I can't deny that I'm having fun dipping my toes into Crypto.
I still have a lot to learn though. My first foray as a newbie into trading has been fun (and currently profitable - a few pounds on ?30 starting capital).
I use a combination of a bot, and manual over-ride, for my trades. It lets the bot place orders overnight (mostly "buy" orders so far), but during the day I can keep an eye on things and "tweak" the settings (mainly for my own entertainment rather than lots of fiscal gain).
Choosing my Crypto Currencies
My main criteria was to trade in a crypto currency that I would also be happy to keep longer term.
By reading various articles, and by seeing the way the crypto market has taken off since Jan 2021, it is certainly a bull market at the moment.
I was intending to base my trading strategy on market volatility - buying when the price was below the bollinger bands, and selling for a 3% margin as they hopefully settled back down again. I was hoping for a sensible amount of trades per week (7-14 per crypto currency) all returning a small margin.
BUT I know that at some point the price would go below the bollinger bands, and stay that way for a while. A few hours, or a few days even, would be fine. But what if I had invested at the high point or a bear market suddenly appears? Would I want to keep the Crypto for the long term, or sell at a loss? I'm not confident enough with my knowledge to be able to convert Crypto to Crypto to survive a bear run.
As I couldn't decide on that strategy now, I hedged my bet on wanting to keep the Crypto for the long term.
I have a Coinbase wallet, and I know that both ALGO and ATOM provide a 5% to 6% APR yield. I therefore choose these currencies to trade in on the basis that if it all went Pete Tong and I was going to have to wait for a few months (or longer) for prices to rise whilst I hodl'd my coins, then at least those coins would increase in number (if not in relative value). Hopefully at a later date the price of the coins would match and excced what I paid for them.
ALGO and ATOM also had a relatively good fluctuation throughout the day, with a sensible number of trades. Not too many (or too fast) like BitCoin, where I wouldn't know or learn what was going on. Not too few either, so that I wasn't going to wait for ages to learn anything.
Trading my Crypto Currencies
The other element that I like about ALGO and ATOM is that they are both on the USDT market on Binance. This enables me to keep a quick check of how much profit or loss I have made and I can convert it back to GBP (which is the base fiat currency I use). It is also tethered to the US$, so I know if it is a relative profit or loss (rather than the variation between two crypto markets).
The trading fees on BINANCE are relatively low, and I found the interface quite easy. I was also able to link the Quadency bots to Binance.
Personal
ALGO and ATOM were also the first cryptocurrencies (outside of Bitcoin and Ethereum) that I had heard of - and this was because of COINBASE and the APR rates and introductory guides. So there is a little bit of loyalty in there as well from me in choosing my first two crypto markets.
What Should I Do? Should I use ALGO and ATOM too?
My advice : Do what you are comfortable with.
If you have researched a specific crypto in depth, if you have experience in a specific crypto or exhcange or wallet with low fees or a good user platform, or even if you just have a gut feel, then go for that.
It is the mental investment, the emotional investment, that comes with it that makes it important. You must *want* to learn and trade about your selected Crypto Currency more than anything else.
Good Luck !!!
Note : All of my articles are my own work and relate to my own personal experience. Investing is always at your own risk.
