4 Tips to Staying Up To Date on Altcoin Trades
The greatest mistake you can ever make as a cryptocurrency trader is being ill-informed on the latest events about the crypto market. This is because inadequate knowledge of the latest occurrences in the virtual currency market most probably amounts to uncalculated risk-taking, and consequently losses, which can significantly derail your anticipations of reaping enormous benefits from your investments. As an altcoin investor, you, therefore have to religiously ensure that you are fully aware of the latest market shifts as soon as they occur, thereby making your decisions from an informed perspective. A few key getaways to staying up to the minute on altcoin trades include:
Always have reasons to initiate or terminate trades
Before exposing your hard-earned altcoins to risk, draft a strategy on why, how, and when you should execute a trade. Rather than blindly rely on the trading rumours and signals spread across various platforms that bear greater probability of yielding losses in the long run, outline your own well-researched and informed reasons for executing or halting a trade. Do not merely listen to people’s predictions and take them as your trading basis; instead, scrutinize all the possible market indicators at personal level. By always having a purpose as to why you should either actualize a trade, terminate it, or relax waiting for the opportune time, you will keep up to the minute with the altcoin market.
Leverage on the services of cryptocurrency trading alerts
As a human being, you definitely have many other commitments, hence cannot always have your eyes fixed on the screen in wait for the latest positive signal to execute a trade or negative shift to cap losses. Nevertheless, you can always keep up to date with the latest market shifts regardless of your engagements or location by taking advantage of altcoin trading alerts. Such vigilance is a getaway to ‘betting big’; or belaying losses before they wipe out your entire investments.
Equally, have your eyes on the Bitcoin
Bitcoin, the pioneer cryptocurrency, tends to impact the pump and dump in prices of altcoins depending on the market shift it’s undergoing. For instance, in the year 2017, when Bitcoin value progressively surged throughout the year, hitting a maximum value of approximately $14000, the same case was witnessed in a majority of the altcoins. Ethereum, for example, experienced a whopping 2000% increase in value with the same year. Therefore, as you extensively research and scrutinize on the market trends being experienced by altcoins, equally and closely monitor Bitcoin’s progress as the latter’s prices are pegged on its market behaviour.
Diversify on your media sources
Finally, as much as you might be inclined towards your cluster of trusted sources of information, ensure that you explore vast sources of information, including since you never know when you will land on some trendy game-changing news. Go through anything and everything, from various media outlets, as be keen to delineate and scrutinize divergent views whenever you come across them.