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Author Topic: Useful tips I've learned so far, might come in handy  (Read 273 times)
CashbackLover (OP)
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July 10, 2020, 07:55:23 AM
 #1

1. Nothing is certain in crypto space
2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy

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July 10, 2020, 09:32:13 AM
 #2

Just want to add for points 5, Diversify with only on altcoin can also be a mistake. Most coins are following Bitcoin, when bitcoin goes down, everything goes down, actually losing bitcoin can be less than investing in an altcoin. If you really want to invest in altcoin, in my opinion, the only thing done is 40% in stable coin/token, 30% in Bitcoin and the rest is up to you (you can change the portions as you wish).



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Doranile432
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July 10, 2020, 09:59:35 AM
 #3

Just want to add for points 5, Diversify with only on altcoin can also be a mistake. Most coins are following Bitcoin, when bitcoin goes down, everything goes down, actually losing bitcoin can be less than investing in an altcoin. If you really want to invest in altcoin, in my opinion, the only thing done is 40% in stable coin/token, 30% in Bitcoin and the rest is up to you (you can change the portions as you wish).



Yes Bitcoin is the safest but we all know that altcoin brings the biggest ROI than what you can earn from Bitcoin, I'm sure 90% of newbies will choose to invest in altcoin still even if they have Bitcoin, every one have the dream of catching gems while they are still young you know, I'm hoping the same thing too that's why I have few altcoins in my wallet
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July 10, 2020, 01:44:06 PM
 #4

Overall, those are some great tips. I'm particular about points 3,4 and 7 though.  For point 3, making one's analysis is 10x more better than relying on trading signals or looking for traders to copy as it helps you grow as a trader in the long run. Point 7, is very common among traders. You get on a trade, it does 5% but you start putting hope in your mind that it can hit 10% or more. If you want to get greedy like that, play it safe with a trailing stop loss because it's very easy to turn a winning trade to a losing one by expecting too much.

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jrrsparkles
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July 10, 2020, 01:48:52 PM
 #5

7. Take profit when you see one, don't be too greedy
Its more important for an investor, many people keep holding when the price surging but all of a sudden the prices will go in red so they will be selling for losses to save their capital amount.When you are dealing with cryptos never try to be too much greedy.Or just go with bitcoin so you can keep holding with some hope that prices will be reaching new all time high at some point.









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Tipstar
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July 10, 2020, 02:53:22 PM
 #6

Don't rush on making decisions. A small change in price won't give you a large profit or loss. Read about the coin and it's review. Find what problems other people faced. Be sure to use a legit exchange as many people lose their coins while exchanging and withdrawing and similarly beware of what wallet you are using.


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July 10, 2020, 03:52:08 PM
 #7

5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache

7. Take profit when you see one, don't be too greedy
What you mentioned is at least true, especially points 5 and 7, this tips factor is also often used in trading & investing for some Altcoin that I believe in.
Everyone invests in Cryptocurrency as an asset to produce the best profit in the future, that's the hope of many people.
to get it all, of course not as easy as one might imagine, having knowledge of major capital crypto, one of them is a case in point 5] 7], choosing a few Altcoins to start investing is a good step, and taking profits there is one good thing, greed is not the main goal in crypto trading.

R


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July 10, 2020, 03:57:57 PM
 #8

1. Nothing is certain in crypto space
2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy

This is the reality and i will only make few corrections.
1. Learning is not easy, you must avail yourself to learning by having the right attitudes and discipline
2. You can hodl tokens, but before then ensure to have an idea when you want to cash your profits, place your order, setup a price alert system with block folio and keep your seeds safe.
3. No token is reliable in this space including bitcoin, the only certainty is the fact that bitcoin is bullish always.
4. It is wrong when you take profit when you see one, profits can be 0.1% or 10%. Dyor, follow up and pick yhe best profits avail to you
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July 10, 2020, 04:10:31 PM
 #9

1. Nothing is certain in crypto space
2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy

One more tip I would like to be on that list is to not trade crypto emotionally because if you trade emotionally then you are bound to get rekt. Knowing when to get out of a trade is the best way to manage risk.

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July 10, 2020, 04:12:35 PM
 #10

Do not fall in trap for some extra percentage of profits shows or something which is unbelievable are generally the trap. So, avoid such situations. Trade only on the best exchanges and which are old. If invested for the long term, then better to store the coins in offline and not on online exchanges. Never share your passwords or private key with anyone other than your spouse, kids etc as a backup in case if anything happens to you, they can still own it.
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July 10, 2020, 04:15:23 PM
 #11

1. Nothing is certain in crypto space
2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy
1. Especially if your portfolio consists mostly of altcoins but if you have bigger part for bitcoin, you're worry free.
2. Correct including the always suggested method Do-your-own-research (dyor).
3. This is very much helpful if you chose to be a trader though applicable for investors too.
4. It's ok to hold new altcoins as long as you don't buy it because you just heard it from others. But if you conduct research and you think that's a good hold, it's fine. Although in our days, most of the new altcoins aren't really good.
5. The same as I've said in #1.
6. Bitcoin is the best option to understand the concept of cryptocurrencies, ETH is good too but that's just a secondary in option.
7. Yes! profit is profit no matter how high the price of the coin goes after you sold. Don't regret.
8. Avoid trading signals and ponzi schemes like Forsage, etc.



 

 

 

 

 

 


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Ridwan Fauzi
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July 10, 2020, 04:29:33 PM
 #12

7. Take profit when you see one, don't be too greedy
Set the target, that is the best to do in my opinion. I don't think if we have a target and we confident that the target can be achieved then that is not wrong and even that is a chance for us to gain maximal profit. I often to meet where I didn't set the take profit and stop lost when I trading and most of them I only got a small profit and high lose.

Because I always take the profit as soon as possible whilst I can make more profit if I let it and I got a huge lost because when the price went down when I entry long I just let it hoping that the price can back to increase. So, this point is depend on your knowledge (back to the trader skill) if they know and have much experience they will always set the take profit and stop lose confidently.
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July 10, 2020, 04:37:41 PM
 #13

Not taking profits while price surging is a big mistake that many investors still do today, they are so determined to hold until 1000x value comes which isn't reality with crypto coins of today, 2017 was a massive year for crypto space but those gains that takes place then might not happen ever again

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Beparanf
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July 10, 2020, 04:54:51 PM
Merited by Coin_trader (2)
 #14

All enumerated by OP is a must follow, but will specify choose and priorities this 3 based on my experience.

1. Nothing is certain in crypto space
-definitely nothing as it's too volatile that many will change in just a span of day or week, we need to be attentive at all times especially if we invested a lot.

4. Don't hold new altcoins and stay offline, they need close watch
-this is true, tried to go offline before in some exchanges and didn't monitor it at all that some I forgot I have and sadly lose a lot.

7. Take profit when you see one, don't be too greedy
-Chances sometimes that high prices will come might not happen again, so take advantage. There's no guarantee in crypto. I missed those times I was able to earn a lot but then hope that the price will rise again apparently it becomes more low, so don't greedy. I learned my lesson now.


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tycsols
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July 10, 2020, 05:36:05 PM
 #15

1. Nothing is certain in crypto space
2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy
About your point 7. Believe me it is not so easy, let me explain you i was holding a coin from ico worth 1 eth and due to bearish market it was trading below the ico price but team turned out to be good and started posting about development work weekly also it was a project in defi sector so i saw price growing and my holdings became 2 eth worth and i thought exactly what you are pointing at and i sold them and took profit and believe me now the same 2 eth worth coins are over 20 eth which i regret so badly now for selling so early and this has happened with me many times so you see it is very complicated thing.

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so98nn
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July 10, 2020, 05:54:16 PM
 #16

1. Nothing is certain in crypto space

Its good to know you realised it so fast! Just believe on bitcoin and ETH and nothing else for that matter.

3. Analysis is the best tool for more knowledge

Exactly. Gain more of it, and you will see there are more and more secrete doors out in the crypto world.

4. Don't hold new altcoins and stay offline, they need close watch

In fact don't hold the altcoins. Its better to be in BTC than alts which are very unstable and unproductive.

5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache

Thats the point, no altcoin relying.

6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.

This is what I wanted to express in the point number 4.0 above.

7. Take profit when you see one, don't be too greedy

This is very hard to control. Over the time one can learn but with lot of practice.


oscarftw
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July 10, 2020, 06:09:11 PM
 #17

1. Nothing is certain in crypto space
2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy
Thanks for your useful suggestion. When we were passing through under the bull market, we didn't always care about the profits. At that time the best advice was to hold because of bullrun. Now the best advice is to take profits. When the market starts to repeat bullpen situation, we should be greedy because we're very long time holders.
Chuky92
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July 10, 2020, 06:32:27 PM
 #18

1. Nothing is certain in crypto space
2. Learning is the easiest way to get by
3. Analysis is the best tool for more knowledge
4. Don't hold new altcoins and stay offline, they need close watch
5. Diversify your money, do not rely on few altcoins and don't have too many, watching them will be an headache
6. If you are new and in rush to see how crypto works start with Bitcoin and Ethereum.
7. Take profit when you see one, don't be too greedy

These are nice points but to add a thing or two to the first point, I think we can be certain of most coins such as Bitcoin; I believe certainty comes with Trust, therefore as for me I am certain about the future that is expected of Bitcoin. Also, another good point is that of not being too greedy because it has lead many people into regretting a lot of things. Lastly, among all the points, the number 6 is really outstanding because when a newbie joins the crypto space and goes straight into investing which of course will be as a result of hype, they always end up learning the hard way. But starting with Bitcoin or Ethereum, it will help them to learn , research and have an idea of what to expect from every coin they wish to invest in.

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July 10, 2020, 07:02:18 PM
 #19

You actually got it. The exact one that made me laugh is the "don't hold new coin and sleep. It has actually did me strong thing but not all new coins are bad as some are from genuine team and team that are willing to take thier projects to zenith. I think the analysis is another good point because making research and following it up is actually the best thing to do and regarding choice. It's good one makes best choice as to when to sell and when to hodl and also what to hodl.
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July 10, 2020, 07:51:59 PM
 #20

I really like the points made by OP, especially "take profit when you see one, don't be greedy". A friend of mine bought DOGE at 40 and even when it went above 50 sats, he didn't sell, greed had set in. Also, I personally do not put up to 10% of my entire portfolio in one altcoin, I diversify 30% of my portfolio in four altcoins at a time.

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