Neo Trading
Is NEO a good investment for quick profits?
Our world is surrounded by cryptocurrency, and newer cryptocurrencies join frequently. NEO is one of them. So is NEO trading profitable as a trader?
NEO is sometimes called Chinese Ethereum, as it shares the same blockchain protocol to create smart contracts. Many traders are considering NEO trading as a means to increase their profit. In addition, traders are also considering NEO future trading.
It won’t be long before NEO global trading is a common phenomenon with growing popularity.
What is NEO?
NEO is a cryptocurrency that is based in China. During its inception in 2014, the developers Da Hongfei and Erik Zhan had branded it under ‘AntShares,’ which subsequently became NEO in mid-2017.
Like any other cryptocurrency, NEO is based on blockchain technology allowing users to transfer and receive NEO digitally.
Nonetheless, for several reasons, NEO stands out as a blockchain protocol and a cryptocurrency. First, like Ethereum, NEO allows users to create and use ‘smart contracts.’
Second, the NEO blockchain can handle 10,000 transactions per second, arguably superior to Ethereum.
Compared to Ethererum, it currently handles 15 transactions per second, which is bound to change once the improved second-generation blockchain is in operation.
However, NEO stands out from the rest of the cryptocurrencies as it is based on C++ and Java, which are traditional programming languages.
This indicates that its smart contract and blockchain technology is “Oven Ready” for experienced developers. Thus NEO is based on the vast marketplace of China, as its blockchain is compliant with domestic regulations.
How does NEO work?
The NEO stepped in to develop out of a smart ecosystem, sometimes known as a “smart economy.” Two or more parties enter into a NeoContract to complete a transaction, and this is the network’s version of entering into a smart contract, a legally binding agreement based on codes.
What are NeoContracts?
How to Trade Neo?
Deciding how you want to trade NEO
Create a trading planbased on your strategies.
Before you even think of taking a position on NEO, it is wise that you create a trading plan and outline your strategies based on it. While planning, these are the things you should consider:
Goals
Your plan should include your daily, weekly, and monthly targets while trading. This would ensure what you are trying to achieve from each position. Based on this, you can outline your trading strategy.
Markets
Make a list of exchanges you’d want to use, or try exchanging NEO with other cryptocurrencies or assets from various classes.
Risk
You should also include a risk profile while developing a plan. This risk profile should consist of the maximum amount of capital you can afford to risk on each trade.
After developing a plan, you should now strategize your entry and exit of the market. Again, this depends upon your trading style, like position trading, swing trading, scalping, or day trading.