I thought I would write this up to help any newcomers or anyone interested in learning some new perspectives and ethics that keep me grounded and excited in this revolutionary era of crypto and decentralized currency we are currently living in.I am not by any means an expert but I do have my own code I stick by within this space. Hopefully this is enlightening for some, although some may think these points are common sense. Really this is my foundation that makes me feel comfortable and confident in my judgement when investing into great cryptocurrency projects...Do your best to suppress the FOMO urges and mindsets and also try not to DOMO (dwell on missing out) these feelings are negative, self defeating and will just cause anyone a lot of irrational unnecessary stress. Who cares if Joe Blow dumped 300 hundred dollars into some random new "shit coin" and made millions! Good for him, it was a one off and this isnt about his future its about yours. Chanting "Coulda woulda shouldas" is not the disposition to have when wanting to invest in cryptocurrency.Anytime is a usually a good time to start investing in cryptocurrency. Pick a good reputable exchange to start with and test it out.Find projects you like. Look for the positive ethics and innovation behind the project and also who the creators and custodians of the projects are. Some of them are really interesting people who follow a code of their own ethics.DD or Due Diligence applies to crypto/defi projects similar as it does to investing in the stock market. Investigate. Gather as much information on a specific project you are interested in is probably the biggest attribute to having success and watching your finances grow.Is the crypto technology improving or innovating something that benefits people or the space?Does the project promote positive community values and growth opportunity?Are the management teams behind the projects talented and of good character?Does the crypto have a good foundation to thrive off of as it grows?These are the main things I look for when doing my DD on any crypto.When you research your chosen projects dig deep and be cautious of crazy hype promotions or biased articles on "These next 3 big cryptos and defi will moon in 2021!!!!1" Trust your research and sound judgement based on the facts not on knee jerk emotions ****this is actually really hard for me sometimes because I get really emotional when it comes to things I am passionate about but having a logical mindset will reward you and then you can be emotional and cheer about it later when you see your gains.Have a solid financial foundation when you decide to invest in multiple crypto. I tend to keep the majority of my capital in Etherem as it is a proven product with a great track record that many other cryptos rely on...it isn't going anywhere. Stability is a helpful tool. That said, it is good to diversify and try fledgling projects for great opportunities and it doesn't matter how little you invest - testing the waters is a great way to get an idea of how the project will start to perform.We hear this one a lot: "JUST HODL!" while holding is great so is variety and trading at certain times. Be on the lookout for indicators relating to the crypto market fluctuations such as a passing vote, public announcements from the managing teams and exchanges, new tech or software upgrades, even world events that could effect the value of the crypto you want to buy hold or sell. These are indicators or catalysts to always be looking for and will help you make better buying selling and trading choices with crypto."dont spend what you cant afford to lose" we see this a lot as well and while it is a good rule to follow, sometimes by taking risks we are greatly rewarded. So I say to this, yes follow that rule but also expand and evolve as crypto holder. This will mean taking some risks and then following the previous mentioned principles to mitigate that risk further.Cutting losses. This is a tough one. Everyone has their own stop loss ideology or limit to which they feel they can tolerate. I would say if you were going to cut your losses do it for a reason that makes sense. A coin drops %30 percent today...that isnt a good reason. The reason is why did it fall that 30%, is it the market? Some sort of halving event, just the market is constantly ebbing and flowing. The point I am getting to is try to avoid rash decisions simply based on a percentage loss. Find the truth behind it and then act accordingly based on the facts. I have held through countless drops in the last several months and usually it just takes a bit of time to wait out the market re-calibrations and corrections as most of the time these bounce back and even better than before.I think the most important rule of all is again, remember to have fun. Even when I see I am down for the week it just gets me excited for the next or even a potential buy opportunity on the dip. It is a chaotic up and down game. But if you can find some comfort and reason within that, then it can be really exciting and rewarding. Have fun and be passionate in the projects you believe will succeed, knowledge share and teach others things you have discovered. Passing on valid information can help others be successful and that is often a key component of a project becoming reliable and strong. Great crypto communities backing a good crypto project go hand in hand. support each other and drive for success this can and will most certainly create some MOONS in the process.Good hunting to everyone and I wish you all great wealth in your endeavors!
Submitted September 29, 2020 at 06:17PM
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