Genesis
Getting into crypto was overwhelming at best, especially with no introduction. Not knowing any better, my crypto was "safely" stored on Bittrex - ignorance sure is bliss.
All these tickers! What to buy? EVERYTHING! Ladies and gentlemen, I bought everything. Getting rekt like nobody's business. If anyone on twitter or telegram said it'd moon soon, I bought it. Needless to say, this intensified the sadness of my "portfolio" to the point where I decided to cut my loses and abandon ship.
More REKT
I got back into crypto just in time for the bull run, I kid you not, the only gains I had were on Ethereum. Otherwise, I was still getting rekt on nearly every other trade I made.
Time to face the harsh reality, I was no good at trading. I started using a mobile wallet to keep my funds out of exchanges. it wasn't long until the hype had me sending tokens back and forth from my wallet to exchanges and straight up burning my money with bad decisions based on rumours and hype. The convenience of mobile wallets became my downfall.
The Rebranding
My best investment to date is the Ledger Nano S, it guaranteed me no access to my funds if I didn't keep the Ledger with me all day, activate forced HODL mode. I have since mastered the art of HODLing.
5 Tips for smart investments
Research is key if you're investing in cryptocurrencies, said with that, here's 5 tips I've gained from the experience:
• Never buy a token without doing proper research, that includes reading the whitepaper. Meh. I know.
• If it's already over 50% up in the past 24 hours, don't touch it with a 10 foot pole. Monitor it for a few days - NO FOMO!
• Browse through the "recently listed" tabs on coinmarketcap and coingecko at least once a week and try to find gems and hold on to them, I've found only checking on coingecko to be sufficient - this is a slow process but it can really rewarding.
• Don't let your portfolio bother you - stop checking its value every few minutes! Go about your day.
• DIVERSIFY! Going All in could potentially yield mindblowing gains, it can also grant you a first class ticket to destination rekt. Besides, there are too many great projects around to be stuck on one.
These are from my personal experience. You're probably going to learn your own if you haven't already, hopefully these 5 tips will narrow your risk a bit.
Share your tips with me in the comments! 👇👇👇
Great tips, made every single one of those mistakes and learned similar lessons. Trying to make yourself rich quickly without experience is recipe for disaster 😂
This 👌 haha
Yes I agree. From what i understand the worst is people losing their homes as a result of poor decision making in crypto.
Very good information
Which one is your favorite tip?
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