New to Crypto, Any Advice?

[LKing]

I’d also add that you should also identify your version of a blue chip (in my case it’s ETH). The thing you’ve researched and know is sound, and would bet your entire trading stack on if someone put a gun to your head.

I have thought for cryptodecades (so like 1 year) that ETH was, and continues to be, undervalued relative to the market. Hence it’s my personal blue chip.

Given that the first thing people want to do when panicking is to “sell back to fiat”, you’ll note that lots of your funds are usually only convertible to another crypto on most exchanges. So regardless of what you want to do, you basically cannot make it home to fiat quickly. What to do?

Instead of panicking - either hold fast in what you’ve got OR retreat but retreat to something YOUVE done research on and think is blue chip (for some it’s BTC, others it’s NEO, others it’s VeChain, others it’s some combo, etc etc). That way even when “everything is going down”, if you took a few moonshots and they look terrible, you at least always KNOW where intermediate homebase is. If you haven’t thought of this stuff yet, well you should have, but thankfully Reddit’s community has vetted certain names over and over again and for all the flack people here get, there actually ARE decent and great traders on this site. If you’re invested and panicking and are a noob and don’t know the above names, get to work here and see which one of the names you like.

And, if you do do such a thing and retreat, I’d suggest just hanging on for a bit in that position. If your blue chip is getting hammered — well that’s just what sometimes happens in crypto, and a correction back up will occur because the underlying cryptofundamentals are, relatively speaking, good. Also, note the overall marketcap - cryptoblues usually only get hammered when the ENTIRE marketcap is going down. And if that’s happening, remember that history has recently shown that 100-200 billion dollar swings in the overall MC happen quite readily.

Not rocket science but I feel today newbies might be nervous. Keep your heads in the game. As someone here once said, it takes balls of steel to create wealth - and those balls are only necessary when the market is going DOWN, not up.

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[stripewhite]

1) Never sell for loss. Market is still evolving quite rapidly and there are more chances that your investment is going to increase from your buying price in due course even if it's at loss presently. A bit of patience will be fruitful later.

2) Never fall prey to FUD (fear, uncertainty, and doubt) and FOMO (fear of moving in). Remember that old saying - grass is always greener on the other side. Do some research and keep believing in your investment.

3) Alts always seem to go down when bitcoin is swinging wildly, no matter which direction bitcoin is moving. However, they catch up pretty quickly once bitcoin stablizes. Therefore don't panic sell if you see a plunge.

4) Prices almost always tend to correct/go down after a brisk increase or all time high.

5) No-one can predict the price of a coin, so, if anyone is doing so he must be misleading. Fundamental/technical analysis can help predict the trend though.

Above all, keep faith in the almighty, and your coins will MOON one day!!

[wdelius]

Be very careful about who/where you get your crypto news from. Listening to shills on Twitter is probably the worst mistake you can make.

[StarLucas]

Charts with lines and arrows are crap (sorry to you chartists out there). This isn't like dealing with stocks. You cant project earnings, look at financials, etc. People will constantly look for trends, some of which may actually be true, but the majority of people are just making a case for people to buy in to a specific token. This is a 24/7 365 industry, and it acts as such. It's always changing and trying to predict successes is like herding cats. I love day trading stocks and charting is a huge help to me there...not so much here.

[steelzeppelin]

Holding is the best policy. Unless you're working with enough money, day trading can be difficult to turn a profit. You may very well hit the jackpot one day and wake up with some serious $$$, but don't expect every project to do that. This industry is reliant on adoption, and fed with speculation. Pick projects you can see lasting in this industry for years to come.

[MisterStylish]

Speculation rules the world. Words have serious power in this industry. A tweet from a developer can result in a spike, so do your best to stay on top of any news. I've only been on Reddit for two weeks, simply cause I felt like I had nothing to contribute previously, but don't be afraid to share what you find (with sources of course). Reddit is a great place for it, however....

[CryptoBeefy]

The biggest and single most important piece of advice I can give is to have a strategy, a goal, to start with, don't panic in dips and only ever invest what you can afford to lose

[cosmoo]

My advise - be very carefull. There are a lot of scam sites, scam e-mails, scam ICOs. Careful with what you investing in and who you trust.

[nguyenhoven]

1) Never sell for loss. Market is still evolving quite rapidly and there are more chances that your investment is going to increase from your buying price in due course even if it's at loss presently. A bit of patience will be fruitful later.

2) Never fall prey to FUD (fear, uncertainty, and doubt) and FOMO (fear of moving in). Remember that old saying - grass is always greener on the other side. Do some research and keep believing in your investment.

3) Alts always seem to go down when bitcoin is swinging wildly, no matter which direction bitcoin is moving. However, they catch up pretty quickly once bitcoin stablizes. Therefore don't panic sell if you see a plunge.

4) Prices almost always tend to correct/go down after a brisk increase or all time high.

5) No-one can predict the price of a coin, so, if anyone is doing so he must be misleading. Fundamental/technical analysis can help predict the trend though.

Above all, keep faith in the almighty, and your coins will MOON one day!!

point number 4 is very valid. Most people love to follow the strategy to buy high and sell low, which is only down to their emotional decisions. Try to prevent letting emotions decide

[terencio]

First the faucet don't waste too much of your time there. I've been there I was noob before.  It will not make any difference. Instead find someone who you can follow , what to read, watch video and find expert who has been in crypto for quite sometimes.  Don't borrow money just to invest. Never sell at lose. Avoid Pump and Dump Group.

[AlexAtom]

Hello, Im new to the Crypto world and wanted to hear some advice from the pro's on where to start. i havnt purchased any coins yet, but i have been using coinpot and various faucets. I was wondering if i should keep going with this or is it a waste of my time. Also they say theres no fee for converting coins, but i dont get the same conversion rate as i do on the coinmarketcap calculator. Basically id like to hear from the professionals maybe a strategy for really small trades, or that this is a waste of time and buy some coins with my hard earned money and go from there lol. and if thats the case, where to go. im in Canada by the way, if that helps.

       Thanks for any help you can offer me. I hope to get more active in the forums and meet great/smart people along the way


                                                                                                                            Matt

faucet is nothing than wasting time i guess. Even some airdrops are not worth to do because the rewards is very small.
the advice i want to give you is if you have a limited time, i suggest you to not doing such things. If you want to earn some coins, do bounty instead.

[innoken]

I will suggest you to invest only in top 10 coins based on market cap. You will not be able to pick good coins from the new projects, you will learn this with time.

[sssyjmr13]

Hello, Im new to the Crypto world and wanted to hear some advice from the pro's on where to start. i havnt purchased any coins yet, but i have been using coinpot and various faucets. I was wondering if i should keep going with this or is it a waste of my time. Also they say theres no fee for converting coins, but i dont get the same conversion rate as i do on the coinmarketcap calculator. Basically id like to hear from the professionals maybe a strategy for really small trades, or that this is a waste of time and buy some coins with my hard earned money and go from there lol. and if thats the case, where to go. im in Canada by the way, if that helps.

       Thanks for any help you can offer me. I hope to get more active in the forums and meet great/smart people along the way


                                                                                                                            Matt

hi, my suggestion is u should learn the basics first about crypto to avoid scams or anything. if you're trying to earn some money, try to download telegram on your phone, it is a very easy way to earn crypto. and if you are trying to buy some, look at the market cap, not the price. i'd say that investing is also a good idea.

[bohtrung3]

In my opinion, if we want to know about bitcoin and cryptocurrency, then keep looking for the original platform, because we do not need to waste time on the faucet because ROI is timely invested very badly. It's better to participate in a signature campaign here, if we do not want to invest the money or saet we have today.

[Maame Esi Sergio]

You can engage in long term investments into bitcoin or any popular altcoin like the eth, but remember the market is volatile, very unstable so i would advice you invest what you can afford to lose. This is all about risk taking. Day trading is also another way to make some money in crypto but that requires expert. You can also invest in ICOs but that also comes with scam projects. All i wanna inform you is each way you hit wash out for the "BUTS"

[Xxmodded]

Hello, Im new to the Crypto world and wanted to hear some advice from the pro's on where to start. i havnt purchased any coins yet, but i have been using coinpot and various faucets. I was wondering if i should keep going with this or is it a waste of my time. Also they say theres no fee for converting coins, but i dont get the same conversion rate as i do on the coinmarketcap calculator. Basically id like to hear from the professionals maybe a strategy for really small trades, or that this is a waste of time and buy some coins with my hard earned money and go from there lol. and if thats the case, where to go. im in Canada by the way, if that helps.

       Thanks for any help you can offer me. I hope to get more active in the forums and meet great/smart people along the way


                                                                                                                            Matt

I think you can engage deep in the crypto industry, there are many options you can do to find every advantage and opportunity. but they are not easy and simple, especially if you do not intend to spend money as an investment tool. but I think you can start from the basics of the vast knowledge in the crypto industry.

[gesdan]

welcome to this forum, I think if you try the faucet network, its okay some people said that it's not waste time because you will get the reward and some people said that faucet is not worth it because it wasted time, so its back to you is it waste your time? is the reward is not worth it with the time that you spent? if its not worth it you need to find another method to get bitcoin

[Aragorn_125]

I think there will be more and more. After all, this topic is quickly imbued with all layers of society because it can make good money and without much effort.

[Genamant]

Hello, Im new to the Crypto world and wanted to hear some advice from the pro's on where to start. i havnt purchased any coins yet, but i have been using coinpot and various faucets. I was wondering if i should keep going with this or is it a waste of my time. Also they say theres no fee for converting coins, but i dont get the same conversion rate as i do on the coinmarketcap calculator. Basically id like to hear from the professionals maybe a strategy for really small trades, or that this is a waste of time and buy some coins with my hard earned money and go from there lol. and if thats the case, where to go. im in Canada by the way, if that helps.

       Thanks for any help you can offer me. I hope to get more active in the forums and meet great/smart people along the way


                                                                                                                            Matt

Hey there mat. First off just try out and buy a small amount of bitcoin and read up on trading. Learn the basics and see how it goes. If you think you can prosper and make profit in trading then slowly up your investment for trading. Read, research are key to trading and most of all be patient. Goodluck!

[wireless1889]

Hello, Im new to the Crypto world and wanted to hear some advice from the pro's on where to start. i havnt purchased any coins yet, but i have been using coinpot and various faucets. I was wondering if i should keep going with this or is it a waste of my time. Also they say theres no fee for converting coins, but i dont get the same conversion rate as i do on the coinmarketcap calculator. Basically id like to hear from the professionals maybe a strategy for really small trades, or that this is a waste of time and buy some coins with my hard earned money and go from there lol. and if thats the case, where to go. im in Canada by the way, if that helps.

       Thanks for any help you can offer me. I hope to get more active in the forums and meet great/smart people along the way


                                                                                                                            Matt

You have to learn more. You can always browse about the basics on bitcoin investing since bitcoin investing isn't that hard and you will get it faster. This forum will help you in any way it can since these replies came from investors that has knowledge to answer you questions about bitcoin. My tip is to be patient in bitcoin investing and don't be persuaded to others.