Crypto Millionaire Shares Trading Strategies for Altcoin Projects!

Cooper Turley is an investor and advisor who is among the 50 most influential people on Fortune’s list of NFTs. He recommends “buy the rumor, sell the hype” when trading cryptocurrencies. The 25-year-old crypto millionaire shares his advice to avoid the biggest mistakes he made when buying and selling altcoins when he started investing 5 years ago. Details cryptocoin.com‘in.

Strategies for altcoin projects

Young billionaire: “Throughout my journey, I’ve found that the best way to learn is through action. Detailed below are a number of ways to better allocate your capital to the web3 or growing ecosystem of crypto-based products, services and protocols.”

1. Place bets on certain proven tokens: The biggest problem I had when trading was holding too many tokens. In a world where there are thousands of tokens and hundreds of them are released every week, it’s easy to spread. As a general rule, never hold tokens that make up less than 5% of your total crypto portfolio. Ask yourself if you see yourself holding this token 5 years from now. If the answer is no, don’t buy.

2. Avoid token influencers: In the current market, most tokens are on the rise. This doesn’t make your favorite influencer a scholar, it’s more likely that they’ve taken a position before or are being paid to talk about it. Whenever you can, avoid content that suggests you buy a particular token, and instead rely on your own intuition and general community sentiment to make informed decisions about your purchases.

3. Don’t chase the pump: It’s easy to follow the crowd. Gaining more than 100% in one day is pretty common, but it can come as a shock to most new traders. If you find yourself watching a token that has gained more than 300% in a week, be very careful what you enter. If you buy a token while everyone is talking about it, chances are you’re at the end of the upside opportunity. As a good rule of thumb – buy the rumor, sell the hype.

4. Use technology when trading altcoins: To get the most out of investing in crypto, you need to learn to use web3 tools. Non-custodial wallets like Metmask and Rainbow allow you to interact directly with decentralized exchanges (DEXs) like Uniswap, which is often the first place to buy new tokens after they’re released. All the tokens supported on the platform have been around for a while, while exchanges like Coinbase are getting better at listing. To this end, learn how to interact directly with web3 products and protocols.

5. Clearing a stuck transaction: Assuming you took the time to create a wallet, there will likely be a point where a transaction gets stuck. This “pending” operation will most likely not occur, or it may be stuck processing for hours. The best way to fix this is to learn how to replace a nonce. Nonce is the number at which a transaction is ordered. In order for operation 5 to take place, operation 4 must be performed first. If you notice that your trades are not fulfilling, there is a chance that one of your trades is stuck. TLDR: You will send yourself a new transaction with the same nonce as the pending transaction. This will replace your old, stuck process with a new, faster one. Once the new transaction is cleared, you’re back in the races!

6. Keep your “seed phrase”: I know tons of colleagues who have lost their hard-earned money by exposing the “seed phrase”, although it has never happened to me personally. The 12-16 word code you get when you set up your seed phrase or crypto wallet is your master key. Just as you would never give your LastPass password to anyone, never give anyone your “Seed phrase” (also known as your private key).

Rule 7 when buying and selling: word of mouth is king

Rule 7: The best investments come from word of mouth from friends and colleagues. Instead of investing behind videos or charts, make a meaningful effort to build a community of other web3 natives. This group is your best bet for finding new opportunities faster than anyone else and often delivers your biggest returns. As you seek clarity on what to invest in, look for signals from those around you. Don’t be afraid to share investments together as you build this group of friends. Sometimes the best trust-building exercise is to buy an NFT together.

8. Make a profit: After getting a few wins, always remember to make a profit. My biggest mistake from the start was not selling tokens when I was big. Instead, I was confident that my games would show up and go back to where they were. I was wrong. It’s okay to sell tokens when they expire. No problem selling altcoin ETH for USD and putting money back in our bank account. If you’ve made a few good trades, be sure to revert some of these tokens to a stablecoin like USDC and test lending platforms like Aave and Compound to get a passive return on your liquidity.

9. Invest over time: You don’t need to invest money to earn tokens. In fact, the best tokens can often be earned with time and skill. If you’re looking for a good way to get your first win, look at projects around you and note where they need help. The earlier you get involved in a project, the more likely you are to gain ownership in the form of tokens. These ownership opportunities will give you tokens at the earliest stage of a project and often act as the biggest wealth creation opportunity of your life. When you start navigating the market, please keep in mind that crypto has experienced an extreme bullish run over the past year. This means that the vast majority of market opportunities in this particular cycle have probably already occurred. There is still opportunity to be had, but remember that what goes up must come down.

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