A beginners guide by a beginner – Don’t make my mistakes!
I learned so much in this community so I’ve decided that it’s time to give back.
I came into crypto with the first Doge coin pump. A local newspaper was reporting on it and I thought, if a small local newspaper in a small European country even covers stuff like this, it has to be huge… I signed up to a local crypto trading platform with high fees and bought Doge for 20 € and got burned so fast… But I found this community so it was more a win than a loss.
So I started to learn and ask tons of questions and now still a beginner I want to shout out a warning to all the people still coming in.
The mistakes I’ve made so far:
Don’t believe in hyped stuff and don’t join any Telegram pumping groups. They will profit, you won’t. This is one of the most important things to keep in mind. Lots of people want to shill their coin. Do your own research. It’s so easy to be carried away by the hype train.
DYOR (do your own research), as mentioned above. It’s so important. What does it mean? Google the coin you want to buy. Look at the charts. Look at the news websites and read every good information that you can find. And then:
Decide what you want to do. Do you want to just buy some coins and hold or do you want to trade? Trading is a lot more risky and you will probably loose your money if you don’t know exactly what you are doing. One of the best beginner strategies: DCA: Dollar cost average. Don’t put all the money you want to throw into crypto in at one moment. Buy something every week. This will eradicate all the little dips. You are averaging the price. Keep some money aside and if a mayor dip happens, buy some more.
If you really want to start trading: Don’t try to gamble. There are so many good tutorials out there. You need to know exactly what you are doing or you will get burned. Look at all those charts floating around of liquidated leverage traders. Who in their sane mind would trade 100x? This is ridiculous. Don’t use more than you are willing to loose. This is especially for trading. I’ve read that only 2 out of 10 people make profits with trading leverages. And even those struggle to get as much gains as pure HODLers.
Don’t buy high and sell low. I mean, I’ve literally read this but I only understand it since I’ve made the mistake. I came right into the most bullish time this year. I bought BTC and a day later TESLA bought in. The pump was insane and I fell to the believe that it will go on like this forever. A part of me knew that this was BS but I was so hyped by my own feelings. So I sold BTC with the first bigger dip of 10%. Biiiiiiig mistake. I reduced my portfolio and now I go in bit by bit, and with the realistic notion that it all can be just dust within an hour.
Maybe this helps some newcomers…