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To all new investors / traders - a bit of advice from a veteran in the crypto space.

All Cryptocurrencies

by COINS NEWS 214 Views

I have been in crypto space since early 2016 - see my flair.

Each bull run brings a bunch of new people, who will make the same mistakes I and thousands of others did.

Since all evidence points to the fact that this is the start of a new bull run, please consider the below moving forward.

Top advice I can provide:

  • Stop looking at the price daily. If you truly believe in this space and what it can offer, looking at the daily price fluctuations may grow doubt / cause you second thoughts. Doesn't apply if you are trying to day trade (which I would not suggest for new people - it will likely not end well).

  • If you are looking to cash out / sell, NEVER sell your entire stake. My 350 USD ETH sale was profitable, but well, you know.

  • If it sounds too good to be true, it is. There is always a catch.

  • Never trust anyone who sends you a pm with offers / ideas / whatever it may be. Crypto is ripe with scams.

  • Do not be swayed by hype threads / DD threads. IF YOU DO NOT BELIEVE IN THE COIN / PROJECT, you will be looking to sell at the first red day. Do your own research, BUILD YOUR CONVICTION.

  • Write your seeds on paper, and store it somewhere safely. Keep your seeds offline.

  • Often times the most successful investments are the ones where it doesn't make much sense. You must try to think outside of the box. What I mean by this, is that while a coin may have a great argument and such may be a good idea, at the end of the day, a coin that would be easy to adopt and use by the masses (even if it doesn't have a great use case) may be way more successful. Think like the majority of traders would (this is for offshoot investments - not your main ones).

  • If you have to do moonshots / high risk investments, set a stop loss and stick to it.

  • Lastly - it needs to be reiterated - BUILD YOUR CONVICTION. What do all the successful traders have in common? They have conviction. They invest and make a trade and stick with it because they believe.

That should be it for now. If you do the above, I have no doubt in my mind you will be successful.

submitted by /u/SirKrohan
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