What are the two most effective pieces of advice you could give crypto investors - page 2.

Vaculin

hero member

Activity: 2912

Merit: 613

Quote from: Crypt0Gore on February 08, 2023, 02:43:05 PM

Never try timing the market bottom

I have tried to time the bottom in the past and failed woefully, this is impossible to target even if you are a master of the crypto charts you will always miss, the best solution to this is dollar cost averaging.

Do not fall in love with your coins

I got too attached to my coins and while they are pumping I failed to take profits, I also get too attached to a crypto platform called Celsius and they went bankrupt on me.

I know many have done one or two things wrong in the crypto space, so what's yours? Mind sharing?

For me, the first advice is do your own diligence when doing research before you decide to invest in crypto, not just in crypto but this applies to all investments as well. Second, invest at your own risk. You cannot just invest if you can’t take the losses. Always invest on the amount you can manage to lose so you won’t be regretting when your investment fails in the end.

Upgrade00

legendary

Activity: 2030

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Professional Community manager

• Do not get complacent. After spending a couple of years on this space it's easy to take security of your bitcoins for granted and expect you can make no mistakes. Always keep learning and discovering more ways to protect yourself.

• Not your keys; not your coins. Coins in an exchange does not belong to you, they belong to the exchange and they only choose to allow you spend it if they wish. Always have your coins in a wallet you own the private keys to and have your seed backed up.

Mate2237

hero member

Activity: 700

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Eloncoin.org - Mars, here we come!

I can only give two, and they are 1. Invest what you can loss and it will not pain you if it happens. And 2. Always read and have a positive mindset in the investment process. Timing the market is part of the tools use in the investment process. Timing is to know the movement of the market. You have to love your coins so that you will be motivated to trade if not I don't think you will do well if you are not motivated by your coins.

Therefore the two advise you have might be contrary to someone progress.

Crypt0Gore

sr. member

Activity: 882

Merit: 272

Never try timing the market bottom

I have tried to time the bottom in the past and failed woefully, this is impossible to target even if you are a master of the crypto charts you will always miss, the best solution to this is dollar cost averaging.

Do not fall in love with your coins

I got too attached to my coins and while they are pumping I failed to take profits, I also get too attached to a crypto platform called Celsius and they went bankrupt on me.

I know many have done one or two things wrong in the crypto space, so what's yours? Mind sharing?

Topic: What are the two most effective pieces of advice you could give crypto investors - page 2. (Read 163 times)