15 useful crypto tips for new investors
In this short article I will offer 15 useful crypto tips for new investors that I have learned having been investing in crypto for the past 5 years.
1. Investments vs Trades
When you invest, you are buying and holding an asset for the long term you believe will appreciate in value. When you trade, you are buying and selling to increase your amount of coins over time, sticking to a trading plan. Know the difference and unless you have a lot of experience, don't add any leverage if you choose to trade the cryptocurrency markets.
2. It Can Always Get Better
One day you can be down 15%, only to be up 15% a few days later. Things can turn on a dime in crypto, and you need to prepare your emotions for these big swings in price.
3. It Can Always Get Worse
One day you may be up 20%, only to find yourself down 20% a few days later. Because the crypto market moves extremely fast and operates 24 hours a day 365 days of the year, you must be able to handle the crashes that happen every so often. Have a clear plan in place for all scenarios before you invest and above all don't panic.
4. Beware Of Get-Rich-Quick Marketers
Every so often new accounts pop up and say one of two things: - "Subscribe to my trading channel and make $1k a day crypto trading!" - "Buy this low market cap coin and it will 1000x next week!" Trust your instincts, Use caution and definitely Do You Own Research (DYOR).
5. Things Move Fast