New comers be warned

in #investing7 years ago

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First I've seen my share of (Insert bye n hold x here), this will be $x dollars by Y time period or magical news Z will come out in June so we will see $X amount.

I need to give pause to mention that a wise investment is one based on knowledge, knowing your completion and finding a market.

That much said you should always research what currency you're buying before hand and take solid reliable sources to heart.

You should make up your own mind up if it's worth it. Does that coin seem like it's a bit to high? Who will use it? What for?

You should also not go all in with what you can't afford to lose. Something can go from 3500 sat to 1750 over night and you're out of half you're money. Either that or it falls a bit but you don't want to take the loss so you're stuck with a sickly coin that may not pop for months or may fizzle.

You should also not put all your investments on line. Have a physical offline location. Have some in two different wallets. Back up your keys and make strong passwords. Use 2auth when possible for withdrawing or transferring. Two different exchanges for trading also help.

A way to cut costs if you're new is transfer payments with a alt coin currency that doesn't eat 2 to 10 bucks each transfer you do.

Finally don't buy hype, research it. What happens is whales mimic the hype. They'll pump a market and let it drop like a rock. That and bots. You'll hold expecting the currency to drop a little for the next rise but it'll fall through the floor leaving you stuck with a over hyped underwhelming product.

There are hundreds of currencies. Many will see a pump. Only a few will survive and thrive to blow up big. It's up to you to understand which those will be. Don't trust someone saying the opening lines. Do your research, act responsibly and rationally and you should earn good returns.

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