In Crypto I have learnt one thing which is the most important to anyone. And that is protect yourself from scammers and protect your friends with a strong security
I hope you will add this in your list.
Topic: Useful tips I've learned so far, might come in handy (Read 285 times)
1. Nothing is certain in crypto space
2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy
Good points pal, new altcoins are too risky to just lock away and go back to living your life, any thing can happen at any time, it's better to use apps like blockfolio to keep tracking the altcoins you holding just in case 2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy
It's a pretty random advice if you ask me, especially if a newbie follows it to the letter. He invests 100 USD in his favourite coin, the coin goes up 1%, he takes profit and gets 1USD. The next hour the coin goes up another 5% which isn't uncommon especially for altcoins. What next? Go back in? Do nothing?
Most of the time by taking small profit you are only covering the exchange fees.
Most of the time by taking small profit you are only covering the exchange fees.
Buy into fear. Sell into euphoria. That's what I'd do if I could. I have been strangely unable to do so so far.
You'll always miss out on the peak. The ones that do manage it didn't know they'd done it.
It's better to set yourself a target and get rid when it hits that target. If you're reluctant to sell then you have set the wrong target. I have a few shitcoins that have been languishing forever. There's a good chance they'll reach much higher than their previous peak some day. I don't care. I have a target and the fucking things have made me wait long enough so off they'll go at the right moment.
7. Take profit when you see one, don't be too greedy
This is very hard to control. Over the time one can learn but with lot of practice.
It's a pretty random advice if you ask me, especially if a newbie follows it to the letter. He invests 100 USD in his favourite coin, the coin goes up 1%, he takes profit and gets 1USD. The next hour the coin goes up another 5% which isn't uncommon especially for altcoins. What next? Go back in? Do nothing?
Most of the time by taking small profit you are only covering the exchange fees.
These are very useful tips, in general. All of them are connected to each other from 1-6, but there is something special to number 7 which is somewhat I felt during the last 2017 Bullrun. Too much optimism and confidence that the market will continue to rise that even though I already have doubled my profit still I didn't sell my holding but rather to hold it. Something that I miss about and absolutely a regrettable moment. I lost that opportunity and that for sure it won't come back. Felt that I was greedy at that time and that is also the reason why many crypto holders are often to lose.
Now that we are in uncertain, it could be better to take every chance we have even though it was just small. We should also have to be contented enough in small things not only for the big one.
Now that we are in uncertain, it could be better to take every chance we have even though it was just small. We should also have to be contented enough in small things not only for the big one.
There is a good chance that aside from being greedy you may have also fell in the hype of what you are seeing with the news as well as the FOMO happening in the market. For newbie traders as well as newcomers they will always be optimistic when it comes to buying and holding their crypto assets as this is there chance the grow but the wrong thing about this is they lack the analysis and research needed to see if their goal is still possible at that moment or there is just reaching it with their imaginations. If you trusted what others are saying and didn't do anything to back it up then it is your fault, maybe you should learn from it since this was really a big opportunity to be wasted during that time.
You have said it all correctly, for all the beginners out there if you want to be more knowledgeable about cryptocurrency, you should be patient and hardworking, you should always keep learning and always think that you should learn new things, life changes, technology changes and we should keep learning to adopt all these changes, if you want to be a good bitcoin you have to gain more knowledge, always keep on learning, this forum is good for you to gain knowledge, just read an understand all the quality posts here.
Do not fall in trap for some extra percentage of profits shows or something which is unbelievable are generally the trap. So, avoid such situations. Trade only on the best exchanges and which are old. If invested for the long term, then better to store the coins in offline and not on online exchanges. Never share your passwords or private key with anyone other than your spouse, kids, etc as a backup in case if anything happens to you, they can still own it.
Indeed, those things that offer too much is somehow related to scam, they are not telling the truth so don't believe them, there are always things happen like that, be vigilant.
Analysis gives you guidance in selecting good project when trying to participate in token sales. Keep watch and proper research will really hit you up to where you want.
Additionally, not only Bitcoin and Ethereum should be coins on watch by newbies, coin developments, adoption, and many features should be indicated as a symbol of watch and working principles of coin.
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
Diversification helps sometimes, many altcoin that should be watched are the ones already have based and volumes and listed on high liquidity exchange. 6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
Additionally, not only Bitcoin and Ethereum should be coins on watch by newbies, coin developments, adoption, and many features should be indicated as a symbol of watch and working principles of coin.
These are very useful tips, in general. All of them are connected to each other from 1-6, but there is something special to number 7 which is somewhat I felt during the last 2017 Bullrun. Too much optimism and confidence that the market will continue to rise that even though I already have doubled my profit still I didn't sell my holding but rather to hold it. Something that I miss about and absolutely a regrettable moment. I lost that opportunity and that for sure it won't come back. Felt that I was greedy at that time and that is also the reason why many crypto holders are often to lose.
Now that we are in uncertain, it could be better to take every chance we have even though it was just small. We should also have to be contented enough in small things not only for the big one.
Now that we are in uncertain, it could be better to take every chance we have even though it was just small. We should also have to be contented enough in small things not only for the big one.
I'm sure 90% of newbies will choose to invest in altcoin still even if they have Bitcoin, every one have the dream of catching gems while they are still young you know, I'm hoping the same thing too that's why I have few altcoins in my wallet
This is one of the mistakes that is often made by newbie. They are trapped in the desire to get a lot of profit from altcoin. I did that a few years ago, there was no bitcoin, I chose 5 altcoins, all of which were altcoins in the top 50 CMCs (because I used to depend on ranking on that time), the result, my lack of knowledge made me lose a lot of assets when prices all coin plunge. Since then, I think diversifying with altcoin in order to pursue high profits will make us enter into the "greedy" trap as mentioned by the OP. So, choosing coins that are safer and stable/fiat is the best for me. However, if you think you are investing in all altcoins to find diamonds, that's no problem, we have our own views. DYOR
1. Nothing is certain in crypto space
I've learned this a long time ago. You can't rely on the current situation of what you're benefiting from. You need to explore new things. Quote
4. Don't hold new altcoins and stay offline, they need close watch
Better not buy into new coins and start to monitoring for highs/low when you could spend less time on top coins with potentials.Quote
7. Take profit when you see one, don't be too greedy
For me, I take profit whenever I see. 1% profit on an asset is something. Waiting for big profit is greed which must be worked on at early stage. 1. Nothing is certain in crypto space
2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy
2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy
I fully agree, especially with the last point. I've lost money so many times for greed. When I analyzed the take profit, I see that the price reaches it, but I hope that the price will go further and do not sell, and as a result, the price falls even lower than I bought. This is very offensive don't be greedy!
I really like the points made by OP, especially "take profit when you see one, don't be greedy". A friend of mine bought DOGE at 40 and even when it went above 50 sats, he didn't sell, greed had set in. Also, I personally do not put up to 10% of my entire portfolio in one altcoin, I diversify 30% of my portfolio in four altcoins at a time.
You actually got it. The exact one that made me laugh is the "don't hold new coin and sleep. It has actually did me strong thing but not all new coins are bad as some are from genuine team and team that are willing to take thier projects to zenith. I think the analysis is another good point because making research and following it up is actually the best thing to do and regarding choice. It's good one makes best choice as to when to sell and when to hodl and also what to hodl.
1. Nothing is certain in crypto space
2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy
2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy
These are nice points but to add a thing or two to the first point, I think we can be certain of most coins such as Bitcoin; I believe certainty comes with Trust, therefore as for me I am certain about the future that is expected of Bitcoin. Also, another good point is that of not being too greedy because it has lead many people into regretting a lot of things. Lastly, among all the points, the number 6 is really outstanding because when a newbie joins the crypto space and goes straight into investing which of course will be as a result of hype, they always end up learning the hard way. But starting with Bitcoin or Ethereum, it will help them to learn , research and have an idea of what to expect from every coin they wish to invest in.
1. Nothing is certain in crypto space
2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy
Thanks for your useful suggestion. When we were passing through under the bull market, we didn't always care about the profits. At that time the best advice was to hold because of bullrun. Now the best advice is to take profits. When the market starts to repeat bullpen situation, we should be greedy because we're very long time holders. 2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy
1. Nothing is certain in crypto space
Its good to know you realised it so fast! Just believe on bitcoin and ETH and nothing else for that matter.
3. Analysis is the best tool for more knowledge
Exactly. Gain more of it, and you will see there are more and more secrete doors out in the crypto world.
4. Don't hold new altcoins and stay offline, they need close watch
In fact don't hold the altcoins. Its better to be in BTC than alts which are very unstable and unproductive.
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
Thats the point, no altcoin relying.
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
This is what I wanted to express in the point number 4.0 above.
7. Take profit when you see one, don't be too greedy
This is very hard to control. Over the time one can learn but with lot of practice.
Its good to know you realised it so fast! Just believe on bitcoin and ETH and nothing else for that matter.
3. Analysis is the best tool for more knowledge
Exactly. Gain more of it, and you will see there are more and more secrete doors out in the crypto world.
4. Don't hold new altcoins and stay offline, they need close watch
In fact don't hold the altcoins. Its better to be in BTC than alts which are very unstable and unproductive.
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
Thats the point, no altcoin relying.
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
This is what I wanted to express in the point number 4.0 above.
7. Take profit when you see one, don't be too greedy
This is very hard to control. Over the time one can learn but with lot of practice.
1. Nothing is certain in crypto space
2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy
About your point 7. Believe me it is not so easy, let me explain you i was holding a coin from ico worth 1 eth and due to bearish market it was trading below the ico price but team turned out to be good and started posting about development work weekly also it was a project in defi sector so i saw price growing and my holdings became 2 eth worth and i thought exactly what you are pointing at and i sold them and took profit and believe me now the same 2 eth worth coins are over 20 eth which i regret so badly now for selling so early and this has happened with me many times so you see it is very complicated thing. 2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy
All enumerated by OP is a must follow, but will specify choose and priorities this 3 based on my experience.
1. Nothing is certain in crypto space
-definitely nothing as it's too volatile that many will change in just a span of day or week, we need to be attentive at all times especially if we invested a lot.
4. Don't hold new altcoins and stay offline, they need close watch
-this is true, tried to go offline before in some exchanges and didn't monitor it at all that some I forgot I have and sadly lose a lot.
7. Take profit when you see one, don't be too greedy
-Chances sometimes that high prices will come might not happen again, so take advantage. There's no guarantee in crypto. I missed those times I was able to earn a lot but then hope that the price will rise again apparently it becomes more low, so don't greedy. I learned my lesson now.
1. Nothing is certain in crypto space
-definitely nothing as it's too volatile that many will change in just a span of day or week, we need to be attentive at all times especially if we invested a lot.
4. Don't hold new altcoins and stay offline, they need close watch
-this is true, tried to go offline before in some exchanges and didn't monitor it at all that some I forgot I have and sadly lose a lot.
7. Take profit when you see one, don't be too greedy
-Chances sometimes that high prices will come might not happen again, so take advantage. There's no guarantee in crypto. I missed those times I was able to earn a lot but then hope that the price will rise again apparently it becomes more low, so don't greedy. I learned my lesson now.
Not taking profits while price surging is a big mistake that many investors still do today, they are so determined to hold until 1000x value comes which isn't reality with crypto coins of today, 2017 was a massive year for crypto space but those gains that takes place then might not happen ever again
7. Take profit when you see one, don't be too greedy
Set the target, that is the best to do in my opinion. I don't think if we have a target and we confident that the target can be achieved then that is not wrong and even that is a chance for us to gain maximal profit. I often to meet where I didn't set the take profit and stop lost when I trading and most of them I only got a small profit and high lose. Because I always take the profit as soon as possible whilst I can make more profit if I let it and I got a huge lost because when the price went down when I entry long I just let it hoping that the price can back to increase. So, this point is depend on your knowledge (back to the trader skill) if they know and have much experience they will always set the take profit and stop lose confidently.
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