Advise on "Where to Start" for newbies

[Poink]

I answered a question today about "where to start" and thought maybe this will benefit more people if I put this on it's own thread.  Others are welcome to add/post their thoughts.

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You are in one of the best place to learn BUT note that as much as there are so much good info here....there is so much "noise" or bad info as well that finding the real "golden nuggets of info" becomes difficult.

The basics.
Do not invest more than you can afford to lose.  Not really but a good one anyway.
The higher the risk, the greater the reward.  Very true in crypto but learn to minimize your risks by going with stable/known coins & tokens first.  Take more risks once you have enough knowledge.
DYOR= do your own research.  Do not rely on anyone's advise at face value.  Take it as a guide then research.
FUD= fear, uncertainty and doubt. This usually creates massive sell off, market crash/dip which most "seasoned" traders see as opportunities.  Take advantage of it and not be a victim.
ATH = all time high.  Highest price the coin/token reached.  Worst time to buy
FOMO= fear of missing out.  Usually jumping in and investing w/o research...just because so and so mentioned it is the next x1000 coin or because market is buying it like a feeding frenzy by piranhas.  This usually ends up in buying at ATH and followed by a dip/loss.  DYOR.
Buy low, sell high.  The golden mantra...when in doubt, default to this.

There are lots of good info at youtube.  Look for crypto videos and usually, the ones with most followers/views are good indications of good source for advise.

Coindesk, Reddit and Github are good sources of info as well.

Blockfolio is a good cellphone app to track you coins.

BTW, stay safe!  There are many ways to lose money, the fastest is by getting hacked.  Use strong passwords, use 2FA (two factor authentication) AND secure your wallet/exchange keys as well as 2FA keys.  Save them on paper (printed) AND on a thumb drive you can store safely.  NEVER on your computer where it can be accessed easily if you get hacked.  Next to losing it, nothing worse than knowing you have money but you cannot access.

Added input from other posters...

i would say another important thing, DO NOT OVER-TRADE, i lost so much changing coins while if i had hold for a couple of months i would have got the same gains or more, get a decent coin, set up the targets and wait!

besides over trade, the first rule of trading is Don't Be Greedy
make a little profit with consistency is better than make a huge profit in one day after that you lose your money in the next days

Good luck!

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[alex-nn]

If you don't have money but have free time - go to bounty section on this forum to earn first coins and sell it on Exchange. Make it several times and you will have money to invest in ICO and trading to make bigger profits

[ItsEzMkay]

Well written friend, I don't have many merits but this post deserves one imo. Btw stop giving away all the good advice jk (the 2FA is most important and it is often overlooked, it never should be)

[Poink]

Well written friend, I don't have many merits but this post deserves one imo. Btw stop giving away all the good advice jk (the 2FA is most important and it is often overlooked, it never should be)

Thanks!!!

I wonder how many gone through (self inflicted) problems because they did not save their 2FA key though.  The horror of damaged, stolen, or lost cellphone if that happens. 

[semerchet]

It sure is a very good advice. I'm like a sponge, reading all the info, but it's hard to pick out the right info.
But thanks for the info

[Dikobit]

i would say another important thing, DO NOT OVER-TRADE, i lost so much changing coins while if i had hold for a couple of months i would have got the same gains or more, get a decent coin, set up the targets and wait!

[Mr. Art]

i would say another important thing, DO NOT OVER-TRADE, i lost so much changing coins while if i had hold for a couple of months i would have got the same gains or more, get a decent coin, set up the targets and wait!

besides over trade, the first rule of trading is Don't Be Greedy
make a little profit with consistency is better than make a huge profit in one day after that you lose your money in the next days

[moopser]

i would say another important thing, DO NOT OVER-TRADE, i lost so much changing coins while if i had hold for a couple of months i would have got the same gains or more, get a decent coin, set up the targets and wait!

besides over trade, the first rule of trading is Don't Be Greedy
make a little profit with consistency is better than make a huge profit in one day after that you lose your money in the next days

This could be one of the best advises ever and deserves to take its place in the first post.

Never ever wait for additional 1% price change if you already decided to enter into or to quit the trade, set limits and stop losses, otherwise everything can end up with higher loss, or of course higher profit.. but you would never know.

[Poink]

i would say another important thing, DO NOT OVER-TRADE, i lost so much changing coins while if i had hold for a couple of months i would have got the same gains or more, get a decent coin, set up the targets and wait!

besides over trade, the first rule of trading is Don't Be Greedy
make a little profit with consistency is better than make a huge profit in one day after that you lose your money in the next days

This could be one of the best advises ever and deserves to take its place in the first post.

Never ever wait for additional 1% price change if you already decided to enter into or to quit the trade, set limits and stop losses, otherwise everything can end up with higher loss, or of course higher profit.. but you would never know.

GREED gets most of us one way or another.

Develop a good plan and stick to it.

[npredtorch]

I suggest you add too the saying "don't put all your eggs in one basket".
I think it have a deserving spot for advises when starting up on altcoin trading, particularly there is a hell lot of coins/tokens to choose from.

[Poink]

OP updated with suggestions.

Resurrecting this thread...may help a few new members.