People take things naturally that they forget so fast about the importance of learning. Most people in the cryptocurrency market get rekt because of the inborn feeling of being too good in trading and investing that they end up sinking instead of rising in the market. Successful traders removed such beliefs and craved more knowledge, with this mindset that "to earn big you must learn a big deal". In this thread, I got some headings from a post found on medium, and the explanations are mine, it's not financial advice.
Why is nobody a financial adviser in this market? a question that may interest me to see a proper answer!
However, let us continue with the content of this thread, the goal is to share my insight on those sub-topics mentioned by the author in his medium post. Expect to see two different writers in one article, one for the author on medium, the other, my view and explanation of his points.
The future of every newbie in the market can be affected positively if they carefully go through the points and explanations that follow;
Invest in projects you understand: This particular point is everywhere in the forum but it is not stressed in a conducive manner for users and newbies to understand. Impact is the first impression that should be in the mind of any newbie or pro that wants to invest in any given project. Ask yourself what will be my benefit if I invest in this project? How good is this project? Start studying articles about the project. Form a clear and vivid picture in your mind as to why you are reading the materials about the project. Cross-check if the write-ups about the project answer the questions you asked yourself.
Then consider taking the risk by asking one last question about the project in the forum and reading the reviews thoroughly before investing. Completely understanding a project gives you confidence about the project. FUD news will not affect your emotions about the project. One good advantage of understanding the project is that you can discuss with a prospect about the project with an exceptional explanation. With this knowledge, you can take the next step!
Long Position (3 to 5 years): Excellent knowledge of bitcoin made
Franky1 never to sell his bitcoin till date, I have read his testimony on that in different threads but cannot trace them now, would have shared a link. The long-term investment is so good a method that most traders often recommend it to newbies. The fear of holding will disappear if you understand the project. The first step is crucial to the second step
Most coins will go to zero: Have in mind that the market is volatile and anything can happen. Indeed some coins will go to zero, and the project backing the asset may live. I don't know any better word for it than
Use case E.g the Terra project still exists though luna went to zero.
It's Okay to take Profits. : Thinking long term has nothing to do with taking profits, the initial investment left on the project or asset still keeps you on track. If the coin or project yields some profits, it's okay to chill out with what you got as profit.
Most Traders Lose Money : the most common advice all over the forum and other cryptocurrency communities is "invest what you can be able to lose", here I would say, trade what you can be able to lose. Don't trade what you cannot withstand the shock if things go west. Before trading pat yourself on the back and say If I lose this money I won't cry
but, I'll laugh if I gain profits.
It's not possible to get rich quickly : This as we know is a general quote not only meant for the cryptocurrency market. Time is the only requirement coupled with knowledge. If you are wondering what to do next, please check step 2 again.
If you are checking the coin market cap every day then you have a problem : A newbie that read step 1 will have no reason to have such a problem. Instead, keep reading and following new information on the project, and get too busy that you won't have to worry about checking the market cap every second. As you may get disappointed and fail to maintain the long-term promise if you get too worried.
Crypto moves fast, very fast, continue to educate yourself : The big traders reinforce their skills to keep up with the fastest-growing digital asset "cryptocurrency". Don't relent, stay up, and read as many materials available as possible. It's a better way to stay relevant in the market and, also helps to make good decisions on projects, new networks, and ecosystems. The next step to take is self-explanatory but, deep.
If you can’t emotionally handle market cycles (down or up), then crypto is not for you or you’re over-leveraging yourselfTake Free and paid blockchain courses: If you have an interest in blockchain development please take some paid blockchain courses while the free courses are not well detailed like the paid courses, it's still a good leg of assistance to people with a lesser interest in blockchain development but, wish to know what the blockchain is about how it works, how transactions are validated, cryptography, etc.
Gen-Z “crypto investor” YouTubers and Tiktokers are a curse to society: This is true as most of them are a tool for promoting shit coins and enforcing tricks that help market makers to manipulate the market and do what suits them right. Though some YouTubers share great videos on market analysis, please stay clear of most projects they promote if you don't understand them.
Bitcoin and USD are backed by the same thing — confidence: Before you start asking the same question that has been asked many times in the discussion forum, what backs bitcoin? luckily the answer is here confidence backs not only bitcoin, USD is pegged to it too. You must understand bitcoin to be able to back it up with your confidence.
Ask Google before asking your “crypto friend”: If you are not satisfied with the answers on google please don't hesitate to ask your friends here in the forum on any topic, project, network, person, or website that confuse your thoughts about how cryptocurrency works.
Go to in-person crypto meetups and events: Cryptocurrency is here to stay and this phrase should keep you moving about the new course you are learning in your life. Utilize the meetups and events that often come up, if you can't meet up, get the podcast of that particular event, listen to it while you drive, or do other tasks.
In a nutshell, these explanations are as dynamic as culture and are not meant to be seen or taken as very correct. Read through the comments of other reputable members of the forum, they have more to chime in, which will help your learning process. Have a nice day and Don't forget step 1.
Go through the medium post for more points or sub topics.
