The first thing you’re going to want to do when you buy Bitcoin or deposit to an exchange is buy your first altcoin. DON’T DO IT. WAIT.
The first thing you should do is make a plan. Find a coin. Analyze it. Draw lines on the chart. Search for it on twitter and reddit. Ask your buddies about it. Does it solve a problem? Does the team have experience? Does the website look professional?
You should never FOMO into a coin just because your friend said it is going to be big, or you heard about it on twitter. Anybody can hype up a coin that they own. Not many people can do detailed analysis, find good entries and exits, and get a feel for market sentiment. Anybody can mash in purchase and sell orders. Not everybody can keep a level head and trade like a professional.
Throughout your trading experience, you’re going to feel a lot of emotions. When things are going well, you will feel invincible. When things go badly, you’re going to feel sick to your stomach. When a coin you were looking at earlier is pumping, you’re going to feel regret. You’re going to calculate how many months of rent you could have paid with the profits if only you had bought in. You’re going to see things going up and down with no explanation or rational reason. Your TA will turn out to be wrong sometimes. There will be times when you feel like you have no place trading or that you don’t belong here. Don’t let these emotions cloud your decision making. To be successful in crypto, your head needs to be clear and your trading organized and methodical. A loss does not make you a bad trader, and a win does not make you an expert.
Trust your analysis. Take a breath. If things go wrong, reevaluate and try again. Try to find an explanation for what happened and learn from it. There will always be another coin to buy. There will always be another perfect setup. If you miss this one, there will always be another one.
You are not going to become rich within a week of trading. You won’t become rich within a month of trading. This is going to take time, patience, and a lot of learning through mistakes. I am going to do my very best to guide you through this and hopefully crypto will change your life like it did mine.
Thank you for reading