We see lots of people lose their shit after brief market fluctuations.
Some of them come from investing in stocks or even have no investing experience at all.
But this doesn't mean you should give up investing.
If youre someone who is new to cryptos trading, here are some tips that will help you. A lot.
1. Stop checking the prices all the time. The last thing you need is more anxiety. When your brain is anxious, you get into fight or flight mode and you make bad decisions. Limit yourself to looking at prices once a day or once every couple days.
2. Keep most of your coins off the exchanges. Keep a little BTC or ETH for good opportunities, but keep most of your wealth in a cold storage wallet like Trezor where you can't easily make fast, stupid decisions. Plus cold storage is by far the safest way of storing your coins.
3. Avoid shiny object syndrome. Narrow down your choices and then invest. If something really good comes along, use your exchange BTC to buy in. But once you've depleted that, just HOLD your investment. The best way to lose your money is to jump from investment to investment trying to outsmart the market. Patience wins in the end. Plus, it's infuriating to switch from a boring, non moving coin and then watch that coin go 10X. That's how this market works though.
4. Invest in research. Palm Beach confidential, Altucher Crypto Trader, whatever. The best information is out there but it's usually not free (there are ways of getting good research for free or cheap, I've provided info at bottom of this post). Plus you have to factor in time. Time is worth way more than money. Some of these research groups put hundreds of man hours into figuring out what to buy. In the end of course, you are responsible for your own investments.
Can any of the experienced investors add to this list?
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@charteroakpublic
-a Telegram group that leaks picks and information from premium sources like Palm Beach confidential and more.
Nice explanation but it turns out that you are just indirectly promoting that premium source which is Palm Beach etc. Not to destroy your momentum here but i dont really believe on those confidential or whatsoever research you would take since all informations are already on internet.If you are really eager on learning trading then those informations would really be sufficient enough for you to learn.
and this:
1. Stop checking the prices all the time. The last thing you need is more anxiety. When your brain is anxious, you get into fight or flight mode and you make bad decisions. Limit yourself to looking at prices once a day or once every couple days. This is one of the common factors why do people sell out and made stupid decisions where we do check from time to time regarding on the price.
