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RE: My Top 5 cryptocurrency rules for beginners!

in #cryptocurrency7 years ago (edited)

Cant stress the importance of taking out profit every so often. It is too easy to caught up in the excitement consecutive green days. But that profit isn't officially yours until it is exchanged back into fiat is you are a casual investor/speculator OR back in to Bitcoin,Ethereum, NEO or whatever you think will be the Crypto that will become the or one of the de facto cryptocurrencies.

Also decisions don't have to be an All or Nothing. Not everything has to be a monster call. Especially if you are new into the crypto scene. You are going to make mistakes it is inevitable.

I've been caught out buying a Circuits of Value at an ATH. I had done no research on it I bought some just because it was featured as a top gainer on Bittrex. Guess what it went straight back down and I was bag-holding and sold at a loss. It recovered a couple months later. One perhaps arguably two mistakes their but it only cost me about $15. About 1% of my worth in crypto at that time. I've recovered it back since then.

Consider mistakes like that an idiot tax.

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I see people constantly reinvesting their earning back without ever taking profit out. I thought that it defeats the purpose of investing. Good to see that people learn from their mistakes, great comment @solanova.