Happy to announce that I have entered the Crypto frenzy and I bought my first bitcoin on December, 17 when it was most expensive...clap clap...slap!! But hey I've survived!
I was aware of Crypto ever since Bitcoin was started and have been tracking the latest developments happening in this area. However, I was always concerned about transacting using Crypto currency. But I couldn't keep myself away for too long and now I am trading in Crypto currency and HODLing coins everyday!
I will keep sharing my experiences, learnings and my overall journey with Crypto on this forum.
In this post, I am sharing few steps to start with Crypto investments. After a month with Crypto, I can say I am a qualified beginner with challenges which I faced are still fresh in my mind. Hope this guide will be useful for you.
Steps to start with Crypto investment:
Research and read about Crypto and Blockchain. You will get to read both: Good and Bad (Bubble). YouTube videos are also a good resource
After step 1, you will have some opinion about the it. a) If you still have a bad opinion, STOP and don't invest, you will be too worried. b) If you have a good opinion, go to step 3. c) If you have both kind of opinions and confused, then also go to step 3, why not try something if there's some confusion which way to go. You don't want to regret if this is a lifetime opportunity. d) If you want a quick-rich scheme, you may try your luck in Crypto but I can't assure that.
Decide your budget. If you have less know-how, probably starting with a smaller budget would be a good idea. A budget which won't keep you stressed. How about $500!
Register yourself on Crypto exchanges: gdax.com, bittrex.com, Binance: https://www.binance.com/?ref=12891300
These are the exchanges I have liked so far. There are many other exchanges and also exchanges for specific country/languages, you may research on those.
You can also join Coinbase: https://www.coinbase.com/join/5a2e9ff17bd8ac021314f512 (gdax.com can use the same username as in Coinbase) and Gemini.com. However, I've found fees to be on a higher side on these platforms.Transfer decided budget to your exchange account. It takes almost a week to get it in your exchange account. You may start trading on Coinbase and Gemini instantly but can't transfer your coins outside their platform.
Track pricing trend, keep researching on your favourite coins. Buy coins when there's comparatively little low price. You may get some idea once you start tracking price regularly. My pick for beginners will be Bitcoin or Ethereum. Why? These two coins are available on Gdax to buy using Dollars, they can be transferred to other exchanges and can be used to buy other Altcoins.
Altcoins have bigger gains and bigger risks as compared to Bitcoins and Ethereum...What! Bitcoins are already too risky! Decide for yourself!Learn Limit Sell/Buy, Stop Loss Sell/Buy. YouTube has lot of videos.
Sell initial investments at 5%-20% profit. Don't HODL while starting. Why? That will make you confident in Crypto trading and getting to know the process and tracking the market.
I am sure you will read lot of forums and watch lot of videos during the journey. Keep doing that. It's your money invested after all!
In the end, remember one and the only golden RULE: Buy Low, Sell High.
I learnt it from other masters. Easy to say, difficult to follow! :)
Crypto investment is a bumpy ride with a lot of 'Pumps' and 'Dumps'. Don't stress and try to follow the rule in step 10!
I am learning new things everyday. Hope you also have a successful journey with Crypto. Enjoy!