How To Trade Cryptocurrency

What's crypto’s value? It's kind of a guessing game. That's the thing — no one really knows. But that doesn't necessarily mean there aren't trading opportunities ... Let’s take a closer look at this manic sector.

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Crypto has the chance to change the world. But it’s so alluring that the price got way ahead of itself. It was hopeful.

Bitcoin went crazy in November and December. It was an incredible time. All it took was a press release that said ‘blockchain’ or ‘crypto,’ and two out of three times, you're looking at a huge runner that day.

So does Bitcoin have a future? It’s a real product, but what’s its value? I don't know the answer to that — it's all a guessing game.

That's the lesson here: You don't know. No one knows. But that doesn't mean there aren't trading opportunities.

I'm interested in the price action. Bitcoin went up as much or more than any of these other manias, but it also came down in the same exact fashion. So don't be too sure of anything. That’s another lesson ... be flexible.

Hold and hope? That’s not much of a strategy. There are so many ways to play this. You can sell on the way up. You can sell in eighths for a more aggressive approach. You can sell partial positions.

You don't have to sell all at once. You can take some partial profits. And when it’s down, sell half. Protect your gains and lock it in. If the rest goes down, you've already locked in gains. If it goes back up, you can sell the rest.

It's such a simple thing, but so many overlook it. You can always rebuy. It's okay to exit a position, rebuy, and then get out.

When something goes up exponentially, whether it's penny stocks or any kind of asset, it rarely lasts. So remember that. No one trade, sector, or stock will ever be a home run.

It’s psychological. People can get very attached to their investments. Their egos and stubborn natures take over. You have to have a plan. You have to be realistic and admit when something’s not working.

Remember my number one rule: Cut losses quickly!

How do you feel about crypto? What topics do you want me to cover? Leave a comment below and tell me!

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Hey, it’s Tim Sykes, millionaire mentor and trader. Thank you for watching my videos. I hope that they help you. I want to share everything that I've learned over the years. You can check out more videos right over there, and also click ‘subscribe’ so that you can watch all of these videos, get that knowledge and become my next millionaire student.*

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* Results may not be typical and may vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here