10 CRYPTO COMMANDMENTS
Rules to stay safe and profitable for newbie’s and refresher course for pros
only invest what you are willing to loose
Holding is better than trading
Always do your own research
Plan ahead/ avoid too many moves
Get your return on investment and freerol
Money is made when you buy, buy in dips
Make sure coin is live
Quality over quantity.
Don’t panic/impulse sell or buy
Security!!! 2fa, hardware wallet, exodus, no exchange or web
Only invest your disposable income. Crypto currency is speculative and volatile. Don’t put yourselves in financial difficulty. Build your portfolio slowly but surely.
Known fact. Investors who buy and hold make 30% more profit than those who try to time the market and trade. You may get lucky a few times however in the long run holding is more profitable. Have patience. It’s also less stressful.
Do your own research on anything you buy. No matter what you hear anyone say on YouTube. Make your decisions independently. No one is ever 100% right. Start becoming an expert in the space. Know what you are buying. If you own a coin and don’t know anything about it, make sure you change that. You may miss opportunities such as dividends or other passive income. Also stay on top of their news, twitter is short sweet and informative.
4 before you purchase anything plan what you will buy. Why you will buy it. If you wish to hold it indefinitely or if you wish to sell it once your money multiplies 5 fold. Why plan? Fewer moves you make in this space less likely you are to make mistakes. It’s like a chess game. Think for 1 hour. Make 1 move. It’s not tennis
5 if you invest 5 dollars. And your investment has multiplied so many times that you can take your initial investment out and still hold a significant portion of coins. Do it. Free rolling simply means that you got your coins pretty much for free. That is the best position to be and the way to go.
- Buy in dips, only buy coins when they are in red, when they are in minus. The more the better. Most people buy coins when they are 20% up already, 9 times out of 10 experienced traders will sell and take profits. Meaning the coins growth will fall back down and you will be 20% in loss. Missed gains are always better than losses. Risk management is important. Risk vs. reward ratio must make sense. E.g. don’t risk 90% of your money for 20% gains. Should be vice versa
I bought dead coins before. If you buy a coin that is not in the top 20 make sure it has active devs and community and this is how you check. Twitter and bitcointalk. If it’s not being worked on it has no future.
Hold 2 quality coins rather than 10 what we refer to in the crypto community shitcoins. You are better of holding bitcoin and litecoin that millions of crappy unknown scammy coins with low market cap and volume.
Every now and then there is a correction. Coins can fall 20%-50% in price. Don’t panic. Those are market cycles. Think of this as a sale or looting. Either buy more and cheap prices or do nothing. DONT SELL AT LOSS EVER.
Take your security or suffer the consequences. You would not leave the door to your house open or car keys in your car. CONTROL YOUR PRIVATE KEYS. If you don’t have the private or a third party is holding thermo for you. You have no control and they don’t belong to you.
Don’t keep your coins on exchanges, web wallets third party wallets. I suggest EXODUS and exodus Eden. If the coin is not there then on native wallets. And best option is a hardware wallet. 2fa must be enabled anywhere you can enable it. Passwords must be different for every exchange wallet that you use. Special characters, caps lower case difficult passwords.