Currently we face a bear market, (nearly) everything goes down and this brings me to the situation that I thought it might be a good idea to collect some experience I made during my 3/4 year in crypto so far and share them with you. I am not an expert, I don’t want to claim to be one and I make mistakes as everyone else, but there are quite some experience I want to share from time to time with you.
For this post I though it would be good to share some rules with you which are quite important in my eyes. I haven’t made this rules up by myself, read them somewhere on the internet or made them up with friends over time we spent together digging into crypto.
1.) Never invest money you can’t afford to lose.
This rule is quite important and does not just apply for crypto. It’s important that you have your investments under control and not start to invest money you would need at other places in real life, for example to pay your bills, credits or just for your food and stuff. Also if you have family and/or children be carful with your money, you have responsibilities.
2.) Always do your own research.
This is also a rule which is not just important for crypto but for all types of investment. It is good to get tipps by other people, in fact I talk with friends a lot of times about in what coins and ICOs it is worth to invest. But don’t trust blind everything someone is saying, especially if it is not a person you trust 100%. But even then, make as much own research as possible about a project and don’t invest if you are not 100% sure you want to invest in something. You maybe miss a good investment then, but if it’s better to miss an investment you wasn’t 100% sure to make then losing too much money to an investment you wasn’t sure about it. Especially if you maybe blame someone else then for your own fault.
One more thing, it’s good to follow and see some people out there on Youtube, Steemit, Facebook, Twitter or other social media platforms but don’t believe everything you hear from every person who proclaims to be a self-proclaimed crypto investment expert. In fact, 90% are not and just riding the wave of the market. Especially if they want to sell you something be careful. Why need someone who made millions with investment to sell you something for money instead of helping you for „free“? „Free“ means he could still make money with Youtube, advertisement in blogposts or whatever, but not charging you for it, because normally he wouldn’t need to.
3.) Don’t panic sell.
I think this is one of the hardest tasks and I faced myself the one or other time where I though I should sell all my investments because the market is all in red, especially in the beginning of my investment time. I think, if you can’t cool down yourself it is good to have some friends who are in the same situation and who can tell you to not sell your investments, especially if these are normally high performing projects. In fact, sometimes you can make money with selling high and buying down at the bottom, but who knows when the bottom will be reached for the dip? And if you are currently already in a downward trend it might be already too late, so that you sell your investments just to face a pump afterwards in which you just can lose money.
Hope these are some helpful tipps for some investment beginners, at least I made some profit with playing by these rules. Happy trading everyone!
Good advice!
Thank you, I try to share my (relatively) short experiences with others :)
Hard to keep your calm in mayhem like todays.
Still holding on.
True, but that's why it's good to have some friends who tells you to hold!
helpful :)