Some important tips about the bitcoin market

[abel1337]

<snip>
6.Do not act emotionally… Wherever you say to buy or sell… you are more likely to lose

This should be applicable to both the buy and sell, attaching emotions in cryptocurrency don't usually end up in good. There was a similar case when i apply this to my bitcoin sales during the early days of the market raise during December, 2020 but got myself blamed after my sold, so, hold for a long term without panic irrespective of market volatility should be embrace. As a beginner, don't ever attach emotions during the buy and sale of bitcoin(cryptocurrencies).

It is applicable to every aspect of life I think. It is a good practice to control emotion daily as it improves your decisions in life and doing it on the market will give you good results. I believe that most crypto users have experienced regrets in their buying and selling price, Emotions do affect people especially if they are new to this volatile market and rushing up buying and selling. Sometimes it is quite helpful for traders to rush things depending on the situation and the strategy they are doing but I know these kinds of traders know that they are doing the most logical thing to do in the market.

Rushing doesn't mean you are acting emotionally and being emotional doesn't mean you are rushing in the market.

[Oasisman]

Buy as much as you can, assuming you're holding for long term, If not then you might be at a higher risk of lossing all your invested money. Especially when you ran out of patience like when you experience the 2018 bear season which lasted for more than a year.
The most recommendable investment advice is to only buy what you can afford to lose. Same thing goes to trading and even gambling.

[pixie85]

^^^
Bitcoin is not for the impatient types.

Good advice OP, but very basic and somewhat childish. You shouldn't advice people to buy what they can and hold if they're patient because nobody knows if they are able to hold until they get tested by a real market winter. Usually people set goals for themselves and when these goals fail they get frustrated, give up and blame the whole world but not their own stupidity.

Telling people to buy and hold if they can means nothing because nobody knows if they can. After all most of us need money and most of us feel fear and regret. It's probably going to go to 50 thousand but what if it doesn't? Are you ready for it?

[gregy45]

Inexperienced users can make a lot of mistakes when starting to work with cryptocurrency. For example, choose an exchange where it is risky to store funds or specify the wrong address when transferring digital assets. Each of these and many other mistakes can lead to a partial or complete loss of the invested funds.

1. First of all, it is important for a user starting to work with cryptocurrency to decide on their strategy. It depends on where the trader will store their assets. If he prefers to buy coins and forget about them for a long time, it is safer to keep them in a cold wallet. If the user wants to try trading digital assets, it is better to choose an exchange.
Both methods have their advantages and disadvantages. It is more convenient to keep assets on the exchange: they can be sold at any time, exchanged for other coins, or withdrawn into fiat money. This is especially true during sharp market fluctuations. If a rapid decline in the price of bitcoin begins, the coins stored on the exchange can be immediately exchanged for dollars or other currencies.
The middle gold can be hybrid wallets that work, for example, as applications on a smartphone. This is a more secure way to store funds than on the exchange, and at the same time, most of these wallets allow you to make purchase and sale transactions with popular cryptocurrencies.

2. After choosing a strategy, you should create a wallet for storing cryptocurrency: either download the application to your computer or smartphone or create an account on the exchange. You can choose both options. Experienced traders hold on to the trading platforms part of the assets that are needed for operations. The remaining funds are stored in OTC wallets.

3. There are two main ways to buy cryptocurrency. The first is directly on the exchange if you have created an account on it. Many large trading platforms now allow you to top up your balance directly from your card or through a payment system. For this, a commission is taken, usually in the amount of 3-5%.


And in conclusion, I can say that it is extremely important to choose the right strategy and stick to it.

[Amejoaquim]

The most important thing is increasing our knowledge.

And find the right information before you invest on this market.

Especially if you want to invest in new project, Most of that project are just hyping people up, collect too much money and they are so lazy to run the project.

[velive08]

My advice to friends (based on experience)

1.Buy as much as you can
2.Buy on the floor, but do not wait for correction or fall.
3.Do not do anything for the price of tetra and dollars…
4.If it comes down to a short time that you bought at a reasonable price….
5.If it comes down in the long run and stays that you did not lose in the long run, everything will be cheaper than the dollar.
6.Do not act emotionally… Wherever you say to buy or sell… you are more likely to lose


If you have any suggestions, let us all know so we can use this experience.
Thanks

point 6 is very dangerous if owned by beginners. if the market goes into a downturn they tend to get emotional and sell at the lower end in panic, causing panic sells. This seems to provide lessons on how to deal with falling markets so as not to get caught up in losses

[imstillthebest]

5.If it comes down in the long run and stays that you did not lose in the long run, everything will be cheaper than the dollar.

im having a hard time to undestand this .
all coins will be cheaper and their value will be under 1 dollar if btc became verry stable at a low price ?
btc did come to a state where it was down for a long time and most coins are down but not all coins go down under a dollar because the value that they have before is high but for the cheap coins that has a value under a hundred dollar , they are the coins that can go a dollar or lower than that.

[wxa7115]

If you have any suggestions, let us all know so we can use this experience.
Thanks

My advice would be for anyone considering buying into Bitcoin, to do their own research on what it is, how it works, how to securely hold it, etcetera. A lot of newbies jump in cause of fomo or cause someone adviced them to, without fully understanding how Bitcoin works.

This is very common especially in periods like the one we are going through, when the price is not moving newbies are not interested in this market even when that is the best period to buy as the price is stable and does not move much.

But they do not care, they only want to buy when the price is going up or when there is a potential for the price to do so, which is fine but instead of using all the free time they had to learn how to trade they do nothing and then try to do everything at once when the price of bitcoin is moving wildly, and that is when they take bad decisions and they lose their money as a result of their ignorance.

[barbara44]

As long as you’re a long term HODL’er you’re going to be trying to buy Bitcoin when there is correction or when there is a fall, and that’s because you know that you’re going to be holding for years and that will benefit you when the time comes for the market to move to the highest point. But from what we have seen so far you’re going to always recover your losses and make big profit in the future. People who bought Bitcoin at 20,000 USD never believed that there will be a time like this when they will all recover the money they have lost.

Just like a friend of mine who kept asking me what to do, and I told that him that since he already lost money, it’s best to just leave that money and forget it till another time when the price goes and he did just that. He was able to sell at 39,000 dollars which double of what he bought at, and covered all his losses.

[oliviarobert]

When it comes to risk management or how much you should spend % of your total capital into your trades then its up to someone's decision and this will really vary from person to person because we do have different capacities when it comes to financial aspect and the level of risk management.

It doesn't matter if you use 5% or 10% or even more as long as you have seen some opportunities for you to take advantage of it. It's up to you. It's your money and it's your right whatever position you'd like to take.

Just make sure that you are aware of the risk of putting up much bigger, but if you are a type of trader who does not really like to get some peanuts, then if you are a type of trader who does not really like to get some peanuts, you can always opt for a bigger trading position.

[Jawhead999]

The most important thing is increasing our knowledge.
And find the right information before you invest on this market.
Especially if you want to invest in new project, Most of that project are just hyping people up, collect too much money and they are so lazy to run the project.

That's why you should invest on Bitcoin, @OP is gave advice do enter on Bitcoin market... where's he said to invest on crypto?

For example, choose an exchange where it is risky to store funds
It is more convenient to keep assets on the exchange: they can be sold at any time, exchanged for other coins, or withdrawn into fiat money.

You're contradicting yourself

It depends on where the trader will store their assets. If he prefers to buy coins and forget about them for a long time, it is safer to keep them in a cold wallet. If the user wants to try trading digital assets, it is better to choose an exchange.

Then it's not a trader, but an investor/holders since he hold the coin for a long time.

point 6 is very dangerous if owned by beginners. if the market goes into a downturn they tend to get emotional and sell at the lower end in panic, causing panic sells. This seems to provide lessons on how to deal with falling markets so as not to get caught up in losses

True, the truth is when the market is crash... it's the right time to buy the dip and hold until the market recover. You'll get the profit in long run, all you need is just patience.

[blckhawk]

My advice to friends (based on experience)

1.Buy as much as you can

I think the more appropriate for this one is to buy only what you can afford to lose because entering the market especially if you don't know what you were doing is a very risky thing to do.

2.Buy on the floor, but do not wait for correction or fall.

I don't what's wrong in correction or fall ( for me at least ) because you don't even know how low is Bitcoin gonna be so better if you saw any opportunity to buy then don't hesitate to do it.

6.Do not act emotionally… Wherever you say to buy or sell… you are more likely to lose.

It is easier to say than to be done. Admit it that most of us, sometimes if the real thing came into our face you will never know what you are doing or what you are supposed to do but if you can manage your emotions then that would be better.

If you have any suggestions, let us all know so we can use this experience.
Thanks

The only thing I can suggest is that don't stop acquiring knowledge and experience because this will be your primary guide. Always have a plan or strategies upon trading and don't oppose the trend. So far those are the only things I can give. You will learn everything you need to learn as you keep exploring the whole crypto market.

[ethereumhunter]

I do not recommend you to buy as much as you can because that will be too risky. If the market is down or drops too far, you will panic and cut lose your trade, and if you do that many times, you will get a big loss quickly. It will be better to buy with the money you can afford to lose, so you will not feel too sad if the price drops too deep. Besides that, you will have more money that you can use to buy back again or try to search for the other coin to buy while you still wait for the previous coin to increase. It is about how you manage your money.

[Similificator]

I prefer to buy only amounts to which my extra funds can afford and not "as much as I can" using most of my salary. one thing I learned in all my years in this industry  is that you must be patient, don't regret taking out funds when you need them, and most of all, do not put all your eggs in one basket(you have to pick good baskets though and not just any baskets you may find).

[Kong Hey Pakboy]

I do not recommend you to buy as much as you can because that will be too risky. If the market is down or drops too far, you will panic and cut lose your trade, and if you do that many times, you will get a big loss quickly. It will be better to buy with the money you can afford to lose, so you will not feel too sad if the price drops too deep. Besides that, you will have more money that you can use to buy back again or try to search for the other coin to buy while you still wait for the previous coin to increase. It is about how you manage your money.

It is important to not be reckless in making decisions especially in your money. You would not want all of the money you invested go to waste, right?? Always think thoroughly on how much will you put in it, and it is true to buy with the money you can't afford to lose. It's better if you have plans and set your short term and long term goals.

The number 1 tip "buy as much as you can" is buy bitcoin as much as you think that is not too risky for you.

[slaman29]

As long as you’re a long term HODL’er you’re going to be trying to buy Bitcoin when there is correction or when there is a fall, and that’s because you know that you’re going to be holding for years and that will benefit you when the time comes for the market to move to the highest point. But from what we have seen so far you’re going to always recover your losses and make big profit in the future. People who bought Bitcoin at 20,000 USD never believed that there will be a time like this when they will all recover the money they have lost.

Or you do like most normal people do who put money aside in savings every month with their salary. Buy a fixed amount in dollars, no matter the price. Every time we reach a rally, the statistics prove,,, 90% of people who bought are in profit. No need to think and worry about dips and when to buy, just keep buying regularly.

[Sled]

My advice to friends (based on experience)

6.Do not act emotionally… Wherever you say to buy or sell… you are more likely to lose

You will be supposed not to lose if you are not doing this emotionally. What drives you into making bad decisions because we are sometimes been influenced by our emotions. But if we are in full control of this feeling, it is too far from the possible losses.
We need to be strong, we need to keep our mindset positive in order to stay proactive otherwise, that never gives an excuse to lose.

[MarcoReus11]

Can someone tell me about BTC Dominance

[taufik123]

I prefer to buy only amounts to which my extra funds can afford and not "as much as I can" using most of my salary. one thing I learned in all my years in this industry  is that you must be patient, don't regret taking out funds when you need them, and most of all, do not put all your eggs in one basket(you have to pick good baskets though and not just any baskets you may find).

But also don't have too many baskets because that will increase the risk of losing too. 1 or 5 baskets and pick some of the best baskets is more than enough. You may be able to set aside a part or a few percent of your monthly salary or you buy it every week. What you need to pay attention to, never force to buy if the money you are using is money that is still needed immediately. Buy deep and leave it or do it regularly regardless of price. To get good results you have to be patient.

[mariayaz]

Only invest what you can afford to lose.
Dont be greedy.
Dont do emotional buying.
HODL for sometimes and dont be in hurry
Always buy ALTCOINS after reading white papers