Following are the points that I think a newbie entering a crypto market should know.
- Invest only what you can afford to loose.
- Try to make sure you don’t loose what you have invested. Don't day trade.
- Less profit is always better than small/big loss. Do not dream to be overnight millionaire. Compounding via frequent small profits can give great returns.
- Never chase the peak. If a coin has gained significantly in last 24 hours or few days then stay away from the coin till the price balances out.
- A good team behind a coin does not always mean successful product and huge profits. DYOR (Do your own research) first.
- Use cheaper and faster means of crypto transfer like LTC, XRP, ETH instead of BTC. But if market is highly volatile then you need to be extremely careful. Remember that there is BTC to LTC/XRP/ETH and vice-versa conversion cost and risk of huge price fluctuation during such transfer itself. So, if you are going to trade against BTC then transferring 1 BTC will give you 1 BTC (excluding fee) but transferring LTC/XRP equivalent of 1BTC might give you lesser BTCs.
- Never store coins in the exchange wallet. I suggest buying a ledger or trezor wallet.
- FOMO(Fear of missing out) is more dangerous than FUD(Fear, uncertainty and doubt) .
#JoKeR
