Hello, hope you will like it and learn a few things too
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I just wanted to share a few things to everyone, current bear market cycle is perfect to teach everyone a lesson that in crypto correction is inevitable, I think of it as cleansing process where weaks hands, impatient ppl and greedy ones leave crypto market and after that strong hands gets rewarded with tons of green candles.
To quote a crypto OG - "The same market that will take you to the promise land will bring you to your knees first."
To thrive you have to survive first
So read this and also share some more tips in comments as well. Let this be the AIO thread of knowledge
1) If you are planning to hold shitcoins for a longer preriod(few years) understand that more than 90% of cryptocurrencies will eventually go to zero. HODL accordingly.
2) As soon as your x coin reaches your price target sell it, for ICO's(personally) I look at 5x-20x or even 50x that depends on the ICO hype, its hardcap, upcoming exchanges listing, partnerships with companies, its competitors and how much room it has for growth etc.
When you see an extremely solid project, then never sell all your coins post ICO, like you can hold 25% of them or if you really like it then you can just hodl it(see 1st point above though). These are very rare coins, don't remain a bagholder of a shitcoin.
You will get an idea of this when you participate in more ICO's and also, take a close look at other ICO's performances.
**Warning: ICOs are fastest way to multiply your wealth in short time but its also the fastest way to go broke. Always do your OWN research(go buy some DYOR coins). Right now there is an influx of scam ICO's pretending to be a promising project but is just a straight cash grab(I am looking at you Gems and GoNetwork)
3) Crypto isn't like stock market that opens and closes at specific times of the day, its open all day everyday its 24/7/365. You can’t catch every trade. If you miss one, don’t worry – there’s ALWAYS another trade.
Same goes for ICO's, don't kick yourself if you forgot to whitelist for a hot ICO or missed a sale, believe me I know how shitty it feels but there will ALWAYS be another 10x-20x ICO just keep your eyes open.
4) Don't FOMO it never ends well. You WILL lose money, and I know no one is going to learn this unless they FOMO and lose a nice sum(I know many of you have done it and if not you will definitely do it at least once, so sorry for your loss in advance).
5) Never join any pump and dump groups, their premium members buy at bottom and sell you at the top. Avoid these at all costs. Few other things to avoid are, lending platforms like bitconnect(RIP), davor etc, McAfee - avoid this joker at all cost he is an actual nutcase and I don't think he knows much about crypto projects or have any deep knowledge of any kind on crypto, if you've been following him and his reccommendations you know this already, avoid ICO's with no cap.
6) If you're actively trading or learning to trade, then always have entry and exit point of the trade before before getting into any.
7) I believe everyone should learn basics of TA, even if you are a hodler you should know when to buy a coin and when not to. You can double or triple holdings for your coins. I am not a pro trader or anything but I am far from a noob and know when to buy and when not to.
8 ) You can make 1000% gains 10 times but you only need to go -100% once to lose it all. Don't margin trade if you don't know what you're doing. There is a guy who went from 3 btc to 200 btc to 0 btc. Pls don't be greedy(Its hard in crypto but you can try).
9) Whenever you make a profit on trade or ICO, try to increase your positions in some of the solid coins(NEO, ETH, XLM etc), you can keep these as long term holds.
10) Always use a hardware wallet to safely store your crypto like ledger nano or trezor and ONLY buy from their official sites. Never hold on exchange unless you are actively trading it.
Remember, bulls make money, bears make money, pigs get slaughtered.
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