Ways to manage your finances when entering the cryptocurrency market

[duythan1988]

I realize that there are quite a few people who are not well-equipped for personal financial knowledge when entering the cryptocurrency market, today I will share with you my personal experiences (This is just Personal experience is not complete, please ignore if something is not right).

Rule #1: Invest when you understand it
There are many people who easily believe in others' words. Even though they do not understand it, they are willing to spend a lot of money to invest in it, even though they do not know anything about it. This is probably the biggest mistake. So, before you decide to invest, you should find out what it is?

Rule #2: Do not Trust Others
There are a lot of trappings in this market. If you are a newbie, you usually have the habit of listening to news from others, or listening to advice from someone. They tell you to give them money and they will pay you a daily or monthly interest. this is not good. You better manage your money yourself. Do not give it to anyone.

Rule #3: Do not invest in promises
I was in this situation. These are the mlm projects. They draw a bright future prospect for their project. They promise you their coin will hit a certain price in the future. Be careful with such promises. The rise in the price of a penny depends on the market, not on the development team. Stay away from projects that have a target price. Maybe that's just a scam.

Rule #4: No Fomo
Be greedy when others are scared, and scared when others are greedy.  Investors only care about the true value of the project. Rather than judging crowd psychology, they try to understand the business, leadership, and prospects of the business in the future. This experience is very confusing, a lot of emotion when applied.

Rule #5: Be patient, careful and assertive
When the opportunity comes, you have to decide to take it (easy to say but hard to do). Sometimes the wave ends, and again, the opportunity comes and goes, you can ignore many opportunities in the long run, but do not worry, there will be another opportunity and you just need patience. and decide when the opportunity comes.

Epilogue
With newcomers, Do a good job of your day. That brings in regular income for you. If you want to spend some money to invest in crypto, look carefully. For professional investors, I dare not give advice to them.  
Thanks for reading !
Sorry because english is not my native language.

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[renes]

I don't think people truly understand projects that they invest in, even many big players say they don't know what they are doing , that is not also done just by reading whitepaper.

[smoolae]

To be honest there is only one rule to be followed with every brain cell when making decisions around the crypto sphere. And the rule is - Only "play" with the money you are willing to lose.

And that's basically it, one easy rule.

[duythan1988]

To be honest there is only one rule to be followed with every brain cell when making decisions around the crypto sphere. And the rule is - Only "play" with the money you are willing to lose.

And that's basically it, one easy rule.

Of course, in my investment, I always take it seriously. invest idle money, accept losing it if bad happens. Thanks for your very helpful comments. This is something that newcomers should pay attention to

[duythan1988]

I don't think people truly understand projects that they invest in, even many big players say they don't know what they are doing , that is not also done just by reading whitepaper.

This is proof that the number of losers is more than the number of successful people 

[yinoye]

Yes this is an helpful post. It's very important to be properly orientated before entering into cryptocurrency investment and trading or even any other type of investment because you will be using your hard earned money which can be lost if you are not careful.

[mrkavasaki]

My experience is going to reference all the information, from the Telegram group, pages about cryptocurrency, reviews on youtube and posts. Then give your own comment on how to go in line with my investments. Thank you for the helpful posts for newcomers

[Marsyam]

normally I'd set, only a portion of the course that I will sell. Part I save as an investment. because we also do not know, how market conditions later whether it will be good or otherwise. so we still have deposits.

[Ochakemaput]

Yes this is an helpful post. It's very important to be properly orientated before entering into cryptocurrency investment and trading or even any other type of investment because you will be using your hard earned money which can be lost if you are not careful.

everyone would already know that the market is full of surprises the crypto. Thus many crypto investment opposed by some countries, because of the absence of a binding regulation of crypto. investment with a lot of risks must dimbangi with the knowledge and research. If no one is doing that then he will lose his money.

[patykuprova]

You are right, that is five mains key to success in the crypto world and  the importance key which i want to emphasize with you is Be patient! Your dream will come true!

[duythan1988]

My experience is going to reference all the information, from the Telegram group, pages about cryptocurrency, reviews on youtube and posts. Then give your own comment on how to go in line with my investments. Thank you for the helpful posts for newcomers

A necessary experience for us. The first thing I do is to find all the information about the project that I will invest in. I watch all that other people say about it. It may take some time, but this is really necessary.
thank you. good luck !

[Buttermellow]

This is in relation with financial literacy about investment. I do believe that these advises and tips given will make a different story to a successful investment here in bitcoin. There are really some good reason that one should read your thread. This thread is very helpful.

[ginobitcoiner]

how to manage finances in investing in crypto currencies i think is tantamount to investing in FIAT currency, that is dividing your money in several investments that have a good future, don't invest your money in only 1 investment even though the investment in your view is very convincing

[bittraffic]

Not trusting others is one of the advice that you should definitely take from OP, there are lots of scams here that even the pro are lure to send btc to them. Do not let anyone do that trading for you or you will not learn wit hit instead. While you are willing to send your money to someone else now knowing whether you will gain or not, then just do it your self because the experience of trading yourself counts.

[KarinaMix]

 agree that the post is useful, you generally need to have a reference point before you enter into this world, if you lose, then Yes it is blagojovich, but try again.

[duythan1988]

Not trusting others is one of the advice that you should definitely take from OP, there are lots of scams here that even the pro are lure to send btc to them. Do not let anyone do that trading for you or you will not learn wit hit instead. While you are willing to send your money to someone else now knowing whether you will gain or not, then just do it your self because the experience of trading yourself counts.

Newbie, they often do not have much knowledge and trust in what others say. I was in this case and I lost the first money I used for the investment. One thing worth saying is, my money holder is not a stranger, but my best friend. Although before I give my money to them, they tell me that investing is always risky and I accept that.

[sanacaks]

One more addition from me, "Never put any money from any credit" never sell your house, or belongings to be a rich in one day. There are a lot of rumors about getting rich in few days bu believe me you need a big chance to have it. One need to lose if one wins that is the game.

[Glen1989]

A great rule .From my experience, I understood one Golden rule : you should always understand what you are investing in. To learn as much as possible the idea and the product . Believe only your eyes and ears

[harp9]

For me . "Invest that u can afford to lose."

[bttmember]

Crypto is highly volatile and risky as well so managing risks and taking both the profits and losses is always a wise strategy and in the end you have to stay in profit overall to keep you moving.