sheenshane
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August 13, 2023, 10:41:56 PM |
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7. Start small: Start with a small investment and grow your investment over time. Do not invest all your money at once.
For a lack of knowledge while studying basic fundamentals about Bitcoin this is advisable. DCA encourages disciplined investing and helps to reduce emotional decision-making. It removes the pressure of trying to time the market and eliminates the fear of missing out (FOMO) on potential gains and those investors who engage in DCA are less likely to make impulsive decisions based on short-term price movements. There are too many things that you must learn before investing in crypto, I suggest educating first yourself before putting your money on crypto. To all newcomers, studying and learning first is a must.
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romero121
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August 13, 2023, 11:02:10 PM |
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I would say there is no specific amount that you can start with but it you are new and want to have practical exposure with gaining experience then start with small amounts but if you are into long term holding then simply go with bitcoin with whatever amount you lik but if you have in mind intra day trade then small amounts are fine.You can also have demo account setup so you can have little bit idea about how market reacts and you have some experience before coming into real action.
As said the amount isn't specific, when we need to know well about trading we need to feel the difference in the value we hold based on the price movements happened. For this atleast 0.003 BTC is required according to my choice. This means we'll be able to experience the change in a better way. Something like the price of bitcoin changing from $30k to $29k will give a $3 difference on our holding value. This gives clear picture on how to involve into trading and make money as well as lets us know how to avoid losses.
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launsdorf
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August 13, 2023, 11:14:17 PM |
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Yeah well I finished working on this algorithm that checks signals from various functions and combines them into one. They are giving pretty good results. try it see what you think http://launsdorf.com
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harizen
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August 13, 2023, 11:58:32 PM |
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5. Research the company or cryptocurrency: Conduct thorough research on the cryptocurrency you want to invest in. Look at the chart history, team, use case and future plan. This is the most critical part, even for already knowledgeable people in crypto, especially for newbies. We all know that in most cases, most crypto-investors just want to ride the hype and go with the flow. In the end, they ended up wrecked because of their inability of doing good research. It's understandable that it's not a simple thing to do but doing hard research before putting any money should always be considered. It's not advisable to just go with the hype as even if projects will come up in a professional way, that's not an assurance that success will happen later on. That's why it's always a good practice that every newbie should always start at "only bitcoin" as their first crypto of choice.
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Silberman
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August 14, 2023, 09:02:39 AM |
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I would say there is no specific amount that you can start with but it you are new and want to have practical exposure with gaining experience then start with small amounts but if you are into long term holding then simply go with bitcoin with whatever amount you lik but if you have in mind intra day trade then small amounts are fine.You can also have demo account setup so you can have little bit idea about how market reacts and you have some experience before coming into real action.
Someone that is just starting out their journey needs to use a small amount of money, now what small means can very greatly depending on the capital that we have available to us, but it should be money that in the case everything was lost we will not be affected at all by it, this way we can learn a great deal of things even if we happen to lose, something that is almost a certainty, then those lessons will be learned with a minimal cost and then once we trade for real we will not make any of those mistakes anymore.
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shinratensei_
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August 14, 2023, 03:37:59 PM |
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as a beginner whats crucial is knowing how exactly investment works it requires just small amount of capital and you're set. you don't need that much of capital because of course you are a beginner which has higher chance of just losing your investment like that since you are still hardly make any good decision. if you are investment with so much money i'm afraid that a series of bad decision from your side would just make the money vanish into thin air.
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passwordnow
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August 14, 2023, 03:51:01 PM |
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Other thinks that it's okay to have a debt while they're invested. They don't realize that they're just getting something from their investments which they're also going to pay to their debts.
There are times that debt/loan is good when you put it on an investment because you will have access on extra capital that will give you more profit. This is only advisable if the potential income is greater than the interest rate to cover the debt and eaen at the same time. A good debt is when you've got a stable business and you're going to do it for expansion or when you've got a plan to increase your production. But with an investment, which is like floating and you have no idea if it's going to be good or bad, that's a bad debt. On crypto investments, debts is indeed crucial and subjective due to the volatility of the market. It’s a high risk high reward since you can pay your debt and get huge profit if you invest on the right time and right coin such as Bitcoin.
A one time bull run can give you sufficient profit to cover interests rate and even the loan amount itself.
That's right, it is not advisable to get into investments in crypto using loans. How many have we seen those people that have done the same thing, most of them regret it and if there were successful ones, they're just few.
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_BlackStar
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August 14, 2023, 05:15:43 PM |
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Instead of educating other beginners with some tips and advice - then this quote seems to work for you too. There are a few lessons that could help you decide these easier. 1. Educate yourself: I don't blame you and your good intentions for sharing knowledge and advice - but nevertheless advice like yours on your topic seem to have been very commonly written by many other users. Admittedly not all users on the forum are well educated about trading and investing - but I tend to expect you to find other unique ideas if you want to earn merit and rank. Good luck - but I don't mind your good intentions.
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Altcoiner007 (OP)
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August 14, 2023, 08:33:02 PM |
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You could invest $100 dollar with a consistent DCA or HODLING plan for a 5year duration while you gather and increase your knowledge on BTC trading or other crypto currency investment that could yield profit. You do not need to have millions before you can invest. Just like what savings is to a regular fiat bank, that's what HODLing is to BTC investment.
This is a good plan actually. Here the risk intake is also less and perfect for the beginners. If you are a beginner your first motive should be to not make losses, rather than making profits. If you master the art of minimising the risk, then automatically in the later part of time you will make profit. But as a newbie your sole motive should be to learn and see how market fluctuates. Holding Bitcoins with some good amount of money can be the best thing. A beginner should usually be exposed to the benefits first to get them motivated. Now I see a lot of newbies getting into crypto because of FOMO and they get stuck in scam coins or worthless meme coins later on. It is clear that bitcoin is the recommendation that I always say. If we can hold it firmly then believe that it will bring us profit. The strategy used will also vary, but what I do is with the DCA strategy. The problem I often hear is that those from beginners sometimes say they don't have that much money to buy bitcoin, they think buying bitcoin should be according to the current price (buying 1 coin right away), but that's not true at all. I agree with you but I always say, for everyone there's always an entry point into the Crypto space. Some entered by following a hype of a particular token that profited others within a short period and they FOMO in. Whether they made profit or loss themselves, that's for me an entry point into the space. The problem is if they choose to remain at that level. So you see different people grow from whatever entry point they had to becoming experts and big investors.
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jeraldskie11
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August 14, 2023, 11:35:25 PM |
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1. Educate yourself: Learn about the cryptocurrency market. Read articles, watch videos, and attend seminars to understand the basics of investing.
There are some videos that are published in youtube about trading are not helpful. So if you watch that and added to your trading plan, it will complicate your trade and a little bit confusing. It might be the reason why your trade is not effective. If you decided to join a mentorship program, you have to focus on it and ask your mentor for more information like asking the confluences in trading to boost the probability of winning using the strategy. In this way your mind will just calm and relax because you understand very well your strategy.
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Smartvirus
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August 14, 2023, 11:51:28 PM |
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9. Monitor regularly: Monitoring your investment regularly will help you make informed decisions and adjust your investment strategy when necessary.
Feel free to add some advice and if possible experiences.
This is the only point that I’ve got some struggles with accepting. Yeah, it’s not exactly a bad idea to monitor your investments but when it comes to bitcoins and one who has got a long term hodling plan, that could turn out to be a disturbing thing to do. Let’s not forget, the bitcoin market is a highly volatile one and can swing at different points and as such, being a beginner when the market goes bearish or you find price dumping at an unexpected rate, that scares the shit out of a beginner. You start building the idea of loosing your portfolio before you make profits, you want to cut loose and in the process, get to accept loses when the market has got a more promising feature in time. Not paying much attention to the market is one way to avoid that, you don’t get to think about your decisions on hodling and is easier to endure hodling for a long time by avoiding the chats. That’s for long term bitcoin hodling though.
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milewilda
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August 14, 2023, 11:57:49 PM |
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You could invest $100 dollar with a consistent DCA or HODLING plan for a 5year duration while you gather and increase your knowledge on BTC trading or other crypto currency investment that could yield profit. You do not need to have millions before you can invest. Just like what savings is to a regular fiat bank, that's what HODLing is to BTC investment.
This is a good plan actually. Here the risk intake is also less and perfect for the beginners. If you are a beginner your first motive should be to not make losses, rather than making profits. If you master the art of minimising the risk, then automatically in the later part of time you will make profit. But as a newbie your sole motive should be to learn and see how market fluctuates. Holding Bitcoins with some good amount of money can be the best thing. A beginner should usually be exposed to the benefits first to get them motivated. Now I see a lot of newbies getting into crypto because of FOMO and they get stuck in scam coins or worthless meme coins later on. It is clear that bitcoin is the recommendation that I always say. If we can hold it firmly then believe that it will bring us profit. The strategy used will also vary, but what I do is with the DCA strategy. The problem I often hear is that those from beginners sometimes say they don't have that much money to buy bitcoin, they think buying bitcoin should be according to the current price (buying 1 coin right away), but that's not true at all. I agree with you but I always say, for everyone there's always an entry point into the Crypto space. Some entered by following a hype of a particular token that profited others within a short period and they FOMO in. Whether they made profit or loss themselves, that's for me an entry point into the space. The problem is if they choose to remain at that level. So you see different people grow from whatever entry point they had to becoming experts and big investors. Invest on something you can afford to lose.If i were a newbie then this would be i be doing; 1. Buy some small portion of Bitcoin, ETH and some top ranking coins 2. Make some additional in depth research about their utility and use case 3. Trying out to broaden you knowledge and skills pertaining on what you are engaging into. Remember: You should not make yourself that easily believed on other approaches and speculations in the market, dont get yourself easily dragged with some hype or fud. Always having the consideration on making your own research before you would make your own step on investing.
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GreatArkansas
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August 15, 2023, 01:01:55 AM |
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I agree with the majority here to use demo trading accounts.
But for me, it's really different if you already using real money on trading, the feeling is different, and the pressure and environment are different already.
Yes, you can use demo trading account but if you can just afford even small amount of real money and deposit it to some exchange, just do it, start with small amount and as time go by, you can increase your capital especially if you started to familiarize how trading works.
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rozak
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August 15, 2023, 02:31:01 AM |
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6. Diversify your portfolio: Diversify your investments to spread out the risks. Spread your money across multiple cryptocurrencies, rather than investing in just one.
adding some crypto assets in the portfolio might be helpful for some investors. but some don't really think this is so important. there are investors who only focus on Bitcoin, and increase their investment only on Bitcoin. don't care about altcoins with the consideration that if you choose the wrong altcoin assets for investment, it can make investment planning in some assets fail too. i also think altcoins would be better for short term or trading. therefore I am better off collecting Bitcoins and increasing my investment there rather than adding other crypto assets in the portfolio.
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Latviand
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August 15, 2023, 05:27:18 AM |
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I agree with the majority here to use demo trading accounts.
But for me, it's really different if you already using real money on trading, the feeling is different, and the pressure and environment are different already.
Think of using demo account in trading like shooting a gun, practicing in a firing raange and shooting a real person is a different thing hut with the shooting range, you can sharpen your skills to the point that the only thing you have to worry is the pressure of really shooting a live target. Demo trading uses the real time market so I don't see how it can be different when real money is involved, maybe that feeling that you're saying is that you might regret doing demo trading because you're not winning real money in it even if you make a really good trade, one advice that would work against that feeling is stop being a slave to money and focus and sharpening your skills first.
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lienfaye
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August 15, 2023, 10:07:56 AM |
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1. Educate yourself: Learn about the cryptocurrency market. Read articles, watch videos, and attend seminars to understand the basics of investing.
This is the first thing a newbie should do to understand crypto trading/investing in general. Because knowing what we are getting into can give us an idea for everything and that includes the ideal amount to invest as a starter. There's no specific amount actually but it is much wiser if you start with low capital to experience first and see how it will go. In addition, don't be eager to profit instantly or aim for a huge profit through buying a not establish coins. Always choose the one that is unlikely to be delisted in exchanges so it's less risky even you're not going to trade it immediately.
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cheezcarls
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August 15, 2023, 10:34:12 AM |
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There’s no specific amount that you can get in to cryptocurrency as a beginner. But of all the things that the OP have mention, the first one which is to educate yourself is the most important thing of all.
Most of the newbies and beginners are only thinking of Bitcoin and cryptocurrency as a get rich quick scheme. They were being prone to this kinds of schemes and ended up losing their money creating negativity towards Bitcoin and cryptocurrencies.
This is why education is needed about the fundamentals, risks, etc., before they get into crypto. We’re not financial advisors here. We’re just educators and giving them information, but the final decision is always in their hands whether they want in or not.
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KingsDen
Legendary
Offline
Activity: 1190
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Goodnight, o_e_l_e_o 🌹
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August 15, 2023, 11:46:24 AM |
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How much should I invest in cryptocurrency as a beginner
Although, it's rhetorical but I still want to provide a brief answer. Invest what you are able to lose (what you won't be needing dearly if the market dips). 2. Set investment goals: Determine your investment goals. Ask yourself why you are investing and what you hope to achieve from your investment.
Very nice idea, but don't let your investment goals over pressure you, especially when you don't meet them. 3. Evaluate your financial situation: Evaluate your current financial situation, including your income, expenses, debts, and savings. Determine how much you can invest without affecting your other financial obligations. Very nice. If you are living comfortably, you can invest upto 20% of your income. Don't forget to save, emergency fund etc 5. Research the company or cryptocurrency: Conduct thorough research on the cryptocurrency you want to invest in. Look at the chart history, team, use case and future plan.
If you cannot do this, it is better you stick to bitcoin investment. 6. Diversify your portfolio: Diversify your investments to spread out the risks. Spread your money across multiple cryptocurrencies, rather than investing in just one.
I do not consider this to be diversification of investment. If anything bad happens to bitcoin, there is 90% chance that all the altcoins will be affected. If you want to diversify your investment, consider stocks, real estate, gold etc
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JanNettFoster
Newbie
Offline
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Merit: 0
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August 15, 2023, 12:19:16 PM |
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I find this question as most frequently asked question from newbies in the Cryptocurrency space. So I thought I should share few tips that can guide the decision making.
There are a few lessons that could help you decide these easier. 1. Educate yourself: Learn about the cryptocurrency market. Read articles, watch videos, and attend seminars to understand the basics of investing.
2. Set investment goals: Determine your investment goals. Ask yourself why you are investing and what you hope to achieve from your investment.
3. Evaluate your financial situation: Evaluate your current financial situation, including your income, expenses, debts, and savings. Determine how much you can invest without affecting your other financial obligations.
4. Understand the risks: Understand that every investment comes with risks. It is crucial to know the risks involved with cryptocurrency before investing.
5. Research the company or cryptocurrency: Conduct thorough research on the cryptocurrency you want to invest in. Look at the chart history, team, use case and future plan.
6. Diversify your portfolio: Diversify your investments to spread out the risks. Spread your money across multiple cryptocurrencies, rather than investing in just one. 7. Start small: Start with a small investment and grow your investment over time. Do not invest all your money at once.
8. Be patient: Investing in cryptocurrency can be a long-term process. Be patient, and do not panic if the value of your investment fluctuates.
9. Monitor regularly: Monitoring your investment regularly will help you make informed decisions and adjust your investment strategy when necessary.
Feel free to add some advice and if possible experiences.
The most outstanding things I understood are: 1. Invest only what you are ready to lose 2. But when market is bearish and wait 3. Diversify your portfolio
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Franctoshi
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August 15, 2023, 12:43:48 PM |
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9. Monitor regularly: Monitoring your investment regularly will help you make informed decisions and adjust your investment strategy when necessary.
It depends on the individual type of investment because monitoring your portfolio isn't necessarily for someone who is in the race of HODLing BTC, basically if your goal is a long-term investment, as that would only put you under pressure checking your portfolio when the price is down, and may result in you taking wrong decisions which leads to what we call panic selling.
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