As I was already saying, I am new to this "crypto-world", so I was thinking to write some conclusions after I've done some readings on this topic. Please feel free to comment and to argue. This is how I learn.
When it comes to crypto investing, keep in mind that it is a very volatile market, which overturns the rules of traditional trading (Forex). Although it has matured in recent years, the cryptocurrency market is not yet strictly regulated. This means that virtually anyone can launch a token and make a profit from its sale.
This open market could bring big profits, but there are also many investors who suffer big losses. If you plan to join this game, here are some tips:
1. Do your own research
Before you start buying cryptocurrencies, it is very important to do your own research.
It is advisable to start with the team. Who they are, what experience they have in the field and how much time they give to the project. Another tool is Coinmarketcap where you can get information about the most important projects.
Also, do some research on blockchain network technology. For example, the Blockchain.com site offers a deeper perspective on the Bitcoin network and offers numerous statistics. All cryptocurrencies have their own blockchain explorer from where valuable information can be obtained.
When it comes to the most suitable platform to start trading, the largest and most reliable exchanges are BINANCE and Coinbase.
In general, the basic documentation helps a lot and is not very difficult to do, it requires patience.
2. Be disciplined and patient when making crypto investments
Most novice investors who enter the markets have read some success stories on social media and they think they can get rich in 24 hours. Of course, these situations existed, but now the market is different.
If you want 5x-10x results (which is still possible) it takes discipline and patience. Make a plan and follow it, give the chosen project time and participate in the community.
3. Invest time in learning the basics
Most successful crypto investors only play the "HODL" game. HODLING is an expression that means not selling for a quick profit, but maintaining the long-term investment. This strategy has proven to be the best, but it takes time.
You can use this time to study the basics, which will give you the opportunity to evaluate other interesting currencies.
4. Be responsible: it's your money on the market
A lot of early investors enter the crypto markets on the advice of friends who are already there (like I did). You need to keep in mind that most investors are looking after their own interests, so be careful who you get advice from.
The money placed on the market is your responsibility and it does not help to blame others for bad investments.
Of course, this does not mean that you should not listen to the advice of others - but make sure that they are experienced people who do not just pursue personal interests.
Those who are successful in the crypto markets are mostly investors who came into the game early and maintained their investment for several years. There is still time to catch a slice of this market, but be prepared for a 1 to 5 year wait for significant profits.
Historically, those who enter crypto during this period can be called "Early adopters".
