This is the fourth article in our 15 part series.
A question I often see is, “what coins should I invest in?”
While I can’t tell you that (legal purposes), I can give you a few tips that will help you along.
Let’s dig in:
Low risk tolerance? – Go with more established coins
If you’re a person that doesn’t like a lot of risk, then stick with coins that have quite a bit of money circulating through them and don’t have large explosive moves.
You can find these coins on coinmarketcap.com or coingecko.com.
Just go to coins and look for the top coins:
However, you’ll want to stay away from USDT and USDC coin as there isn’t much fluctuation in those.
Normally, your top 30-40 coins will be more stable.
High risk tolerance? – Look for lesser coins
On exchanges like Kucoin or Bybit, they’re always listing new tokens. These coins tend to have explosive moves when they’re first listed so you could profit from those moves.
However, just know that if there isn’t as much money moving in that token (liquidity), it could be difficult to close it for profits and convert it back to a more stable coin.
In this scenario, I’d want something to have at least $500,000 in it for me to consider trading it with a bot.
Best results? – Spread the risk
The best way if you’re unsure is to just spread the risk around. Divide your funds up and use part for more stable coins and the other for more risky coins. Also have a plan before you go into trading the token. Know where you want to get in and where you want to get out.
This way, you don’t put all your eggs in one basket and have a better chance of making a profit overall.
Hope that helps,
P.S. – If you want a tool to help you calculate profits on tokens, you can use this one at this site: https://btc.feh.im/ It will help you right down to multiple zeros behind the decimal!
I have been using the BitsGap Trading Bot, and when combined with the appropriate strategy (which we’ll discuss later) you have a powerful tool to make those profits whether the market is going up or going down. To get a free 7 day trial program on BitsGap Click Here.
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