How to maximize profits without getting ruined in a crypto bull run? An investor talks about the tools he uses to buy and sell altcoins and how he determines price points. Detail of the views of WendyO, a crypto trader and influencer cryptocoin.com‘in.
How does it determine altcoin projects?
WendyO entered cryptocurrencies at the end of 2017 and had to navigate the bear market. He learned that taking profits regularly is one of the most important parts of crypto trading. He shares the tools he uses that have helped him contribute to his position and secure his profits. WendyO is the pseudonym of a crypto investor and educator whose YouTube channel has over 127,000 subscribers. And this platform is called the largest all-female crypto YouTube channel. He also has a presence on TikTok, where he has around 200,000 followers. WendyO said, “I first heard about Bitcoin in 2011, 2012, but when you are not super tech savvy you hear some things and just skip it. But at the end of 2017, I was very entrepreneurial. I was in the process of quitting my job to finish school. “I was a new mom and I really wanted to do something where I could be a stay-at-home mom,” she says.
He got into cryptocurrencies at the end of 2017 and had to navigate the bear market that soon followed. During this time, WendyO learned how to trade on her own and realized that she could make sustainable profits. At first, he traded Bitcoin and a few other small projects he believed in. His goal was to take his initial investment and some profits from his cryptocurrency investment and still maintain a position in crypto. Since then, she has learned to trade responsibly and constantly advises her followers to profit in the process. That way, if a cryptocurrency crashes, you’re not lost. And if it jumps, you won’t regret pulling out, he said. WendyO acknowledges that it can be emotionally difficult to make a profit because you can be tied to a project, but it’s absolutely essential if you’re going to invest in altcoin projects.
Capital needs to be secured
“You can make a lot of money, but at the same time, if you’re holding these things and you’re not getting snow on the way, you’re going to be screwed because most snow situations aren’t going to be permanent,” WendyO says. Take profits don’t look the same for everyone and may depend on the level of volatility an altcoin has seen in the past. Zooming out a chart and looking at historical patterns can help identify the volatility associated with a digital asset. Trader: “There are two different ways we can take profits. If you’re in a very risky, volatile, moonshot cryptocurrency that you think you can put in a thousand dollars and you think will go 10x the next day or whatever, I like to sell half for two and half for three. Because I want to make sure I secure my capital. These things can fly like crazy and spill like crazy at the same time.”
When it comes to blue-chip altcoin projects like Solana, Chainlink, Binance coin, Ethereum or Polkadot, WendyO takes a different approach. His process is more affordable because altcoins with larger market caps are less likely to see 10x their gains – meaning they’re less volatile. WendyO said, “I like to take a step back, look at the charts and spot key areas of support and resistance. And I like to make 10% profit before areas of resistance or certain resistance areas,” he says. As tools to secure crypto profits, WendyO’s favorite way is to place a limit buy order. This option allows it to predetermine a price point at which it wants to buy – this way, if there is a rapid price drop during the delay, the order will be executed automatically. This is a great option for investors to use, especially in the crypto market, which tends to move much faster than the stock market.
Additionally, he likes to set a stop-loss order, known as a limit order, that will sell the asset at a minimum or higher price. If the value of a cryptocurrency starts to drop, it will sell the amount you choose. This enables WendyO to secure the profits it has already earned. Traders using this feature usually adjust the order continuously, increasing the price points at which the order is executed in line with the growth of the asset. WendyO emphasizes examining historical chart patterns of cryptocurrencies that an investor is considering. Specifically, you must understand what key support and resistance are and determine what these areas are for each asset.
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