Read on Twitter
So you want to buy #crypto huh?
Maybe you have just bought your first #Bitcoin
since you heard that it is mooning hard!
Here are some simple, yet essential principles that should apply to everyone, regardless of individual approach:
A thread
Maybe you have just bought your first #Bitcoin
since you heard that it is mooning hard!Here are some simple, yet essential principles that should apply to everyone, regardless of individual approach:
A thread
1. Slow down and research each coin/token your are holding for at least a week.
Don't buy something because a highly followed character on twitter says it will be a good investment.
Do your own research (DYOR)
Don't buy something because a highly followed character on twitter says it will be a good investment.
Do your own research (DYOR)
2. Don't buy something simply because the price has risen.
You seen something rising in price, FOMO kicks in and you buy in after a 50% rise in price, soon after you buy the price drops.
Don't be stupid! Take your time, wait for price correction. It will happen no matter what!
You seen something rising in price, FOMO kicks in and you buy in after a 50% rise in price, soon after you buy the price drops.
Don't be stupid! Take your time, wait for price correction. It will happen no matter what!
3. Don't sell just because the price is down.
When the fundamentals that led to your investment decision did not change, short-term price violitility should not matter.
Don't panic sell, a project that lost 10% this week can potentially 10x in future.
HODL
When the fundamentals that led to your investment decision did not change, short-term price violitility should not matter.
Don't panic sell, a project that lost 10% this week can potentially 10x in future.
HODL
4. Invest what you can afford to lose.
Do not gamble your house, car or entire savings. Always ask your self if you will get into financial trouble if you lose all your money.
There are no guaranteed profits!
Do not gamble your house, car or entire savings. Always ask your self if you will get into financial trouble if you lose all your money.
There are no guaranteed profits!
5. Have Enter and Exit strategies on hand.
It is important to have different points where you take profits, invest somewhere else or invest in the same coin at a lower price after correction.
If you are going to hold a position for long time, take your coins off the exchange!
It is important to have different points where you take profits, invest somewhere else or invest in the same coin at a lower price after correction.
If you are going to hold a position for long time, take your coins off the exchange!
6. Don't fall in love.
It is unhealthy to obsess over your favourite coin even after the fundamentals have changed and price is no longer attractive.
Cut your emotions, love is blind!
It is unhealthy to obsess over your favourite coin even after the fundamentals have changed and price is no longer attractive.
Cut your emotions, love is blind!
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Check out my blog http://tendaitomu.medium.com
Check out my blog http://tendaitomu.medium.com
