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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW:

How to Analyze a Crypto Project’s GitHub Account: https://www.youtube.com/watch?v=-FcPxjh8Z5Q&feature=youtu.be

To begin this series I think it’s appropriate to cover some basic concepts that will serve you well to remember when you are considering getting into trading cryptocurrencies, whether you want to be a day trader, a swing trader, or even a long time investor.

First tip that I will always strongly recommend is to invest in cryptocurrencies that you understand. Seek out information like what the dev team is like, how long they’ve been working towards building their platform or product, other projects they’ve been a part of, and how often they make updates and improvements to the project. A lot of information can be found on their GitHub account. If you want to know how to analyze a project’s GitHub account, check out the link to this video which can be found here in the upper corner, I’ll also include it down below in the video description.
Knowing what you are investing in or trading, and keeping up to date on the project’s status is important because this will help you number one be less inclined to panic sell if the price takes a dip. And number two, it will help you better be able to understand future price movements, for example how a new update or problem will affect the price.

Next, its very important to be aware of the general trend in the cryptocurrency markets. Generally these markets are either in a bear market, which is when the prices are trending down, or a bull market, which is when prices are trending up.
As a trader it is much more difficult to be profitable in a bear market unless you are a seasoned trader and know the appropriate moves to make like how to short a coin for example. In a bull market it is easier to make a profit because prices are increasing, however it’s also important to be weary of who you take advice from in a bull market. Those who can be and have been successful in a bear market are most likely seasoned traders with valuable information, if they are generous enough to share their trade secrets.

Lastly, it’s very important to have a plan set in place. By this I mean you need to have goals set for yourself profitability wise and stick to them. Traders who become greedy tend to take bigger risks and are more likely to lose sight of their goals and incur more losses. Never invest money that you cannot afford to lose. There are countless tragic stories of people who made rash decisions to take out second mortgages on their homes or rack up credit card debt they cannot otherwise repay all in the hopes of making fast easy money. There are thousands of people who participate in these cryptocurrency markets, all of which have very different experiences even though the prices are the same for each person. If you panic sell, it’s most likely because you don’t know much about the coin you are holding and you have too much at stake to make a rational decision. If you find yourself buying a coin because others are promoting the crap out of it, and you don’t actually know anything about it, chances are you’re getting in too late, and you’ll be stuck holding a coin hoping for it to pump again, which might take a very long time, or it might never happen again.

I know that all of this might seem like common sense, but when the pressure is on and you’re dealing with money that you care about, your judgment can get clouded with doubt and panic. That is no t the mindset you should be in when making decisions about your investments. Instead, take a deep breath and remember these tips, over time you will develop the kind of experience and knowledge that will serve you well in the long term. If you make mistakes, don’t forget them or run from them, analyze what happened and learn from them so they don’t happen again and you can begin to be more successful in the future.

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31 COMMENTS

  3. Always great advice that everyone can use! You should definitely mention this in Ep 2 (or 3, or 4): Knowing the minimum trade for the exchange you are using so you can exit a coin even if it falls a lot (like many did today!). This is specific to Alts/BTC trade pairs as BTC/USD trades usually have 0.01 cent minimum (or even less than that) but BTC trade pairs on exchange likes Binance have a 0.001 BTC minimum, which equals to $5.80 USD accounting for today's discounted BTC prices. Not an issue for traders that trade in the thousands but might impact traders that trade in hundreds and layer their sells.

  4. dear heidi i have a suggestion for u luk why u dont have likes and shares even though u have bunch of subscribers but u r not successful you tuber in crypto ..60 percent of people in crypto belong to Asian countries like china india korea middle east and pakistan …
    1 you alway delivered very high knowledge of crypto and most of us have dont know basics of crtpto
    2 there is a alot of scams in our market like one coin and chennel times 'thousand of dollars people invest in this scame i also invest after that i came to know what is real crypto
    3 you always try to show ur location. jst sit in a small room and brief some thing good
    4 try to give trading tutorials on binace ,bittrex ,hitbtc,bitffinex
    5 make people aware regarding scams
    6 give us good investment signal
    7 your videos too short and u speak very quickly
    thanks

  7. Trading has been very lucrative, with the recent cryptocurrency boom a lot of traders has earned & still earning the perfect extra income. Don't be left out, Contact the only LEGIT crypto trader alive to guide you [[email protected]] I followed his chart & secured me a $10k weekly income.

  13. i play with programming and machine learning. traditional markets give you lots of data, and people are offering you chances to bet on them with bitcoin and win more of this alternative of gold/silver, whereas crypto market is quite new, where only btc has 10 years worth of data, but bitcoin can give you 90% accuracy potential in predicting the future compared with only 85% of the traditional side. this topic is going to be interesting.

  14. Another great video!! I believe that all "new trades" should invest time studying a bit more about TA, some indicators are very easy to use and understand, like MACD, RSI, EMA 21, 50 & 200.
    Cheers legend

  15. I would say the number 1 consideration before you start trading is to understand that trading is a mental game and you are often competing against your own emotions. It can take years to master this. So it’s important to master trading psychology. A good first step for new traders is to develop a trading plan and stick to it. Ie know the price you want to enter the market, the price you wish to sell and a stop loss price. Doing this will help to reduce your anxiety. Second layer into trades and layer out of trades and lastly react to the market don’t try to predict the market. This will again help with mindset, the most important trait of a good trader imho.

  18. Hi Heidi, I like how you’re not offering the holy grail in trading, but stating the right mindset and behaviours to increase the chances of being successful. Judging by the comments here, I hope viewers listen to the words Heidi is saying than going all out war that trading is the wrong strategy. Trading will be the wrong strategy for some people because they are not prepared to develop the correct mindset for trading, and there is nothing wrong with that. The ideas take time to sink in. This will be a nice series.

  31. i think trading coins that you lost faith in for coins that are more promising is the best way to go.. maybe once the market is definitely in a bull state more coins can be added to your bags by swing trades once in a while,but even then its risky and consumes you…best would be to secure coins you believe in buy more when you can and relax…easier said than done though..

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