e.g., comparing BTC to XRM doesn't work, it'll just confuse your process

(4) Learn about technical analysis before you read about anything else. Understanding how Bitcoin or crypto work actually doesn't matter as much as understanding how an investment trades with out news driving buying decisions...crypto doesn't get much press, trading is based on price swings.

A Beginner's Guide to Technical Analysis

Google "Point and Figure Methodology" and read everything, it's the basis for developing your own technical analysis charts. Technical analysis is the practice of using price swings, tops, bottoms, and breakthroughs, to predict when price swings are likely to happen.

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If you want a historical and theoretical perspective on bitcoin and the future of blockchain than Andreas is the name you need to follow. But he won't give you investment advice, his mission is to spread the gospel of cryptocurrency and blockchain and around the world...and he's really good at it. Read his stuff when you're waiting for your cryptos to start their swings, it'll occupy your time while you're waiting for action!

Quote from: clifjw on Today at 03:16:37 PM

I'd highly recommend anything by Andreas Antonopoulos.

Quote from: Porfirii on Today at 04:57:26 PM

If you want to know more about crypto, like clifjw has just said, I would advise you to read Andreas Antonopoulo's Mastering Bitcoin and other works, if I had read them myself, but I have them still pending.

Thank you so much for taking the time to write out this post. It's very eloquently explained so that a beginner like me can easily understand exactly what you are talking about and also why it is so important. This is the most helpful post that I have come across so far on this forum, I have even copied your words onto my spreadsheet that I am creating to help me understand trading cryptocurrencies and will be sure to check out the links and suggestions that you made. Cheers!