LIVEWhat to do when a market rebounds?
How to identify, "pump" and "dump" in crypto market?
The "Six" T's that smart traders do to maximize their profit and minimize their loss.
T1: 'Temper Tantrum'. Avoid throwing your money to get unrealistic gain. Be aware that 'trading for profit' needs patience, while your temptation leads you to 'trade for loss'.
T2: 'Trend'. Learn market movements, price history in the past helps to predict what will come next (not always), every thing has a blue print. You will see a price rhythm specific to your asset/holding, then dance accordingly. Time also tells which cryptos are scams and which cryptos are real. Scam cryptos will not last longer. In general, the older the project is the more likely to be real (NB. it doesn't infer all crypto projects).
T3: 'Time'. Get in early, buy when the price of an asset is lowest and HODL; give it time to mature. Avoid buying after a price has already pumped, almost always the price of new tokens will retract after a pump. Some indicators for this includes RSI over 70, (over bought), to identify if there is pump and dump, look at daily trading volume and market cap (MC) of a given coin or token. If there is pump and dump, daily trading volume will be over inflated as compared to market cap, you may see that a trading volume is higher than MC, a classic pump and dump scheme.
T4: 'Take your Cut'. If you really understood T1-T3 through T2, you know at what time you should get in and get out. Every Smart traders protect their capital first. Don't be "laggard" to take profit.
T5: 'Threshold'. Know your guage for pain/risk tolerance/. If you take a risk which is under your pain threshold, you will never feel it. Take a risk according to your risk appetite (meaning, crypto trading is highly risky, a coin/token could go to zero over night).
T6: 'Talking'. Follow your crypto's official news outlets. As they say "Sell the news,..." There is a direct correlation b/n major announcements of a crypto project and its price.
Tip: When price tops, everyone starts "talking" about crypto.
