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advice for beginner


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Start with small amounts of money and treat it as your funds to learn with. You will make mistakes, expect it to happen, and learn from them.

You need to figure out what kind of investor you are. Are you a day trader or more of a long-term buy and hold guy? Your tools and techniques will change based on your investment style.

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2 hours ago, mariom9 said:

Hello everybody

 

i am new to crypto trading and need some advice to gain experiece i have seen some cryptos explode in value can anybody give me some advice on buying to create a profit? 

Hello SEC, is that you? Are you checking if people are expecting profits from XRP by the labor of Ripple? Well, everytime Ripple does something promising price drops, so no.

Other than that it sounds like you are experiencing fomo (fear of missing out). Know that crypto is more a gamble, prices go  up and down based on everything else but fundamentals. People who advise you to go into something usually own a lot of that something and want both profit and being proven right.

Write the top20 on a dart board and throw a dart at it. Then don't spend more than willing to lose and hope for the best. Don't get impatient, it can take years as technically this bullmarket is getting closer and closer to an end and possibly years of bearmarket await.

ps. investing in tokens that have not yet grown much compared to the market could be wise. But there could also be a reason they have not reached that potential.

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2 hours ago, mariom9 said:

thank you for your reply. ive had cardano and ethereum for 6 months but i am thinking of selling both to go into cryptos that are yet to achieve their potential

It's tough to tell other people what to invest in. I like projects that personally give me a reason to use them (it solves some problem for me, or just fits in with the type of investment I'm looking for at the moment). For me right now that's XRP, LUNA, and FLR/SGB whenever they launch. I don't know if that means you should buy them. I filled my XRP bags long ago and I'm basically just waiting to see if it goes moon or bust. I'm very bullish on LUNA, but it's already up 800% since the May crash - I personally bought more this week, but I don't know if it's for everybody. And I'm going to be receiving a bunch of FLR/SGB, so my strategy for now is to just use them for DeFi when Flare and Songbird launch and see if I can grow my stacks that way. It's hard to recommend buying or not when we don't even know what price they're going to launch at.

My generally strategy has become to find coins I like that also give me some way to get a return on them, whether that's staking, farming, CeFi, whatever. That way I'm exposed to the price movement of the coins while also slowly and passively growing my stack.

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1) Don't risk money you cannot afford to lose

I cannot stress that enough. When I first got inro crypto I traded a bit. I thought "easy money". Small amounts, imagine a couple of months worht of my salary, that kind of money.  I did manage to make a small profit after few months, let's say a 30-35%. Not bad really for that kind of money. But it felt totally like gambling. Hated it. Stressful even for those small amounts, I cannot imagine how I wolud freak out if that was money I needed urgently.

So I took a different approach, did research as much as I could and picked what coin I thought had potential, invested some amount considering it lost money, and I just wait and hold to reach my sell targets (if ever).

If it goes to zero, it will hurt for sure (mainly that I picked the wrong horse while other coins I considered mooned:lol:), but at least I will get on with my current level of life just as good as before. A risky investment gone bad.

That was some time ago. But for me the best approach even now is that. Drop some money you will not need and forget them for some years. Chances are really good you will get pretty happy some time down the road.

This is just the opinion of a random guy on an internet forum. But again my second advice is the following so I don't know...

2) Don't take advice from internet forums

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Just a few thoughts ... no particular order ... and certainly not complete ..

1. Filter out the good projects based on fundamentals like the background of its team, who is invested/backing the project, and protocol specs (transactions per second, settlement time, etc.) 

2. Just pick one or two of these projects.

3. If you're a trader, decide what you want to do in the immediate term: build the dollar value of your portfolio or the number of coins in your selected project. Do not try to do both simultaneously. If ur project has promise, it's much more rewarding to build ur number of coins. 

4. Never sell at a loss. Just wait. No matter how long you have to wait. If you filtered (#1) correctly, the price will come back up. 

5. Set an exit strategy. If a trader ... 10% or so. If a hodler ... 100-200% (or more/less depending on the project). An exit strategy is (prolly) the most imperative decision of all. 

6. Set up Google Alerts for all news articles related to your chosen project. 

7. Understand you will vary rarely buy at the lowest or sell at the highest. 

8. As you've learned with ETH, don't shoot where the rabbit was. 

9. If a trader, sell when technical indicators demonstrate the run up is slowing down. Conversely, buy when technical indicators demonstrate the blood letting is coming to an end. i.e. Sell when people buy, buy when people sell. If you don't know how to spot these changes in market sentiment, do some research ... plenty of info on it out there. (Don't let TA alone run ur strategy tho).

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