I opened my account in mid-2018. I always and even now only wrote pieces. Like reviews, philosophy and stuff. But never had my way around investing. Like I don’t know how to assess the risks and whatnot.
I’m a complete noob in market investment. Think of me like that guy who knows how to use a computer but needs help even for installing an OS.
So, what would you suggest to me investment-wise? Like reading materials, what or whom to follow, what to keep an eye out for etc.
I never had someone who I could ask about all this. So this initiative, #AskHive might be a great opportunity for me to actually learn something.
What I would suggest is don't take financial advice from anyone who is not legally allowed or certified or proven to be a good adviser, I mean don't just blindly invest based on what they say. Listen to whatever they have to say, listen to their ideas. Gather ideas from as many different people as possible. If you see multiple people saying the same thing, then maybe there's something into it but you should still go online and read up more, from wherever you can. Don't get fixed on one single website.
It's always good to listen to people who have experience, but in the end you should make the decision. You will have to decide whether you wanna invest in a specific project or not, what does you judgement say.
In crypto, never invest in the coin, always invest in the people behind the coin. From personal experience I can say that, there was one crypto I was so very hopeful about because I trusted the people behind the project. Not that I liked everyone involved, but I liked most of them and found them sincere and trustworthy. But once the people I trusted had left the project, it went down to absolute gutter, proving the point that my investment was in the people, not in the crypto. So always try to join the communities on discord, telegram of the crypto you're looking to invest in. Talk to the people behind the project and see if you find them reliable.
Hope this helped.
Alternatively, there are some groups that that apparently give investment signals but I personally have not used them.
@ew-and-patterns used to do regular crypto analysis and is a knowledgeable guy when it comes to trading. In the end, you should always do your background check before you jump in!
Good Luck!
I still do it but at the moment crypto is just boring and the current wave is also very complex... Still momitoring it every day and will post more frequently once we have a clear signal.
Alright I'll watch out for those. I've really enjoyed getting some insights from your analyses.
Basically what you said is, i have to do my own research, trust my gut and invest in people, not the coin? Why does this feel so complex.. Sigh!
Ahahaha yes bro, it is indeed complex. Wherever money is involved, it is bound to get complex :P
I know trusting your gut sounds a bit vague, but it matters which is why some people are so good at trading and some not so much. The gut feeling comes from knowledge, it will not always be the correct one, but it will usually lead you closer to the right decision if you have your own research done.
Also, the definition of a good trade varies from person to person depending on your expectations too.
Thank you brother.. I think ive learned something today..like i feel im sitting in a classroom and your the teacher infront of the whiteboard XDXD... but in all seriousness what i could put together from all you said is i have to gain experience first hand... No rulebook type of thing exists.. And i have to mind in all the other factors at the same time. While trusting my heart..
Yes bro exactly. It’s all about first hand experience. The market is ever so unpredictable that it is nearly impossible to have a rulebook sort of thing. With experience you could potentially anticipate certain things (like the pump in steem price just before hive launch) but not exactly predict.
thank you brother.. i feel so much better about myself right now..
Only invest what you are happy to lose. And i mean seriously lose like having 0 left after one year. It is all still very experimental and blockchains horribly fail. There are a lot of examples for that. So you are up against very bad odds. Doing research can give you a little better chances but still it is extremely risky and you are more likely to lose everything than gain from it.
All harsh truth.. No silver lining in it.. Makes sense.. Its hard to earn money.. Then Why would it be easier here.. But can you tell me one thing? Is the risk worth it?.. I mean ive seen people lose Everything in stock market crashes. But investing is a purely new thing for me. So is it worth it?..
DO YOUR GOD DAMN RESEARCH.
Don't throw your money into ICO's or buying a coin because some guy on the internet told you to.
Be ready to lose your money. You don't know what's going to happen. The coin might skyrocket, but if it goes to 0, be ready for that. Don't put in your life's savings.
BE SMART. Use common sense. If it seems too good to be true, it is.
For me, I only invest that amount of money which I am ready to lose be it $1 or $100 depends on person to person. If I have to invest, I will invest 70% of my money on big names like Bitcoin, Ethereum, Litecoin etc whereas 30% I will invest for any promising project like hive, xlm etc.