The markets are heating up, we are already technically in a bull market as some coins are seeing gigantic pumps already even though bitcoin is still sleeping. I've made a checklist to help you get prepared for the bull market so you can get the most returns.
Get Blockfolio App
This app lets you keep tabs on the markets easily, right on your phone.
-Set watch lists and price alerts,
Set price alerts on the block folio app so you know when things start heating up
-Sync with exchange
Sync your exchange accounts with the blockfolio app, doing this automatically sets the app to provide you with relevant news related to the specific coins your holding.
Heat maps
Use heat maps to get a general idea of the market sentiment, it's a great way to know what's up without actually opening charts. Use www.bitgur.com to view heatmaps
Buy the dip scenarios
Let's say you spend $100 for 1000 XRP and it pumps making your 1000 XRP now worth $150 since you know that price is going to come back down before it pumps again, what do you do?
Scenario 1, sell some of your coins for-profits and wait for the dip, and when it dips, you buy more coins, thereby increasing your total amount of coins.
The benefit of this move is that you end up with more coins and since the market usually bounces after a dip, you immediately get profit just after buying the dip.
The downside of this is, you might sell, and then it doesn't dip, only goes higher. So remember to only take some profit off the table.
Scenario 2, you hold on to your coins and ride it out as it goes down and just do nothing till it eventually gets back up.
The benefit of this move is that it is safe but the downside is that the market can stay down for years before it pumps back up so unless you plan on investing really long term, then you might need money at some point and you will be forced to sell your coins for pennies.
Walking away from the market
Sometimes you'll need to know when to take your money off the table and stay mostly in USD. You'll also need to know when to step away from the charts so you don't panic when you see a big fat red candle and then you sell all your coins before it pumps back up.
If you'll like to know exactly when to sell, then check out this article
Final thoughts
In the long run, you should treat investing like spending. When you spend money on a fancy shoe, you don't bother about how much you spent, you just go on being happy about your shoe. What If you did the same thing with investing? What if you bought coins like you would buy a new shoe or a nice meal? You could just allocate a small amount of money to it and forget about it until it eventually piles up. So the next time you want to buy something you're eventually going to forget about, how about you buy some new shiny fancy coins instead? Cheers guys
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