I am going to keep this as short as possible because time is money. I won't tell you what to invest in because your money is yours alone and I am in no position to tell you how to use it. So here are a few tips on getting you started.
Tip 1:
Do a suitable amount of research on a coin or token before you invest. This is important because it gives you a basic idea on coins or tokens that you can day-trade and which you may need to hold for a longer period of time.
Tip 2:
Before you invest in anything make yourself aware of abilities and limitations of what you choose to invest on. Be it a wallet or an exchange.
Tip 3:
Only invest what you are willing to lose. Crypto Markets are volatile and while we may all want to make it to the moon, there are some days when the market drops dramatically, and you may feel like crying in a corner. And for the love everything holy, please do not margin trade unless you know exactly what you are doing.
Tip 4:
Know when to HODL and when to exit. If a project, coin or token is going bust, its best to get out before the amount you've invested in goes through the floor.
Tip 5:
Try to understand basic graph analysis. You don't need to be a mathematical or trading genius. Just familiarize yourself with the basic concepts of the graphs you are viewing.
Tip 6:
Join a Facebook group, make friends on Twitter, join a Slack. Really, Social Media is your best friend.
Tip 7:
Don't be afraid to ask for help. We were all beginners at one stage, and Crypto is an ever-changing landscape, so it's best that we all learn together.
Tip 8:
Understand the Blockchain technologies you are using. Bitcoin and Ethereum are very different, for example.
Tip 9:
Understand the Tax implications for your investment. You do not want to be caught doing something you thought was legal, but your country of residence says it isn't. It can get very messy.
Tip 10:
Keep an eye on the crypto world by following as much news as you can. Be aware of what is legitimate and what may be Fear, Uncertainty and Doubt.
Good Luck and may the odds be forever in your favour.
