Topic: (newbies) don't invest in a crypt-coin just because you like them only (Read 471 times)

Bitcoin investment is undisputed -in investing in crypto-coin,- the rest are playing catch-up, but cryptocurrencies would not be complete if bitcoin becomes the only coin, as it stands I don't have any tangible investment in any coin aside bitcoin, even the forum accepts -grin- as a payment method, altcoins are turning into an abyss of scam coins, -but we can advice newbie's and giving them the privilege to make there own choice and not acting like no other coin exist in cryptocurrency aside bitcoin- they could get fake/amateur information else where and fall for it

Good knowledge about coins of interest is important, and not only that, good experience about it is also crucial. I traded Zilliqa, I liked it so much when I started knowing about trading lately, the coins rose from $0.004 to $0.029, I was checking the price often and invested when the coin was at $0.028. Now, I am losing, I have lost over $100. You can check about the Ziliqa coin on marketcap. So, sentiment is not good, it ks good to know about the coins you want to invest or buy, also knowing the in and out about investment and trading generally is very important.

Here's an even better advice - don't trade crypto at all. The altcoin market is full of scams and heavily manipulated coins, and unlike penny stocks, there's no fundamentals here at all, so you can't make any educated decisions. Investing in altcoins these days is more like HYIPs - everyone knows it's a scam, people just hope to profit by entering early and exiting before it all crashes.

Just hodl Bitcoin, don't be greedy trying to get rich quick, Bitcoin already has higher returns than traditional assets.

Investing in any project is risky no matter what procedure you follow to identify a good project, anything can go wrong so always be prepared to accept loss.

In my opinion any project which has a working product is considered a good project especially projects that are based on the development of this industries.

I never follow the hype as most of the time they are over rated. I will always do my own research rather following the herd. Anyways I recommend you to stay away from any new projects for the time being as most of them do know what they are offering.

What a sad fate to you OP. But then, it might be a lesson not for you but for everyone to avoid supporting/buying coin because you like or it sounds good. We should ve careful in selecting coins that we will invest.

You should not invest just because of:

1. The telegram of coin is active and have a lot of members - We all know that it can be a bot or paid shillers.
2. Whitepaper - it is only written, if there is no MVP it won't give you an assurance that it will be developed.
3. ico rating sites - there are many fake ICO rating sites and some of them rates the coin that pays them. Therefore, there is no genuine about their ratings because it is paid of fake.
4. Your friend told you that it is a good coin - don't trust anyone with your investment. Hear and accept their suggestion if it is good but if you think that it might ruin your capital, avoid investing because of their words.

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All of us should not invest only because we see that others are taking profit. We don't know if it real or not. We have to conduct research, study the coin and it's potential to boom. We are given a knowledge, we must use it always.

Additional; Some also people investing in cryptocurrency or some scheme or passive earning using cryptocurrencies because someone told them to invest or will get easy money by just buying some cryptocurrencies.
Well, we all know it's wrong and not advisable for jumping in some things that we don't know especially money is involved here.
Learning the basics is always important here, don't waste your money. Newbies should be aware on this!

You need a reason to invest on a coin, and only reason for someone to invest on a coin is profits so no one is going to invest on a project just because they like for no reason.Sometimes you can be lured by someone to invest on a project in the case you need to make your own research on a project then if you feel it has potential to grow up in future then start investing on it.

I doubt an investor could have such sentiments while investing. Your portfolio is certainly built for profit and I fuess every investor would only think about profit. Such emotions or sentiments would never affect someone's investment decision probably.
Investing in any coin without proper research is the same though. Problem with newbies is that they don't spend some times going through the project details before investing.

Yes, this is good advice (if a bit obvious). Don't just put money into coins you *think* will go up, or just popular coins (like ETH). Also, don't just do a Google search about top coins of 2020 and put money into them, lol.
You must do your own research before investing in ANY coin, not just their current price. You also have to read crypto news so see if something happened to make the coin go down/up, such as the bitcoin halving.
So, in general, don't buy coins based on gut instinct (unless you have money to spend  ) and always do your research before investing, whether it be in stocks or crypto.

Good luck   

 The title might sound unclear - why should I don't invest in a coin I like- you might be thinking. I would wish we take a brief look into this and know if investing in a coin just because of our love them alone is right.
My first major investment was actually on a Ponzi scheme -before I invented I did not check the dangers of Ponzi- I happened to have falling for it after I was wooed into it, I started to work blindly to cut a long story short, I lost my deposit which was much to me. Now let get back on track, what are my reasons to advice newbies not to invest in crypt-coins just because they like them?.

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+ Sentiments: investing in a coin just because you like it ALONE can bring sentiments to your research/prediction -you might browse about a coin but because you are playing on the fact you like the coin, you favour more the good aspect of the coin and less to the risk or dangers-

+ Don't know when to cut loses: investment can bring up the investor loss or profit, investing in a coin sentimentally alone because you like them, can make you hold on to hope that seems to have fizzled out. Cutting your loss and counting damages and lessons become rather to hard.

  Note: you can invest in what you like and gain on it, but don't just invest because you like it, as a investor you should be critical about everything investing is a serious business where you would be making a mistake to do things on sentiments alone.