Part 5: Looking For The Next Big Thing
This year alone, Bitcoin has been extremely volatile. It has gone from $1,000 to $20,000 and about every where in between. The other major coins such as litecoin, and ethereum have made major gains this year as well. They are all seeing the volatility as well. They are not as significant as bitcoin.
Some of the coins due to the market cap, large supply and many other factors have pretty regulated price ranges. It takes A LOT of market cap to make these coins move. Hoping for a 2,000% to a 4,000% gain is not a sound plan.
As a trader, you need to understand the specifics of each coin that you trade, and that includes its price history and reasonable future projections, so you can plan your trades accordingly.
Remember we are not looking for home runs. Take profit when you can. Set rules stick to them and take emotion out of the game!