This is so important! I couldn't agree more!
I often find myself holding out on locking profits just because someone is saying it will moon...
I would add: don't blindly follow twitter gurus! DYOR is crucial in my opinion:)
Topic: My Crypto rules (Read 135 times)
I decided to post the crypto rules that I go by after being in the crypto game for awhile: This is what I live by to not lose sleep at night and have a heart attack
1) Never sell your entire stack of any coin/crypto. I do this for personal reasons. Too many times I have seen shitcoins that I used to own skyrocket in value, It just gives me a sick feeling in my stomach to have zero when it's going to the moon. I dont care if its the most piece of shit token there is. I always keep a small amount so I at least get some benefit of it skyrocketing.
2.) NEVER BUY AT AN ALL TIME HIGH, I don't care if its the new best coin or some great new technology, never buy at the all time high. you will get burned badly. No matter how strong the bull run is it will always come back down and dip.
3.) Be patient, Most of these cryptos are long term holds. The markets reward those who are patient. Many projects are flatlined for months, even years sometimes but if the team and development are strong you will be rewarded.
4.) Don't be too greedy. If you get a 5x profit , don't be afraid to sell a large amount instead of hoping for even more gains. Then you end up losing out by being too greedy.
5.) don't get caught up in the name branding. I've turned down many good projects because I thought the name was terrible. Such a stupid thought, just look at the whitepaper and project development.
The most relevant at this point in time is number two, how many people bought bitcoin when it was at the all time high and are now complaining because of the price, they were very dumb by doing that, if they were patient, your third point, they could be buying bitcoin now and be in profits already and have a lot more bitcoin than the bitcoin they are holding now. 1) Never sell your entire stack of any coin/crypto. I do this for personal reasons. Too many times I have seen shitcoins that I used to own skyrocket in value, It just gives me a sick feeling in my stomach to have zero when it's going to the moon. I dont care if its the most piece of shit token there is. I always keep a small amount so I at least get some benefit of it skyrocketing.
2.) NEVER BUY AT AN ALL TIME HIGH, I don't care if its the new best coin or some great new technology, never buy at the all time high. you will get burned badly. No matter how strong the bull run is it will always come back down and dip.
3.) Be patient, Most of these cryptos are long term holds. The markets reward those who are patient. Many projects are flatlined for months, even years sometimes but if the team and development are strong you will be rewarded.
4.) Don't be too greedy. If you get a 5x profit , don't be afraid to sell a large amount instead of hoping for even more gains. Then you end up losing out by being too greedy.
5.) don't get caught up in the name branding. I've turned down many good projects because I thought the name was terrible. Such a stupid thought, just look at the whitepaper and project development.
1) Never sell your entire stack of any coin/crypto. I do this for personal reasons. Too many times I have seen shitcoins that I used to own skyrocket in value, It just gives me a sick feeling in my stomach to have zero when it's going to the moon. I dont care if its the most piece of shit token there is. I always keep a small amount so I at least get some benefit of it skyrocketing.
Then they are not shit after all.
That's why if someone sees something on a cheap price coins and decide to hold some stash on it, considered the amount that they will throw on this as a loss so that they will not expect if things gone wrong. And if it reached a decent value, then that will be a big bonus.
2.) NEVER BUY AT AN ALL TIME HIGH, I don't care if its the new best coin or some great new technology, never buy at the all time high. you will get burned badly. No matter how strong the bull run is it will always come back down and dip.
We can't tagged a certain price level as "ALL TIME HIGH" in an instant.
Honestly it will depend on the current trend and price movement. There are traders who still made a decent profit out from buying when the trend is uptrend. But remember that it's not a good thing to do for newcomers.
3.) Be patient
As always.
4.) Don't be too greedy. If you get a 5x profit , don't be afraid to sell a large amount instead of hoping for even more gains. Then you end up losing out by being too greedy.
For those who didn't understand the art of being greedy and doesn't know the risks, then better be like this. Expecting too much profit or target will wreck a certain strategy.
5.) don't get caught up in the name branding. I've turned down many good projects because I thought the name was terrible. Such a stupid thought, just look at the whitepaper and project development.
A good reference though.
But remember that whitepaper, roadmaps and future developments must be always good at the eyes of investors so even a shit project will always have a good roadmaps. Im preferred searching some good and legit reviews rather than reading whitepaper etc.
2.) NEVER BUY AT AN ALL TIME HIGH
What rule is sooo hard to remember in some moments so i should write it on my desk))
What rule is sooo hard to remember in some moments so i should write it on my desk))
I decided to post the crypto rules that I go by after being in the crypto game for awhile: This is what I live by to not lose sleep at night and have a heart attack
1) Never sell your entire stack of any coin/crypto. I do this for personal reasons. Too many times I have seen shitcoins that I used to own skyrocket in value, It just gives me a sick feeling in my stomach to have zero when it's going to the moon. I dont care if its the most piece of shit token there is. I always keep a small amount so I at least get some benefit of it skyrocketing.
1) Never sell your entire stack of any coin/crypto. I do this for personal reasons. Too many times I have seen shitcoins that I used to own skyrocket in value, It just gives me a sick feeling in my stomach to have zero when it's going to the moon. I dont care if its the most piece of shit token there is. I always keep a small amount so I at least get some benefit of it skyrocketing.
I don't invest on shitcoins. I just hold coins which I think has a potential to give me good profits at the end. But I have to agree with you that we don't need to sell our entire stack. During the course of pumping, we could try and sell a few and keep some. That's how I do and I'm surviving with that method.
2.) NEVER BUY AT AN ALL TIME HIGH, I don't care if its the new best coin or some great new technology, never buy at the all time high. you will get burned badly. No matter how strong the bull run is it will always come back down and dip.
True, that's what we are seeing in bitcoin market right now. Those who have panic and sold are those who bought it at top price. Now bitcoin crashes, they don't know what to do with their investment. Unfortunately, dumping is the only recourse but they have to get losses in their end.
3.) Be patient, Most of these cryptos are long term holds. The markets reward those who are patient. Many projects are flatlined for months, even years sometimes but if the team and development are strong you will be rewarded.
4.) Don't be too greedy. If you get a 5x profit , don't be afraid to sell a large amount instead of hoping for even more gains. Then you end up losing out by being too greedy.
5.) don't get caught up in the name branding. I've turned down many good projects because I thought the name was terrible. Such a stupid thought, just look at the whitepaper and project development.
4.) Don't be too greedy. If you get a 5x profit , don't be afraid to sell a large amount instead of hoping for even more gains. Then you end up losing out by being too greedy.
5.) don't get caught up in the name branding. I've turned down many good projects because I thought the name was terrible. Such a stupid thought, just look at the whitepaper and project development.
I guess you write it down and newbies can really learn from the "simply" tips you have given. Also don't forgot that we need to invest what you can afford to lose. That's one of the best advise that we can give to all newbies.
These are good tips for traders who have the intent of just selling everything for a profit in fiat.
For people like me, most of these tips are not really ones I would follow.
I have purchased Bitcoin and some altcoins many times during ATH's, I never regret it because I'm not looking to convert them back into fiat.
Sure, it's a lot cheaper to buy coins in dips like this, just because I can buy more, but it doesn't deter me from buying during an ATH.
So you never turn your profits into fiat !? How do you provide for your daily life then ! or you have a regular job and do trading on the side only ?For people like me, most of these tips are not really ones I would follow.
I have purchased Bitcoin and some altcoins many times during ATH's, I never regret it because I'm not looking to convert them back into fiat.
Sure, it's a lot cheaper to buy coins in dips like this, just because I can buy more, but it doesn't deter me from buying during an ATH.
I'm currently heavily invested in bitcoin ,time and money wise . I'm very passionate and enthusiastic about trading crypto and I would more than love to have it as my main Job. The problem is that the market is so to volatile and sometimes if you take out 1000$ to spend ,a big possibility that 1k could turn into 1500$ in a week . It's frustrating honestly.
These are good tips for traders who have the intent of just selling everything for a profit in fiat.
For people like me, most of these tips are not really ones I would follow.
I have purchased Bitcoin and some altcoins many times during ATH's, I never regret it because I'm not looking to convert them back into fiat.
Sure, it's a lot cheaper to buy coins in dips like this, just because I can buy more, but it doesn't deter me from buying during an ATH.
For people like me, most of these tips are not really ones I would follow.
I have purchased Bitcoin and some altcoins many times during ATH's, I never regret it because I'm not looking to convert them back into fiat.
Sure, it's a lot cheaper to buy coins in dips like this, just because I can buy more, but it doesn't deter me from buying during an ATH.
I decided to post the crypto rules that I go by after being in the crypto game for awhile: This is what I live by to not lose sleep at night and have a heart attack
1) Never sell your entire stack of any coin/crypto. I do this for personal reasons. Too many times I have seen shitcoins that I used to own skyrocket in value, It just gives me a sick feeling in my stomach to have zero when it's going to the moon. I dont care if its the most piece of shit token there is. I always keep a small amount so I at least get some benefit of it skyrocketing.
2.) NEVER BUY AT AN ALL TIME HIGH, I don't care if its the new best coin or some great new technology, never buy at the all time high. you will get burned badly. No matter how strong the bull run is it will always come back down and dip.
3.) Be patient, Most of these cryptos are long term holds. The markets reward those who are patient. Many projects are flatlined for months, even years sometimes but if the team and development are strong you will be rewarded.
4.) Don't be too greedy. If you get a 5x profit , don't be afraid to sell a large amount instead of hoping for even more gains. Then you end up losing out by being too greedy.
5.) don't get caught up in the name branding. I've turned down many good projects because I thought the name was terrible. Such a stupid thought, just look at the whitepaper and project development.
1) Never sell your entire stack of any coin/crypto. I do this for personal reasons. Too many times I have seen shitcoins that I used to own skyrocket in value, It just gives me a sick feeling in my stomach to have zero when it's going to the moon. I dont care if its the most piece of shit token there is. I always keep a small amount so I at least get some benefit of it skyrocketing.
2.) NEVER BUY AT AN ALL TIME HIGH, I don't care if its the new best coin or some great new technology, never buy at the all time high. you will get burned badly. No matter how strong the bull run is it will always come back down and dip.
3.) Be patient, Most of these cryptos are long term holds. The markets reward those who are patient. Many projects are flatlined for months, even years sometimes but if the team and development are strong you will be rewarded.
4.) Don't be too greedy. If you get a 5x profit , don't be afraid to sell a large amount instead of hoping for even more gains. Then you end up losing out by being too greedy.
5.) don't get caught up in the name branding. I've turned down many good projects because I thought the name was terrible. Such a stupid thought, just look at the whitepaper and project development.
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