How much should I invest in cryptocurrency as a beginner

DoublerHunter

hero member

Activity: 2590

Merit: 644

Quote from: sulendra12 on August 15, 2023, 03:48:16 PM

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

6. Diversify your portfolio: Diversify your investments to spread out the risks. Spread your money across multiple cryptocurrencies, rather than investing in just one.

If you are a beginner then I would not recommend to diversify your portfolio until you have a good grasp about fundamental trading and how to manage the situation really well. For beginners picking so many altcoins mean a mess for them because they need to keep track all of their picks especially with how much altcoins they have. I would not suggest that until they learn more from their experiences.

^That is definitely right and it should be avoided.
If you are just starting out, I advise against diversifying your portfolio right away. It is important to first develop a solid understanding of fundamental trading principles and effective risk management strategies. Jumping into numerous altcoins can be overwhelming for beginners, as it requires keeping a close eye on each pick and managing multiple assets. It is better to hold off on this approach until you have gained more experience and insights from your trading journey.

Kelvinid

sr. member

Activity: 2828

Merit: 344

win lambo...

Well, I don't think there is a limitation on how much to spend as a newbie because even if it was $1,000, $10,000 as long as you can afford to lose that money, that is still okay. But of course, I encourage them not to put in a huge money right away, we just think that we are still in the learning stage and probably we gonna lose them. So if we think $500 is enough, then go for it. The most important is that you will never regret whatever happens after. We can learn more if never limit ourselves but yeah, learning is quite expensive.

_BlackStar

legendary

Activity: 1064

Merit: 1228

Playgram - The Telegram Casino

Quote from: GreatArkansas on August 14, 2023, 08:01:55 PM

I agree with the majority here to use demo trading accounts.

I don't want to recommend it - every trader should know that they have chosen a risky asset in the crypto space if they want to trade. The demo account doesn't help much - it just makes the trader even more afraid to trade because his mindset will say; you can't lose.

Quote from: GreatArkansas on August 14, 2023, 08:01:55 PM

But for me, it's really different if you already using real money on trading, the feeling is different, and the pressure and environment are different already.

Yes, you can use demo trading account but if you can just afford even small amount of real money and deposit it to some exchange, just do it, start with small amount and as time go by, you can increase your capital especially if you started to familiarize how trading works.

Use a live account - trade with a small budget and get a lot of experience from it. I tend to suggest them that way over demo accounts.

Lanatsa

hero member

Activity: 2968

Merit: 687

Quote from: Kasabus on August 15, 2023, 03:13:09 PM

Quote from: sheenshane on August 13, 2023, 05:41:56 PM

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

7. Start small: Start with a small investment and grow your investment over time. Do not invest all your money at once.

For a lack of knowledge while studying basic fundamentals about Bitcoin this is advisable.
DCA encourages disciplined investing and helps to reduce emotional decision-making. It removes the pressure of trying to time the market and eliminates the fear of missing out (FOMO) on potential gains and those investors who engage in DCA are less likely to make impulsive decisions based on short-term price movements.

There are too many things that you must learn before investing in crypto, I suggest educating first yourself before putting your money on crypto.
To all newcomers, studying and learning first is a must.

Investing comes with risk, and the more that you invest without knowledge and experience, the higher chances you will increase the risk of losing. That’s the reason why most beginner investors find it hard to achieve success because they miss the fact that they need to be knowledgeable by learning the basics at first before they will jump into investing. However, I understand that they are hunger with profits, but investing without knowing how to invest in the first place, and not knowing even DCA, well definitely the said investment will never end up in progress.

Whether we are dealing with those conventional or traditional forms of investment or we are investing on this crypto space, then everything does have that accompanied risks on which it is really just that normal that

we should really be that mindful about the risks involved so that on every move that we do make then we would really be that prepared or really been that wary about those probabilities. This is why it would be always best on investing on the amount on which you can afford to lose and never tend to make things to be rushed up because if you are really that expecting that much or really that positive about having those good results then you would be able to sooner or later be able to realize on whats the real deal.

Just like the rest been saying that it would be better that you should not really rush up yourself on learning things in one go. Everything do takes right time and right engagement because if you are really
that someone who do really make out that kind of behavior towards investment which it would really be just bringing out that kind of desperation on which it is something that never been that
recommended on doing so.

Bushdark

sr. member

Activity: 1008

Merit: 262

20BET - Premium Casino & Sportsbook

Quote from: Franctoshi on August 15, 2023, 07:43:48 AM

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

9. Monitor regularly: Monitoring your investment regularly will help you make informed decisions and adjust your investment strategy when necessary.

It depends on the individual type of investment because monitoring your portfolio isn't necessarily for someone who is in the race of HODLing BTC, basically if your goal is a long-term investment, as that would only put you under pressure checking your portfolio when the price is down, and may result in you taking wrong decisions which leads to what we call panic selling.

Op had mentioned some of the things we need to put into consideration before we ever decided to invest in cryptocurrency which is a volatile assets except the stable coins that are pegged to US dollar. In case we have the plan to invest our money, we need to ensure that we study the asset we want to buy to make sure that we are not making any mistake that will make us lose as we invest our funds.

There is need to scrupulously do our own research apart from what we hear people say about a project so that we can as well prepare and invest the amount we know we can afford to lose as an investor that is ready to take risk but not the one that will make us regret totally.

sulendra12

hero member

Activity: 2912

Merit: 526

Reward: 10M Shen (Approx. 5000 BNB) Bounty

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

6. Diversify your portfolio: Diversify your investments to spread out the risks. Spread your money across multiple cryptocurrencies, rather than investing in just one.

If you are a beginner then I would not recommend to diversify your portfolio until you have a good grasp about fundamental trading and how to manage the situation really well. For beginners picking so many altcoins mean a mess for them because they need to keep track all of their picks especially with how much altcoins they have. I would not suggest that until they learn more from their experiences.

Kasabus

hero member

Activity: 2814

Merit: 576

DGbet.fun - Crypto Sportsbook

Quote from: sheenshane on August 13, 2023, 05:41:56 PM

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

7. Start small: Start with a small investment and grow your investment over time. Do not invest all your money at once.

For a lack of knowledge while studying basic fundamentals about Bitcoin this is advisable.
DCA encourages disciplined investing and helps to reduce emotional decision-making. It removes the pressure of trying to time the market and eliminates the fear of missing out (FOMO) on potential gains and those investors who engage in DCA are less likely to make impulsive decisions based on short-term price movements.

There are too many things that you must learn before investing in crypto, I suggest educating first yourself before putting your money on crypto.
To all newcomers, studying and learning first is a must.

Investing comes with risk, and the more that you invest without knowledge and experience, the higher chances you will increase the risk of losing. That’s the reason why most beginner investors find it hard to achieve success because they miss the fact that they need to be knowledgeable by learning the basics at first before they will jump into investing. However, I understand that they are hunger with profits, but investing without knowing how to invest in the first place, and not knowing even DCA, well definitely the said investment will never end up in progress.

Sanitough

hero member

Activity: 2940

Merit: 715

Quote from: passwordnow on August 13, 2023, 11:31:55 AM

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

3. Evaluate your financial situation: Evaluate your current financial situation, including your income, expenses, debts, and savings. Determine how much you can invest without affecting your other financial obligations.

This is where we're telling that people should only invest what they afford to lose. Because when someone's too hype, they're forgetting things like those savings that they've got that are allocated for other things and the debts that they have to pay first before investing.
Other thinks that it's okay to have a debt while they're invested. They don't realize that they're just getting something from their investments which they're also going to pay to their debts.

In any type of investment, one should always consider his financial condition first before he takes another risk in losing his money. So if you think you’re not yet capable to invest and lose, then it’s better to delay your investment plan. Otherwise, taking a debt is a clear manifestation that you are already losing before you make profits in your investment. Investing will be more successful if you have patience and the right attitude towards on it, and not just because of your greed to chase more of uncertain profits.

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: GreatArkansas on August 14, 2023, 08:01:55 PM

I agree with the majority here to use demo trading accounts.

But for me, it's really different if you already using real money on trading, the feeling is different, and the pressure and environment are different already.

Yes, you can use demo trading account but if you can just afford even small amount of real money and deposit it to some exchange, just do it, start with small amount and as time go by, you can increase your capital especially if you started to familiarize how trading works.

It is the loss of real money that will help a beginner to take a sober look at trading and assess the risks of losing his deposit. And the fact that a beginner will have such losses, then there is no doubt about it. But if a thorough analysis of the reasons for which the deposit was lost is carried out, then such a loss can be considered as a tuition fee.

Franctoshi

hero member

Activity: 1022

Merit: 600

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

9. Monitor regularly: Monitoring your investment regularly will help you make informed decisions and adjust your investment strategy when necessary.

It depends on the individual type of investment because monitoring your portfolio isn't necessarily for someone who is in the race of HODLing BTC, basically if your goal is a long-term investment, as that would only put you under pressure checking your portfolio when the price is down, and may result in you taking wrong decisions which leads to what we call panic selling.

KingsDen

legendary

Activity: 1302

Merit: 1089

Goodnight, o_e_l_e_o 🌹

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

How much should I invest in cryptocurrency as a beginner

Although, it's rhetorical but I still want to provide a brief answer. Invest what you are able to lose (what you won't be needing dearly if the market dips).

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

2. Set investment goals: Determine your investment goals. Ask yourself why you are investing and what you hope to achieve from your investment.

Very nice idea, but don't let your investment goals over pressure you, especially when you don't meet them.

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

3. Evaluate your financial situation: Evaluate your current financial situation, including your income, expenses, debts, and savings. Determine how much you can invest without affecting your other financial obligations.

Very nice. If you are living comfortably, you can invest upto 20% of your income. Don't forget to save, emergency fund etc

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

5. Research the company or cryptocurrency: Conduct thorough research on the cryptocurrency you want to invest in. Look at the chart history, team, use case and future plan.

If you cannot do this, it is better you stick to bitcoin investment.

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

6. Diversify your portfolio: Diversify your investments to spread out the risks. Spread your money across multiple cryptocurrencies, rather than investing in just one.

I do not consider this to be diversification of investment. If anything bad happens to bitcoin, there is 90% chance that all the altcoins will be affected. If you want to diversify your investment, consider stocks, real estate, gold etc

cheezcarls

hero member

Activity: 2282

Merit: 659

Looking for gigs

There’s no specific amount that you can get in to cryptocurrency as a beginner. But of all the things that the OP have mention, the first one which is to educate yourself is the most important thing of all.

Most of the newbies and beginners are only thinking of Bitcoin and cryptocurrency as a get rich quick scheme. They were being prone to this kinds of schemes and ended up losing their money creating negativity towards Bitcoin and cryptocurrencies.

This is why education is needed about the fundamentals, risks, etc., before they get into crypto. We’re not financial advisors here. We’re just educators and giving them information, but the final decision is always in their hands whether they want in or not.

lienfaye

hero member

Activity: 3024

Merit: 629

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

1. Educate yourself: Learn about the cryptocurrency market. Read articles, watch videos, and attend seminars to understand the basics of investing.

This is the first thing a newbie should do to understand crypto trading/investing in general. Because knowing what we are getting into can give us an idea for everything and that includes the ideal amount to invest as a starter. There's no specific amount actually but it is much wiser if you start with low capital to experience first and see how it will go.

In addition, don't be eager to profit instantly or aim for a huge profit through buying a not establish coins. Always choose the one that is unlikely to be delisted in exchanges so it's less risky even you're not going to trade it immediately.

Latviand

full member

Activity: 1540

Merit: 219

Quote from: GreatArkansas on August 14, 2023, 08:01:55 PM

I agree with the majority here to use demo trading accounts.

But for me, it's really different if you already using real money on trading, the feeling is different, and the pressure and environment are different already.

Think of using demo account in trading like shooting a gun, practicing in a firing raange and shooting a real person is a different thing hut with the shooting range, you can sharpen your skills to the point that the only thing you have to worry is the pressure of really shooting a live target. Demo trading uses the real time market so I don't see how it can be different when real money is involved, maybe that feeling that you're saying is that you might regret doing demo trading because you're not winning real money in it even if you make a really good trade, one advice that would work against that feeling is stop being a slave to money and focus and sharpening your skills first.

rozak

sr. member

Activity: 1960

Merit: 273

★Bitvest.io★ Play Plinko or Invest!

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

6. Diversify your portfolio: Diversify your investments to spread out the risks. Spread your money across multiple cryptocurrencies, rather than investing in just one.

adding some crypto assets in the portfolio might be helpful for some investors. but some don't really think this is so important.
there are investors who only focus on Bitcoin, and increase their investment only on Bitcoin. don't care about altcoins with the consideration that if you choose the wrong altcoin assets for investment, it can make investment planning in some assets fail too.
i also think altcoins would be better for short term or trading. therefore I am better off collecting Bitcoins and increasing my investment there rather than adding other crypto assets in the portfolio.

GreatArkansas

legendary

Activity: 2534

Merit: 1397

I agree with the majority here to use demo trading accounts.

But for me, it's really different if you already using real money on trading, the feeling is different, and the pressure and environment are different already.

Yes, you can use demo trading account but if you can just afford even small amount of real money and deposit it to some exchange, just do it, start with small amount and as time go by, you can increase your capital especially if you started to familiarize how trading works.

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: Altcoiner007 on August 14, 2023, 03:33:02 PM

Quote from: bitLeap on August 13, 2023, 11:59:00 AM

Quote from: Nrcewker on August 13, 2023, 11:40:40 AM

Quote from: Cryptomultiplier on August 13, 2023, 11:08:19 AM

You could invest $100 dollar with a consistent DCA or HODLING plan for a 5year duration while you gather and increase your knowledge on BTC trading or other crypto currency investment that could yield profit.
You do not need to have millions before you can invest. Just like what savings is to a regular fiat bank, that's what HODLing is to BTC investment.

This is a good plan actually. Here the risk intake is also less and perfect for the beginners. If you are a beginner your first motive should be to not make losses, rather than making profits. If you master the art of minimising the risk, then automatically in the later part of time you will make profit. But as a newbie your sole motive should be to learn and see how market fluctuates. Holding Bitcoins with some good amount of money can be the best thing.

A beginner should usually be exposed to the benefits first to get them motivated. Now I see a lot of newbies getting into crypto because of FOMO and they get stuck in scam coins or worthless meme coins later on.
It is clear that bitcoin is the recommendation that I always say. If we can hold it firmly then believe that it will bring us profit. The strategy used will also vary, but what I do is with the DCA strategy.
The problem I often hear is that those from beginners sometimes say they don't have that much money to buy bitcoin, they think buying bitcoin should be according to the current price (buying 1 coin right away), but that's not true at all.

I agree with you but I always say, for everyone there's always an entry point into the Crypto space. Some entered by following a hype of a particular token that profited others within a short period and they FOMO in. Whether they made profit or loss themselves, that's for me an entry point into the space. The problem is if they choose to remain at that level. So you see different people grow from whatever entry point they had to becoming experts and big investors.

Invest on something you can afford to lose.If i were a newbie then this would be i be doing;

1. Buy some small portion of Bitcoin, ETH and some top ranking coins
2. Make some additional in depth research about their utility and use case
3. Trying out to broaden you knowledge and skills pertaining on what you are engaging into.

Remember: You should not make yourself that easily believed on other approaches and speculations in the market, dont get yourself easily dragged with some hype or fud.
Always having the consideration on making your own research before you would make your own step on investing.

Smartvirus

legendary

Activity: 1554

Merit: 1139

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

9. Monitor regularly: Monitoring your investment regularly will help you make informed decisions and adjust your investment strategy when necessary.

Feel free to add some advice and if possible experiences.

This is the only point that I’ve got some struggles with accepting. Yeah, it’s not exactly a bad idea to monitor your investments but when it comes to bitcoins and one who has got a long term hodling plan, that could turn out to be a disturbing thing to do. Let’s not forget, the bitcoin market is a highly volatile one and can swing at different points and as such, being a beginner when the market goes bearish or you find price dumping at an unexpected rate, that scares the shit out of a beginner. You start building the idea of loosing your portfolio before you make profits, you want to cut loose and in the process, get to accept loses when the market has got a more promising feature in time.

Not paying much attention to the market is one way to avoid that, you don’t get to think about your decisions on hodling and is easier to endure hodling for a long time by avoiding the chats. That’s for long term bitcoin hodling though.

jeraldskie11

sr. member

Activity: 1316

Merit: 356

Quote from: Altcoiner007 on August 13, 2023, 10:24:52 AM

1. Educate yourself: Learn about the cryptocurrency market. Read articles, watch videos, and attend seminars to understand the basics of investing.

There are some videos that are published in youtube about trading are not helpful. So if you watch that and added to your trading plan, it will complicate your trade and a little bit confusing. It might be the reason why your trade is not effective. If you decided to join a mentorship program, you have to focus on it and ask your mentor for more information like asking the confluences in trading to boost the probability of winning using the strategy. In this way your mind will just calm and relax because you understand very well your strategy.

Altcoiner007

jr. member

Activity: 263

Merit: 1

Quote from: bitLeap on August 13, 2023, 11:59:00 AM

Quote from: Nrcewker on August 13, 2023, 11:40:40 AM

Quote from: Cryptomultiplier on August 13, 2023, 11:08:19 AM

You could invest $100 dollar with a consistent DCA or HODLING plan for a 5year duration while you gather and increase your knowledge on BTC trading or other crypto currency investment that could yield profit.
You do not need to have millions before you can invest. Just like what savings is to a regular fiat bank, that's what HODLing is to BTC investment.

This is a good plan actually. Here the risk intake is also less and perfect for the beginners. If you are a beginner your first motive should be to not make losses, rather than making profits. If you master the art of minimising the risk, then automatically in the later part of time you will make profit. But as a newbie your sole motive should be to learn and see how market fluctuates. Holding Bitcoins with some good amount of money can be the best thing.

A beginner should usually be exposed to the benefits first to get them motivated. Now I see a lot of newbies getting into crypto because of FOMO and they get stuck in scam coins or worthless meme coins later on.
It is clear that bitcoin is the recommendation that I always say. If we can hold it firmly then believe that it will bring us profit. The strategy used will also vary, but what I do is with the DCA strategy.
The problem I often hear is that those from beginners sometimes say they don't have that much money to buy bitcoin, they think buying bitcoin should be according to the current price (buying 1 coin right away), but that's not true at all.

I agree with you but I always say, for everyone there's always an entry point into the Crypto space. Some entered by following a hype of a particular token that profited others within a short period and they FOMO in. Whether they made profit or loss themselves, that's for me an entry point into the space. The problem is if they choose to remain at that level. So you see different people grow from whatever entry point they had to becoming experts and big investors.

Topic: How much should I invest in cryptocurrency as a beginner (Read 350 times)