Topic: Strategy to avoid total losses: be careful (Read 247 times)
Yup in this crypto game, the only person you can trust is yourself. Be careful sending your crypto money to somebody. Once it leaves your wallet, it is gone forever. The only way to get it back, if you want it, is if the other person willingly gives it back. There is no third party to help you.
Also, do not fall for all the FUD and Hype that are constantly doing the rounds. Most of the newbies enter the Crypto investment scene with $$ signs in their eyes, based on some FUD or Hype that they have read or watched on Youtube.
Bitcoin and Crypto currency investments is a high risk investment and if you are in this for the "Get rich quick" mentality, then you are probably in the wrong game. Most successful Crypto currency investors have been in this game for years.
Bitcoin and Crypto currency investments is a high risk investment and if you are in this for the "Get rich quick" mentality, then you are probably in the wrong game. Most successful Crypto currency investors have been in this game for years.
- Do not save your money on trading platforms. "Not your keys, not your coins"
Best of luck. I hope for your sake that you won't learn the significance of "not your keys, not your coins" the hard way. Granted though, if you're actively trading there are currently few other options available unfortunately.
The exchange being hacked is not the only risk.
Exchanges may have legal problems in a country and their funds may get freeze (your funds).
Or you can have a legal problem woth taxes or whatever in that country exchange, and get your funds frozen.
Crypto markwt is not fully regulated yet, so some legal and regulatory issues may occur.
- Do not save your money on trading platforms. "Not your keys, not your coins"
Best of luck. I hope for your sake that you won't learn the significance of "not your keys, not your coins" the hard way. Granted though, if you're actively trading there are currently few other options available unfortunately.
There are some tips on learning some technical and marketing expertise so you can avoid risks and protect your capital:
- Do not save your money on trading platforms. "Not your keys, not your coins"
- Do not let your emotions control your decisions.
Overall, good tips. may end up losing money even with these tips so I do not recommend cryptocurrencies as an investment.
- Do not save your money on trading platforms. "Not your keys, not your coins"
- Do not let your emotions control your decisions.
Overall, good tips. may end up losing money even with these tips so I do not recommend cryptocurrencies as an investment.
You're right, money is mine and only me take responsibility for it. Sometimes i don't believe in myself because i made some wrong decisions in the past, as someone has said "your biggest enemy is yourself ", sometimes you have to struggle with yourself to take the right decision, against your mind.
The cryptocurrency market is a very speculative one and you have to make sure to avoid losses as good as possible. If you want to join the speculative cryptocurrency market you have to make sure to know some basics which are from traditional capital markets and other ones you'll only find in cryptocurrency market.
This is no investment advice, it's only a list which can be continued and if you have to add more interesting and important points, you can list them.
Rule number one:
- Only you are responsible for your investment and you have to decide very carefully where you invest your hard earned money.
Big don'ts:
- Don't invest more than you can afford to lose. If you do so you'll have extreme trouble and problems to pay for your everyday's life. You'll not be able to continue your life in a normal way, so avoid any huge investments you can't cover.
- Don't invest borrowed money from others and don't take a loan from a bank to invest in cryptos, this is very dangerous, don't do it. If you have losses you can't repay the loan and you will end up in debt. Here is a story of someone who took a loan, made huge losses and can't pay it back: https://www.newsbtc.com/2018/08/15/cryptohomie-who-spent-almost-150000-on-altcoins-sees-85-loss/
- Don't invest money that you need for your daily expenses (food, rent, electricity, etc.)
- Don't fall for scammers which want your money. The cryptocurrency market is not regulated and many scammers are waiting to steal your money. Never send money first if someone asks you to do so. Never invest in ICO withoud doing a detailed research. If you are not sure, stay away. The unregulated ICO market is heavily involved is shills, fake informations and manipulations. Even the big ICO rating sites are paid for better ratings.
- Don't get hacked or phished. Double check the url and only enter you password if it's original. You can also use bookmarks. Never share your private key, it's your access to your wallet. Many scammers want to steal your password or private keys, be aware.
Final advice
- The only person you can trust in crypto is yourself.
So, please be careful and invest your money wise, don't take too big risks because you can lose your money everytime in crypto. Life is hard already but try to avoid making it harder by false decisions you'll regret and riun your life. The market can be disappointing sometimes and it's impossible to compete against the whales.
All the best!
Master of Shitcoins
This is no investment advice, it's only a list which can be continued and if you have to add more interesting and important points, you can list them.
Rule number one:
- Only you are responsible for your investment and you have to decide very carefully where you invest your hard earned money.
Big don'ts:
- Don't invest more than you can afford to lose. If you do so you'll have extreme trouble and problems to pay for your everyday's life. You'll not be able to continue your life in a normal way, so avoid any huge investments you can't cover.
- Don't invest borrowed money from others and don't take a loan from a bank to invest in cryptos, this is very dangerous, don't do it. If you have losses you can't repay the loan and you will end up in debt. Here is a story of someone who took a loan, made huge losses and can't pay it back: https://www.newsbtc.com/2018/08/15/cryptohomie-who-spent-almost-150000-on-altcoins-sees-85-loss/
- Don't invest money that you need for your daily expenses (food, rent, electricity, etc.)
- Don't fall for scammers which want your money. The cryptocurrency market is not regulated and many scammers are waiting to steal your money. Never send money first if someone asks you to do so. Never invest in ICO withoud doing a detailed research. If you are not sure, stay away. The unregulated ICO market is heavily involved is shills, fake informations and manipulations. Even the big ICO rating sites are paid for better ratings.
- Don't get hacked or phished. Double check the url and only enter you password if it's original. You can also use bookmarks. Never share your private key, it's your access to your wallet. Many scammers want to steal your password or private keys, be aware.
Final advice
- The only person you can trust in crypto is yourself.
So, please be careful and invest your money wise, don't take too big risks because you can lose your money everytime in crypto. Life is hard already but try to avoid making it harder by false decisions you'll regret and riun your life. The market can be disappointing sometimes and it's impossible to compete against the whales.
All the best!
Master of Shitcoins
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