Topic: what are the sound advice to live by> (Read 197 times)

Rest assured that 90% of the members of this forum have a better chance to become successful in trading because there is a lot of people here who are willing to help the beginners. All of the people who will be able to read this have the chance to become successful.

So guys, stop overthinking and learn from your own and other peoples mistake.

In trading, passion is the best tool you will have to survive and become successful.

1. 'coinmarketcap' is crap. anyone can make a coin of 5trillion tokens. sell one token for $1 and instantly have a market cap of $5trillion.. even when the coin is useless. so dont make any judgements based on the market cap.

2. the market cap is not a bank balance holding. again as explained in (1) the holding is ZERO.. even the $1 used in example(1) is not held anywhere. the seller got the $1 and probably spend it on gum or soda.. again the market cap not a bank holding balance, it is just a multiplication of coins in circulation by the latest price. so do no i am repeating do not think a coin is healthy due to market cap

3. coins can have lots of technology(or atleast jargon impressive buzzwords that sound good) but if the coin has no real world purpose. its useless. dont look for coins based on jargon/buzzwords. look for ones that can display real world active usage. not potential/not theoretical, but actual real world usage. take for instance tokens based on healthcare, yet none of them are actually used in healthcare. but simply suggested that the 'technology can revolutionise healthcare. if the coin inventor has not been contracted/commissioned by a healthcare provider to make a coin, then dont expect the coin after public release to then suddenly get adopted into a central system like healthcare. as its too late for them to control it once its in the wild(hense why governments wont adopt bitcoin as a national currency as its already too wild to be government controlled)

4. generally if the coin/token appears to be made by some unknown group/script kiddies that came up with an idea, treat it as a pump/dump crap coin. if a business/establishment creates a coin and has a use for it themselves, then it has potential.

Thank you Pakhi! That's a general advice we should give to everyone! However, you didn't mention what parameter to use while narrowing down top 10 coins in CMC. You can either narrow down by Market cap, volume or by price! I believe you are talking about market cap and if it's correct then I won't have much to say because market cap is a solid way to look for the strongest top tier currencies and it is also the default view of CMC. However, if you sort the list by price, then you will have a completely new picture in front of you! Just try it yourself and let me know what do you think about them!

Also I would recommend anyone new coming to crypto market, to take time and understand the technology around that crypto first so that they can understand why these cryptos are required for the future and why it will have value! Otherwise it makes no sense for anyone to invest in crytpo just for monetary gain! These group of investors will just end up having debt at the end of the day!

Its always good to filter out only what you believe will be of interest to you. To not have alot of clutter which is harder to make the best decision on what ultimately appeals to you in the long run.
So this is welcomed site to use for those who are always asking "Which are the best alt coins to invest in?"
Because just by going by sites like coinmarketcap isnt such a wise decision for those who are new to the cryptocurrency space and altcoins. They can be deceptive in some of their coins listed and it is best to have various sites to gather knowledge from instead of just one.

It's good to see a site giving you a lot of ratings but I noticed many mistakes in the ratings.
First, how can Bitcoin not be at the top of the technology? Updating the data takes a few minutes but there is no need to show it to the entire screen.
----- check and will add more when find -----

Thanks for the advice.

For Beginners this is what I did when I started in 2017.

1. Go through Bitcointalk Forum for best resources.
2. Open up CMC (Coinmarketcap)
3. Of the top 20 coins narrow down to top 10 by going through their website and ANN thread.
4. Join their Telegram Channel and try to understand WHAT THE BUZZ IS ABOUT?
5. Divide your Investment accordingly and Invest majority on the top 2 coins and the rest on the top 8.
6. Enjoy 

If you need a fast and frugal way to begin your cryptocurrency journey, adjusting the screener to filter out only those coins and tokens with a rating of grade C+ and above, you will narrow down your crypto universe from thousands to just ten coins.

Yes, it's an advantage to have some technical knowledge, but it's not essential. Tools like the Weiss crypto screener are a great help, especially if you're just starting out.

sound advice to live by...

https://www.altcoinsidekick.com/blog/frequency-range