It is better to buy and hold and wait for your turn to come.
Let me detail this strategy for you in 3 simple steps.
Feel free to hit LIKE now and let’s get started!
You need to buy and hold and wait, yes, but you can’t just put all of your funds in one coin and let it roll, the risk is too high.
What we do is to diversify.
Say you have 10BTC you split this in 10, and you have 1 BTC available to put into 10 different altcoins trading pairs.
You look at the ones you prefer, you look for charts, trades, fundamentals, feelings or any and all information that you need to support your call.
Once you have this information, now you buy and starts with the hold.
Instead of putting 10BTC into just Bitcoin or one single altcoin trading pair, you would have 1 BTC into 10 different cryptos and this is better, better risk, better potential for short, mid and long-term gains.
2) Set Your Sell Orders on Target and Define Your Risk
I lie… Waiting is not all.
Right after buying you need to set your sell orders on target and now, finally, you can just let it roll.
There are many ways to choose your targets but here are just a few examples so that you can get started right away.
You can split your sell orders in 3 batches each of 31.5%.
Example: You can have 1 sell order set at 30% profits, another at 50% profits and the last one finally at 100% of profits.
That would be a total of 94.5% that is already set to sell automatically as prices go up.
The remaining 5.5% can be kept to sell higher if the trading pair continues to grow.
There is more…
Another example: You can sell all at 40% profits or even 100 or 200%. It depends on the growth potential of the pair you are choosing and for how long are you willing to wait.
You can always jump in thinking that everything will be said and done in a few weeks or maybe 1-2 months… But be prepared, reality is much different and your wait can take anywhere between 3 to 6 months before your sell orders start to fill up.
Define your risk by making a note of when you would like to sell if prices fail to go up.
Example: If this pair goes down by 20/30%. I take the loss and move on.
We use manual stop-loss but that it is beyond this post.
3) Relax To Later Enjoy
With your funds split, your sell orders ready and the stop-loss… You are finally ready for real, to disconnect and let go.
Now you can go and read books.
Now you can go to the beach, park, mountains, or do anything that is Soul building and leads to fun…
Meditation comes to mind, deep breathing, sharing, exercising, learning & more.
Once the market does its thing…
You can come back and collect the funds.
Rinse and repeat…
The market moves in cycles, prices always move up and down, up and down… Down and then back up.
This is Alan Santana.
Thanks a lot for your continued support.
This news is republished from another source. You can check the original article here