A beginner's guide on How to not loose on Crypto investments
Hi
As I am writing first post of my life, my coin portfolio is growing, but my intial mistakes are the ones I would like to highlight:
- Don't go with the Hype
As cryptography is very old term which some of us would never care about until it starts giving yo profit !! Cryptocurrencies have been around for a while but it has started creating hype ending 2017 in mixed emotions. If you are limited on your budget better do research and invest in crypto. There are 1000+ and many ICO(Initial Coin Offerings coming in).
- Use Crypto Exchanges to your advantage
Crypto Exchange (For eg: BInance, Bittrex.... and many more..) doesn't restrict you from starting with cheap currencies. The biggest mistake I made was buying and then transferring Bitcoin(BTC), If you have no choice then better put cheap fees(Less Satoshis) which will take time and will be transferred to you(If you are not in a hurry).
There are websites like changelly which can help you get onboarded quickly, go with ETH, LITECOIN but please avoid BTC as its heavy lifting for now and will hurt your Budget.
Buy Currencies which are easy to transfer from one wallet to other example Ripple(Each Exchange will generate a wallet for you) and then trade them for other currencies where BTC can be intermediary(Newbies will get it once you get on-boarded to trading crypto).
- Don't be in a hurry to sell/buy, always analyze and hold the future prospects:
There are articles on internet where it says why 90% traders loose their money - the plain rule of trading is, "Buy if its going down an sell at peaks !!"
Now its not easy to identify the peaks and dips. A trader use tools like Cup/handle/Fractals/triangles/support levels which help them get the profits. Now if you don't know all these better do research and trust on what you have invested into. HOLD and trust the tech/idea you have invested in.
At last the idea of Crypto is never for money, its all about privacy and saving ourself from others taking money on your profits and stealing it from you, its a mission and vision not a money making machine !! Good luck !!
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