CryptoMode Crypto Journey 2020

With the significant impacts of COVID-19 causing volatility in an already tumultuous market, investing in cryptocurrency is as interesting as it has ever been. Altcoins are continuing to enter the market, Bitcoin remains strongly ahead of the competition, and the crypto market as a whole is providing great opportunities. 

Given the importance of making the right investment decisions at a possible all time high, doing your research, knowing how to approach technical analysis, and having the right attitude are all crucial in seeing returns and success. 

Doing Your Research and Knowing Your Options

Regardless of whether you are an experienced crypto trader or are just getting started, doing the right research and having an understanding of the options available within the crypto market is crucial in maximising your crypto returns.

There are thousands of altcoins available today, a number that is continuously growing. With each having unique characteristics that differentiate them from the competition and allow them to provide distinct advantages, the right choices can make or break your portfolio. Determining whether you see value in faster transaction times, more security, gold-backed crypto, or altcoin with other unique uses will allow you to put together a portfolio that works for you.

In addition to knowing your options in terms of which cryptocurrencies you want to invest in, staying up to date in regard to industry trends and news surrounding crypto is crucial. This aspect of research should be ongoing, and will ensure that you are aware of disruptions, new altcoins or other events that could impact the performance of your portfolio.

Understanding Technical Analysis 

Once you have a strong understanding of where you might want to invest, you need to ensure that you can effectively analyse and interpret movements in crypto charts. As a potentially intimidating task that many do not effectively commit to, knowing how to understand movements in crypto markets will mean that you can make optimal decisions. 

Successfully analysing any relevant movements will require you to have an understanding of dow theory and analysis in general, but will also differ depending on the time frames you are focused on, market conditions, and your ability to pick up on particular trends and movements.  

For example, bearish and bullish indicators, if you can identify them, provide insightful information into how the market is behaving and the psychology behind buyers and sellers. If you want to improve your understanding of technical analysis, Zipmex provides an intriguing and comprehensive summary that will change the way you invest.

Having the Right Attitude

With a strong understanding of the crypto market and how you should be navigating it, at least on paper, you need to ensure that you implement this knowledge effectively. This means having the right attitude, emotional approach and overall perspective of crypto before you get involved, and as you are trading. 

Firstly, the right attitude means being emotionally reserved when investing – the market is immensely affected by fear, greed and optimism of market participants. Whilst these emotions can, in certain situations, lead to beneficial outcomes, they are often the cause of poor decision making. 

In addition to ensuring that you practice level headed decision making, a successful crypto investor is likely one that will be enthusiastic. This means being involved and taking an interest in discussions and groups that think similarly. There are a number of social circles throughout various social media platforms that provide great opportunity – in getting involved, you will gain unique insights and information that you might not have otherwise. 

Finally, it is important that you stay motivated and confident. While you might have a fantastic understanding of crypto and how to invest, the crypto market is extremely volatile and often impossible to predict. In acknowledging that there will be downturns and possible problems, you will be prepared and able to persevere. 

What Does Crypto Success in 2020 Look Like?

Luckily, crypto has had a significantly different reaction to COVID-19 in comparison to more traditional investment opportunities – in many cases, opportunities have risen during the pandemic, and many investors have turned to crypto as they are turning away from traditional assets. 

Regardless, given the state of the economy and world as a whole throughout 2020, beginning your crypto trading journey might be intimidating. As a result, knowing what you are doing and remaining level headed is more important than ever.

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