Welcome to the fascinating world of blockchain technology and cryptocurrency investing. Whether you are a novice or expert investor make no mistake, the cryptocurrency market is like no other market out there.
In this virtual currency world, triple digit gains and losses can happen within a 24 hour period. There are investments that offer incredible ROI's (+9,000% ETH) and there are also those investments that fall to absolute zero. In this online virtual cryptocurrency world, almost anything is possible.
So it would be a prudent investor that placed knowledge and education ahead of profits when looking to enter this market. The best altcoin investing strategy starts with an education in cryptocurrency. This starts with learning the rules to the crypto game.
It's a Different Animal
Cryptocurrencies and markets they operate in are completely different than what we are used too. Although common terminology is shared between cryptocurrency and the traditional stock markets, they are completely distinct animals and operate much differently.
The cryptocurrency market is unregulated, uncontrolled and to a large extent unmonitored; so almost anything can happen in this market. It can be said the cryptocurrency market is the closest to a free market economy that can exist with any free market, also susceptible to free market pressures.
Being free market they are subject to manipulation. Given that many translations are anonymous and there is no oversight or body, pretty much anything goes. Cryptocurrencies don't have any intrinsic value, other than a value which is prescribed to it by the market. And if the market decides it's not worth anything, so be it.
To compare cryptocurrency trading to stock market trading is a dangerous presupposition. Over the last decade the industry has borne witness to the cryptocurrencies unique, erratic, eccentric and belief defying feats that do not follow any standard patterns or trends.
The education in altcoin investing starts with learning that cryptocurrencies is its own animal and plays by it's own rules.
The Autodidact Approach Altcoin Investing
An autodidact person who is a person who is self-taught. This skill is The autodidactic approach starts with education, then suiting the approach to your personality and then do, learn and repeat. To be successful, the investor needs to be willing to invest a lot of time into education.
Any courses or training material created in this industry is obsolete the moment it's published. This is a self-educated series. Investors are self-taught. Cryptos will take time as there is a lot to learn, regardless if you want to be a day trader or periodic investor, there is a tremendous amount to learn with cryptocurrencies and you have to be willing to invest the time into this education.
Understand Your Investing Style & Comfort:
In addition to the time commitment, your personality will have a large say in the type of investor best suited for your personality. Some individuals are well suited as day traders while most individuals are well suited for periodic trading. It's important and necessary to have your investing style match your personality.
Just do it!
For the beginners, there is no excuse not to start trading today. There are many ways to earn cryptocurrency (by just by surfing the net) and since cryptocurrency is open to everyone, there is no excuse not to even have your own wallet. In this online world it's all about experience and knowledge.
Looking for 'Diamonds in the Rough'?
Diamonds in the rough are those cryptocurrencies that have tremendous potential however it's not yet recognised by the market. These are projects that are rough around the edges and have the potential for greatness.
These gems are not found on the popular exchanges. Rather, they are most often found on smaller foreign exchanges. Sometimes these projects don't have a marketing team or their user interface isn't intuitive. In any case, all they need is a good polishing.
With over 10,000 cryptocurrencies and new ones added daily, there are not shortages of projects to choose from. Within this sea of new and obscure altcoins only a few gems exist and finding these diamonds in the rough takes a lot of time and patience. It can also be a very rewarding skill to master. However, if you don't have the time or patience to do your own research, we make our research and findings available to our members.
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If you enjoyed this article, read our market updates in the latest Altcoin Report, published every Sunday. In these reports we cover our Altcoin picks for the week.