How To Pick The Best Crypto Coins To Trade

With more and more investors flocking to the crypto market every day we are beginning to see both huge losses and profits being made. For those of us looking to get in on the ground floor, it can be quite nerve-wracking to try and figure out which are the best coins to invest in. We've put together a little beginner's guide to try and help you tell a sham from a plan.

Be Well Read

Before you begin trading on the digital market you must first do your due diligence, it's a high-risk field and before you set up a cryptocurrency wallet have a read through some of the success stories and some of the failures. Knowing which coins have come out on top in the past and those that have ultimately failed or disappeared completely will identify trends and traps to look out for. BitCoin, Ethereum, and Litecoin are among the most stable and respected, on the other side cryptocurrencies like Dogecoin and SpaceBIT tell a more sobering tale for potential crypto investors.

Set Up A System

Before you can even begin differentiating which may be the best coins to invest in, first you must know what it means to invest. It's not a get rich quick scheme and you should expect to make as many mistakes as you do successes. An important aspect of investing and especially with cryptocurrency is breaking even. Are you willing to take on large risk in order to make huge gains or would you rather play it safe and build your wallet slowly but surely? Set a target profit for an investment and stick to it, if and when it reaches that level sell, regardless of if you think you could make more, don't be greedy. On the reverse of this set an acceptable loss, if stock begins to plummet have a point that you can accept within your portfolio and sell before it becomes too much to bear.

Keep Your Finger On The Pulse

If a news site is reporting on a cryptocurrency and advising readers to invest this is actually normally the best point to sell for those who already hold stock. The push that usually results in a coin making the news is usually thanks to those who have capital resting on its success. As a rule of thumb you should buy into a rumor and sell the news; this will help those new to the market choose the best coins to invest in. 

Make the Most Out Of New Coins

Get in early and keep your ear out for any hyped up ICOs (Initial Coin Offerings) which stand to make investors the highest returns. There are instances of huge gains off the back of, particularly successful ICOs. Make sure again to do your research though, look into the team and the validity of the project the coin is attached to. Check out the website and Google those involved, as they also have a large number of records of complete failures.