Q. What is the best advice you can give to new crypto investors?
8 Answers
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answered by umair22
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answered by abdul_moiz
The most important advice imo:
1. Do NOT over invest i.e. the “don’t invest more than you can afford to lose” the prices dropping or rising wont affect you by a lot (important to stay emotional free)
2. If you are looking to buy altcoins remember to research carefully, it could take weeks or months before you should make a decision and start in slowly (look up dollar cost averaging), because there’s a lot of missinformation out there or and you may change your mind on the project later on. As the market’s moving sideways / down, you’ll have plenty of time to make your decision.
3. Looking at the cryptocurrency history it would be wise to “never buy at an all time high price” I may add, but this also depends on the situation.
4. Whether you are passive or active on your crypto investments, you’ll learn along the way. Expect to make some mistakes & learn from them.
5. In case you already haven’t setup couple exchange accounts. I’d recommend to start with Coinbase and Binanceanswered by 9lives
- Understand that all monetary systems are controlled and can be manipulated.
- Look into what cryptos the Fortune 500 companies are investing in when researching.
- Study Bitcoin market charts. You can make money when it goes to 5K range. Ride the rise.
- Stay away from HYIP and Cloud Mining Sites.
- Consider solo mining
- You must diversify into multiple coins/tokens
- Do not send bitcoin to anyone offering unrealistic gains.
- Do not be dismayed if you portforlio drops exponentially it is an unregulated market.
- Don’t be afraid to sell if you receive 5-10X-20X profits. You can place it in USDT (Tether) to hold it’s value and rebuy on the dip and do it again and again.
- Take advantage of this market as you can invest a small amount and get decent returns w/out being a qualified investor.
- Use Blockfolio and set Buy/Sell Alerts.
- Setup Coinbase to buy small amounts of crypto (BTC/BCH/LTC/ETC) based on your budget daily, weekly or monthly on autopilot.
- Earn passive income by selling your bitcoin for a fee with Xcoin
answered by billionairebitclub