What are altcoins and should you invest in them?
1. What Are Altcoins? Altcoins are basically just any other cryptocurrency apart from Bitcoin. Now whilst Bitcoin is the most well known cryptocurrency, there’s still over 2,000 altcoins on the market – and most of them aren’t anywhere near as popular. And more options = more potential trading profits.
How to take profit in trading?
One way to exit trades is take profit with A Trailing Stop / Trailing Take Profit. The first and most common method is to completely pull out of the trade at the first trouble area. In a strong trending market, or after a breakout, we can place a trailing stop that will follow price by a predetermined value.
How long should you hold an altcoin?
Personally, I’d recommend looking for a long-term altcoin that you wouldn’t mind holding for 6 months or more – just in case the market changes. 4. Invest. Remember: prices are so volatile that they can fluctuate from minute to minute by a few percent… So I’d recommend waiting for a dip in the market before you invest in your top pick.
Should you take profit when you exit trades?
As you can imagine, taking profit is not something that is “one approach fits all”. The performance of the method in which you exit trades, just like the methods in which you enter, should be recorded with your trading system so that you can carefully look back to judge objectively.