I started in crypto in June of 2021, and I’ve learned a lot in my short journey. I thought I’d make this post to help newcomers.
1. Don’t chase prices when they are sky rocketing and are near all time highs.
2. It’s better to buy when crypto is going down and dipping. Look at how far it is from the all time high.
3. If the crypto has a high market cap and has good real world utility, there’s a good chance it will do well in a bull run.
4. Don’t listen to price predictions of ANY influencers.
5. Take 15 minutes to learn how to stake your crypto, trust me it’s worth it.
6. Learn how to do your own research (I have a post on my profile about that)
7. Be very weary of influencer promoted projects. They’re not all bad, but be careful.
8. Don’t panic sell during crashes.
9. Bear markets are your friend for accumulation periods.
10. Have an accumulation plan and an exit strategy.
11. Trust no one.
Did I miss something? What else have you guys learned that could help newcomers?
My biggest mistake was panic selling during a flash crash. Never again.
12. No, you did not win any BTC giveaway
The amount of people that blow off staking because “only the rich get richer” are completely underestimating compound interest.
Someone told me to do the opposite of what this sub says, so I shouldn’t listen to you
Take profits.
My biggest mistake is not taking profits.
I respect the points man, you did a pretty fine work in it.
The influencers one is so true. When it’s going up they promote it all like it’s a guarantee. Posts, live streams, YouTube videos, that’s what it’s all about when prices are going up. Then when the correction comes they say buy the dip. Then when the dip dips more they disappear like rats.
It doesn’t matter how many zeroes are after the first decimal place. It’s all about market cap.
Understanding crypto advice phrases and when to use them:
“I am not a financial advisor” = I don’t know any more than you do.
“Don’t invest what you can afford to lose” – Most commonly used phrase during a crash.
“You should have taken profits” – when market is in downtrend
“You should have bought the dip” – when market is in uptrend
I followed your advice in order and then on the last one I realized I shouldn’t have trusted you :'(
Focus on the question… why is a blockchain a better solution than the existing ones?
For starters… any decentralized technology will be slower than centralized tech can be, more expensive than centralized tech can be. If there isn’t a “trusted 3rd party” to be cut out of the equation than blockchain is inherently a worse solution…. and in some cases, if there’s enough competition among the trusted 3rd party then blockchain still isn’t better.
yeah you missed one
12. Dont take advice from someone that hasnt even been in the space for a year
Nice to see that someone is talking about this now lol.
Number 9 mentions an exit strategy.
When do I take profits?
I am glad to see these points out here, thanks for sharing.
I just followed last advice from the whole points man lol JK
I know people should take these points seriously to grow
these are some important points which tell you a lot man.
Invest only money you are ready to lose
When in doubt zoom out
13. Time, effort and patience are the price for success
>11. Trust no one.
Thread closed //
Patience is so important in this market.
Take a step back before any investment decisions.
Advices coming from a skeptical crypto dude? Kinda skeptical about that
Tl;dr buy low, sell high. Counter to what the sub may say 😄
Be greedy when people are fearful.
Be fearful when they are greedy.
Buy Btc when others…. OK, no saying here, just buy btc. Its good shit.
Pay the fee and send a test transaction
Mind broken. Can’t trust what you’re saying due to rule 11.
When making a list like this you always add the obligatory
12. Profit
Don’t make crypto your entire life.
Invest and touch grass.
Set your buy and sell orders, look away and have fun.
Extreme fear = dca in
Extreme greed = take profits
Rinse and repeat
You’ve learned a lot but you didn’t learn that ppl only learn from their own mistakes, not from Reddit.
>7. Be very weary of influencer promoted projects. They’re not all bad, but be careful.
I was wary about this one but I tend to agree, they sure can be hella tiring!
12. Do not react emotionally.
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Who should I trust?
Always do a test transaction before sending crypto…
This is a good summary! Simple and easy to understand.
Go outside sometimes and touch grass.
Not financial advice.
Rule ~~34~~ 35 Never trust an African Prince
“…trust me it’s worth it”
“trust no one”