Are you new to Crypto? I hope you're doing research in other places than Reddit, although this sub can be very helpful. Here are some suggestions that might help you as you invest in projects. Spend only what you can afford to lose, i.e., "fun" money. I know, it's real tempting to use cash from a student loan or a credit card but you'll eventually regret it, especially if your chosen crypto tanks. Don't go into debt to invest. It rarely turns out well. Most folks agree that Dollar Cost Averaging (DCA) is the best investing strategy in Crypto. DCA means buying coins on a regular schedule, hopefully lowering your average costs over time. You can also DCA/buy the dips, but you never know when a project will be at its lowest, so pure DCA usually works better. Diversify (don't put all your eggs in one basket) for risk management, and learn how to build a strong portfolio. A strong portfolio is heavily invested in original, safer coins such as BTC and ETH, with much lower percentages of Alt coins such as VET, ADA, LINK, ALGO, and the like. The alt coins carry higher chances of gains, but also much higher risk of losses. Do Your Own Research.(DYOR) Don't just pick a coin shilled by some jerk like me on Reddit or a YouTube analyst. Your friend at work may not be as smart as you think! Read and research to find a project that makes sense and has a real world use cases - good tokenomics and development teams. This is especially important right now because the market is bearish. Pick only projects that have a reason and utility to outlast others. Don't FOMO ( fear of missing out) into a coin. This is most tempting in a Bull market when you see friends making money on a coin that is mooning. If the token is nearly at its high, It can and will likely consolidate and go down; you can always buy in at the dip in price. Be patient! Hold on to your coins, especially if you bought them because you believe in their future. You will make more money Holding than selling and buying another Crypto almost EVERY TIME. The only good time to sell is with a profit, or if you decide the coin you hold is worthless or a s***coin. Otherwise HODL! Don't PANIC SELL! This is usually the first mistake Noobs make in order to cut their losses. I know I did. Had I never panic sold, I would be up about 60% higher than I am today. This panic selling also happens in a bear market, when losses can hit 30% in day. Everyone wants to sell at the same time. When you are in doubt about your coin's recent dive, zoom out on the price chart to look at a year or three, and you will realize most 20% dips come right back up. "When in doubt, Zoom out!"Invest in a hardware wallet (directly from the company - NOT Amazon) when you make time. You can keep coins on exchanges or "hot" (online) wallets when actively trading, but take the crypto out when not trading for safety. Some exchanges do not give you a seed phrase: many people say "Not your keys, Not your Coin." Your hardware wallet will have a personal seed phrase to unlock your crypto. Have an exit plan. Some people take out their original investment and play only with the "house" money or profits. Others take a percent of profits when a coin reaches a certain % gain or value. Set a goal and use it. If you wait until the bear market you may not have profits to take. Don't watch your phone or computer all the damn time. Unless you're a successful day trader (less than .05% of people, most experts say) you don't need to watch prices but one or two times a day. Nothing you will see should change your strategy unless BTC drops to 10k and you want to buy more. Stress kills. 11. Most people in Crypto just want to get out of poverty and gain some savings. A little money can mean a lot to some of us. BUT, It's only money. Money is not worth your health, family, career, or life. This leads to...Enjoy your family and friends. Spend time with loved ones, and enjoy their company. Go for a hike, a run, or out for dinner. This may not seem Cryptocurrency related, but Crypto will never hold your hand when you're sick, give you love, or be there when you need help.Hope these have helped. Good luck and HODL!
Submitted June 26, 2021 at 06:57AM
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