Lifetime advice to beginners and pros that can save you in your crypto journey!(From my experience)
3 min read
I’m new to reddit but to crypto, I’ve been here for years and years! I’ve done many things in my life and won and lost, laughed and cried, fell and rose but I am still standing tall. Here are some life lessons I’d like to share in my humble opinion, buckle up and enjoy reading:
Stay away from Youtubers, that’s right and that’s what I said many times BUT sometimes YouTubers can highlight less well known coins that have potential, huge utility and fantastic potential with a small market cap . Never go into it blindly, but it can be good to research and decide for yourself.
Stay away from tokens that have:
Anonymous team
Websites with rockets, moons
Any animal based coin
Too big supply coins in circulation
Bad spelling in whitepaper or overly complicated to hide the fact it solves nothing
Low number of holders
Guys! Be warned please! Too big supply paired with a low price like 0.0000005$ is what people fall for all the time. Thinking it will hit $1 eventually. People need to understand market caps!!!!
There are people all over the social media heavily promoting any coin, so that coin is probably going to be a scam. Good projects don’t need lots of marketing, the tech do it for them.
Let’s continue with some more tips you need to know:
Never store your cryptos on an exchange! Any exchange is prone to be bankrupt. You should store your cryptos on a hardware wallet or cold wallet.
Before sending a large amount of crypto and making a transaction, send a small amount of it at first as test. Believe me, even if you’re a pro, you can make such horrible mistakes so be aware.
In crypto world, 1+1=is not 2 so don’t bother selling your car or house. A noob in crypto can change 20k$ into 200$ and a pro in crypto can change 5k$ into 20k$ by hard work so be careful! In this world, all that matters is money management, strategy, plan and hard work.
Bull Market is not your savior as most people think here. Unfortunately many people think that all their problems will be solved in the Bull Market and their world will be full of joys then, sorry to say it to you guys but you are greatly deluded then.
There are two things you need to be aware of:
First, the hardest part of investing and being in this market is taking profit and DCAing out. You may be wondering but trust me on this one, taking profit is something most of you haven’t still figured out.
Second, selling your alts and getting in Btc and ETH too late(alt investors), this is the most common mistake that you may make. I’ll give you an example:
*Let’s say you invested in Algo and DOT and Matic and you didn’t invest in Btc. Btc hits its ATH and also makes a new ATH but your DOT and Algo and Matic barely made 1x then you may be thinking ” why didn’t my alt move yet?” then most of you sell your DOT and Algo and Matic and buy Btc that’s just made a new ath, what happens next? Btc crashes and its dominance goes down, alt season begins and DOT and Algo and Matic make 5-10x. This way you miss the train and all these years of waiting goes for nothing. Then you start waiting for another Bear Market! This cycle never ends. Be aware. Do not sell your alts, your alts can give you more gains that Btc and ETH can ever give. Don’t be fooled by the media
If you liked the post, please upvote the post or buy me beer. Thank you for reading and it will be great to see how useful this post was to you.
*Stay safe everyone*
submitted by /u/Mr_AdultGamer
[link] [comments]
