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First off, this is not financial advice. This is just some personal experience that I've gained and want to share to you guys. Also to get the elephant out of the room, yes I am posting to get Moons, but also to help some of the new people just joining the crypto space.
There is NO get rich quick scheme. Get it out of your mind. As soon as you realize that no you will not get rich by buying a small cap coin for it to 1000x, you will be making much more rational decisions. And as a corollary to #1, avoid subs such as crytomoonshot or any other subs of the sort, and other small cap coin subs. All they are doing is pumping a coin hoping for someone else to hold the bag.
Honestly this is probably the most important one, but you all have probably seen it everywhere already. I am going to say it one more time. DO NOT INVEST MORE THAN YOU CAN AFFORD TO LOSE. It is just not worth the risk. You will not make rational decisions if you are in too deep, selling at a 10% drop etc. Just pretend all the money you are putting into crypto is gone because it could very well be gone in the VERY VOLATILE crypto space.
A bear market is not the end of the world. Listen, does it suck losing 50% of your portfolio right now? Of course it does. However, it is not the end of the world because this is when the real money is made. Dollar cost averaging will be your friend during this time. Nobody knows when the bottom will be, but if you dollar cost average, you will be buying a portion at the bottom. Now, here's the thing, what happens if it just never goes back up? Simple. You will lose your money. However, history does point to the fact that every time that there is a bear market, a bull market will eventually follow.
Echo chambers are not good for making money. This is also rather important. You can see subs where a lot people are saying BUY THE DIP or BITCOIN 100K like it's a certainty. No. DO NOT FOMO. (unless see #5) This point is rather self explanatory, if you are not being challenged on your thoughts, you will be blind to the truth. I see a lot of people here saying FUD FUD, and while yes there is some FUD, there could very well be a bear market incoming and that this bull run is over. Is the bear market due to FUD and will the bull run resume? Nobody knows. There are too many complex factors into this space, that anyone that claims to know what is going to happen is either lying or delusional.
Do your research. DO NOT FOMO. Again, this is very important. You see people shilling different coins. All of the coins from small cap to large cap will be shilled by different people. For example, I see a lot of people saying ADA is the next big thing. Now I am not against ADA, nor am I for ADA. I do not own any ADA, but I might in the future. Could ADA be the next big thing? Sure it could very well be. Could it drop 99% and be obscure? Also yes. Both of these are very big possibilities. Just because people are constantly talking about the wonderful technologies of ADA so it is going to be the future, doesn't mean it will. The important part is not what other people are saying about ADA, but rather do YOU personally know what the "wonderful technologies" that ADA provides? If not, DO NOT FOMO. Do your research, convince yourself that ADA has a bright future. Then try to convince yourself that ADA is going to 0. See which argument you like more, then you should decide if you want to buy into the project.
Bonus: Anyways, since Pandora's box of crypto and DeFi has been opened, blockchain and crypto will be relevant for the foreseeable future. Remember you are still early if crypto is going to be the revolutionary technology that it could be. And fight the FOMO. Thanks for reading.
