Advice for young crypto investors
Alright guys, this is for the beginners in the market to help them out and potentially avoid disaster from taking bad advice. Use it as you please.
1. Nobody knows where the market is going, simply follow the news, set alerts, and cross your fingers if you're holding. Asking advice can be harmful. There are trolls who aim to manipulate the community for their own benefit.
2. Use a cold offline wallet to store your coins safely. Technology is prone to faults and failure, especially applications. Simply google different cold wallets and be sure to ask others if they're legit and find reviews. Exchanges are NOT safe. Period.
3. Coinbase is your best bet in terms of online wallets if you're set on keeping them online, but it is risky, and you're limited to BTC, ETH, and LTC.
4. BE PATIENT. It takes a little time to verify your identity and money to go through on Coinbase and other exchanges. We all have to do it. When buying, Checking Account = 5-7 days. Debit/Credit = Instantly
5. Don't overthink dips. Too many times have I seen people absolutely panic when it drops a small percentage after rising at a massive percentage. It's not the end of the world and it's healthy for a market to act this way. Buy the dips if you're looking to buy more.
6. Buy bad news, sell good news if you're day trading. If bad news is coming, there will likely be a dip. If good news is coming, there will likely be a rise. This varies though, and is as tricky as day trading. Use your intuition and follow your coin news.
7. Try to avoid margin trading if you're new. Risky stuff and requires a lot of attention and experience in markets.
8. Don't buy Coins from people, only exchanges. People = Mainly all scams.
9. Don't listen to bitcoin whales. They talk down on Ethereum, it is their enemy and they're terrified at what is happening.
10. Only trust articles from trusted websites. I've seen many fake articles to scare people into buying and selling.
11. Be extremely careful when using addresses to send and receive coins. Many people have lost thousands of dollars by messing this up. Simply send a small amount for a test run to make sure you're on point, then send your intended amount.
12. Last but not least, don’t panic buy or panic sell. If you have strong conviction to buy, buy and hold. If you don’t have strong conviction, don’t buy or, if you are holding, then you should sell else you’ll panic sell.
I hope this list has helped some people, countless times I've seen these things ruin people's lives. I want to prevent that. HELP THE COMMUNITY. It will benefit you if you are holding. Let's help make this go mainstream, and help people get a leg up so the market grows. Don't be afraid to say a little friendly harsh reality. It's easy for people to get carried away and get too excited resulting in rash decisions.
Happy Trading My Friends.