By Levi Rasmussen
ALSO READ: How to Build a Crypto Portfolio
And we’re back!
The first week of our Spring Crypto Competition is in the books and the thrilling crypto rebound continues on…for now. The competition is stiff, risks are high, and there’s over $1000 of real cryptocurrency ready for the taking. Who will claim it?
Perhaps before we charge ahead into week two, we should take a moment to reflect. After all, as the saying goes “hindsight is 20/20.” Last month’s March Competition separated the rookies from the vets, and surely we could all learn something from those at the top of the leaderboard.
And the winners are…
- Dragonmoip (+4572.13%)
- fess.garrett (+4444.78%)
- lilobilo (+3459.11%)
Wow. Shout out to these guys for some HUGE returns. I don’t know about you but I can’t help but wonder how they did it. Maybe luck? Maybe skill? Maybe they can magically see the future?
I don’t know their whole strategies, but from their trade data I have analyzed a few key aspects that I think contributed highly to their success. Let’s get into it.
Three tips from your March Crypto winners
- Active Trading-
All three winners made hundreds of trades each. Dragonmoip made 264 trades, followed by 236 from fess.garrett, and 292 from lilobilo. Now, this doesn’t mean trading more makes more money. But, clearly in a month long competition it is necessary to trade actively in order to capitalize on local highs and lows. In real life, this strategy is called day trading (learn more about day trading cryptos here) and it is a very high risk strategy.
As you can see though, for our three winners their high risk strategy came with a huge payoff. So maybe, take a page out of their book and make a few more trades this month. You only have a few weeks, make the most of it!
Smart traders rarely put all of their eggs in one basket. For this month’s winners, they all traded in tens of different coins ranging from AuroraCoin to Zcash. Diversification mitigates risk by spreading it amongst more parties. That way, if you make one bad trade, your entire portfolio doesn’t crash and burn. Picking how you diversify is the difficult part. For our winners, they kept a solid base of well-founded coins like Bitcoin, Ethereum, Litecoin, and Ripple, and then rotated in and out of riskier altcoins.
Speaking of riskier altcoins, the most specific common thread among last month’s March Crypto Competition victors was that they all traded Catcoin. I, personally, never had heard of Catcoin, but according to the data, its massive price fluctuations are the leading causes of the thousand percent returns our winners accumulated. Dragonmoip made 102 Catcoin trades alone, buying in at between $0.02 and $0.06 a coin and selling at over $1.00 per, all throughout the month.
Sometimes you have a good eye, sometimes you get lucky. I think our top three did some of both. They took a high risk on an unestablished, unknown coin and turned into opportunity. Bravo, and I hope we can all learn something from their bold picks and meticulous activity.
Don’t miss your chance to join in on the competition now! Sign up for our Spring Crypto Competition today to learn some valuable skills, in a risk-free environment, with the chance to win big! As always, I’ll be here along the way to help you toward success. See you next week!