Back when I started investing in Crypto a few months back I knew NOTHING.
But as most people who've been in the space more than a few weeks will know it is a steep learning curve!
These are a few things I learnt within my first month. I've since learnt a lot more along the way but I still think these rules are a good starting point. I've kept them short and simple for now.
I hope you find them helpful, and feel free to comment if you have any questions or even things you'd like to add. Perhaps something you learnt in your first month of crypto or more seasoned knowledge as well.
So here goes!
First rule of Bitcoin (ha):
Don’t buy in on anyones advice alone, research it yourself and decide if its worth the risk.
Second rule of Bitcoin:
Don’t put anymore money in than you are willing to lose. Because you might just. Basically put, you're gambling. This applies to any trading you might do, whether stocks or cryptocurrencies.
Third rule of Bitcoin:
If you decide to buy, don’t buy "RIGHT NOW". Buy when it dips, which it will (note, if you hadn't noticed we are currently in a dip. This is the kind of entry point you'll be looking for).
And, unless something unexpected happens, it will bounce back.
Fourth rule of Bitcoin
Don’t buy on impulse. I bought drunkenly on a night out when my friend told me he’d tripled his earnings i na matter of weeks and watched as my initial investment went down 20% a day later... Fortunately it bounced back (see rule three) and I doubled my money. But if I’d bought in a week later I would have tripled it.
Fifth rule of Bitcoin
Sometimes, do buy on impulse. Sometimes you just know, and you’re right. I’ve magically bought just before a rise before and made a few quid doing that. But I’ve also done the opposite. Like I say, gambling.
Sixth rule of Bitcoin
Don’t panic sell! The dips you see are people doing just that. When it goes down people copy and then drive it down further (Note: There's a lot more to it than this but I'll leave that for another time).
So there you have it. Six simple rules to begin with.
There are SO many more tips and advice you can read up on in the space. Tonnes of great people to follow on Twitter, on here and youtube who will help you along your crypto journey. There are also people who will try to scam you out of your money so keep your wits about you always.
Until next time, HODL strong.