Sooooo due to the recent bitcoin hype , many of us are taking this opportunity ( or not ) to get on the fast moving train . However, the real question is , will we land on the platform , or beneath the train ( the rail ) . Will we be able to board the train or so just hit our faces hard on the ground . Guilty is charged , i landed my face hard on the ground
Now i m going to share some advice to ALL THE NEW crypto-traders out there , the lessons i have learned from 2 months of trading / investing.
1.DO NOT EVER EVER TRADE BASED ON HYPE
- When you see a certain coin that just jumped from the number 10/15/20 to the top 5 , do not board the train, i REPEAT , do not! It is already to late . For an example , my biggest mistake digibyte . Due to the minecraft news, everyone was excited about digibyte . Digibyte here digibyte there . A week ago , digibyte from the no.8 spot in Bittrex went up to no.1 . Guess what , i bought it , thinking that the value will rise even higher . Stupid move indeed , the next day when i check , it went down about 60% .
2.ALWAYS PLAY THE MARKET ( RISKY MOVE , STRONGLY WILL NOT SUGGEST THIS)
- To play the market , you will need to do tons of research on the coin and SPECULATION plays a crucial role . Bear in mind that what you have decided to "play" will not definitely turn out to be a "goldmine" . Unless you are a pro , definitely will (maybe) workout for you . The coin that is currently working out for me currently after "playing the market " will be BAT COIN . Personally , i like the idea of BAT , but i DON'T (my opinion feel free to share yours) think that it will be a successful coin . Despite it being the idea of "AD FREE" or "ADVERTISERS PAYING YOU TO SEE THEIR ADS" as now people are comfortable using Chrome . Imagine forcing people to switch from Chrome to Internet explorer .
3.TRADE ON A BUDGET , DO NOT THROW IN MONEY THAT YOU CANNOT AFFORD TO LOSE
*Most important advice here lol , i see tons of comment in some FB's Crypto groups ( threw in my life savings blablabla, man, you are just digging your own grave lol)
4.SECURE YOUR WALLET
*use separate emails if possible , it might be troublesome but hey , would you rather lose all your hard earned BTC or Altcoins or just spend the miserable 30min doing them?
- Lastly , if possible , store BTC in an offline wallet (trezor or Ledger nano s ), where else for other smaller Altcoins ( STEEM , DIGIBYTE and etc , store it in different exchanges .
I hope this will be helpful to all the newbies , thank you and HAPPY STEEMING !
Btw, digibyte has future IMO. At what price did you buy?
I suggest you keep holding if you haven't sold already.
You're right about getting on the hype train late though, but remember hypes come in cycles, you won't miss out the next time if you sell now. It's a patience game
yeap indeed brother , still holding it , bad move i guess . Should have done some research before trading / investing.But it has been a very valuable lesson for me . Without that incident , i dont think think that i will actually start blogging on steemit .
Surely good advices for newcomers.
I'd also suggest to hold if one of your coins is getting dumped, it may just be a temporary market correction and with patience it will get to a higher price in most cases.
Very good post. Really appreciate you bring this to our attention. The coin market will be turbulent for the upcoming year(s) but I really believe in it. We do need more indept investment analysis. This is quite an interesting website I found: https://www.coincheckup.com The site that lets you check all there is to know about the team, product, communication transparency, advisors and investment statistics on every crypto.