First let me just introduce myself, I am fairly new to the crypto scene with only 4 months of experience. when I first started trading in December 2024 I was convinced that I could make 5% to 15% daily on whatever coin is trending that day. I can't say that i was right nor wrong but I found out the hard way that it's not that simple. when I first started investing in crypto I studied all the indicators that I could and started trading based on the MACD, RSI, and EMA. I wasn't convinced on holding at that time and I thought holding was a waste of time. Nonetheless, I was making profits and losing these profits on the same day and I am here to share with you my mistakes.
1- I was only depending on the indicators, and indicators are not enough because they can only accumulate what has happened and show the current status based on previous data, but indicators can never predict the future to a high degree of confidence and especially indicators alone [indicators cannot know if big wallets are going to suddenly buy or sell there is no way for indicators to know that, and big wallets make a big difference in the entire market as a whole and in each coin separately.
2- Then, I learned about chart analysis and trend analysis whether it was bullish or bearish trends and I learned about resistance and support lines, but my mistake at that time is that I was depending on chart analysis solely.
3- another mistake is that I had no patience and I was panic selling, and greed buying a lot of times which more often than not resulted in losses.
4- I did not understand my tolerance level and I didn't set up stop losses limits.
5- I didn't utilize the full capabilities of the buying and selling options like oco, trailing stops, and limit orders, but I was only buying and selling using the 'market' option.
6- I didn't identify that my biggest enemies in this field were fear, greed, and impatience.
7- I didn't care about the project, project updates, social media, or the community.
However, after less than two months, I was introduced to the idea of meme coins and trading on
$SOL solana Blockchain, so i transferred all of my funds there and it was a very pumpy ride where my fear and my greed wear multiplied by 10 and my losses as well.
After, a month in the trenches learning and gaining valuable experience and loosing a lot o many woth the market dump that was occuring, I was able to reach the following conclusions:
1- I should rely on indicators, as well as, chart analysis but not one without the other.
2- before investing in any coin, I should learn about the coin, its project or technology behind, size of community, top holders percentages, team communication, token distribution, tokenmoics. Based on that i would choose if i wanted to swing trade or to hold a certain coin.
3- for coins with solid tech/ projects abd with solid communities, and a fairly long history longer than a couple of months, I should be fine as long as I hold even it drops, it will get back up and always achieve new ATHs. As for fairly new coins, the risk is higher and there should always be a stop loss loss in place.
4- if I miss a massive green candle on any coin, I shouldn't be greedy and just move on to the next thing, and if i see a massive red candle then I see an opportunity and start researching trying to identify the reasons for that drop and see if I can potentially buy.
5- tokens with solid projects abd community matters for alt coins, but for meme coins it's only the community that matters. And it's always good to check social media engagement and project updates.
6- good research and patience will always be rewarded more than expected.
With all that said, I now can see many great opportunities to multiply my investment in the next few months and I am bullish on the matket because I believe that it's shake down to get the prices as low as possible before big whales and big money foundation can come and scope the price from the floor to new highs making as much profy as possible. And there for I can't begin to count to count and lust the opportunities present at this time but I will name a few that I am supper bullish on.
$PHA at a very low price dropping to 0.075 two days ago which hasn't been touched since October 2022, it was close in August of 2024 but since then it continued to raise up reaching 0.6 [7.5X) approximately. The project is solid and needed in our time and will still be viable for the bear future [two years].
$DF $DF solid projec, solid tech dropped to 0.045 and it was at 0.11 just two weeks ago. This low low price hasn't been touched since December 20th 2024, and after that huge gains were made. Project very solid, and twch is very needed. New highs will be achieved soon.
As for meme coins I believe the biggest ones to achieve new highs this upcoming months are $doge, $pepe, and Wif due to their strong communities and relatablity with most people.
#PhalaNetwork #DF #DFUSDT #PHA/USDT