My First 30 Days of Trading Bitcoin
30 Days of Bitcoin
So, the past month has been hectic. The quick discovery of the "crypto-sphere" turned into a mild obsession. So many lessons to be learned, people to meet, and coins to learn. After 30 days, what have you really learned?
Source: BTCManager.com
Lessons To Be Learned
- Don't put %100 of your faith into people you don't know - they're liking saying the exact same thing they "heard" from someone else.
- Diversify your portfolio - "never put all your eggs in one basket"
- Stop staring at the charts all day, you will go crazy.
- Invest very little money when you first start trading to understand how every exchange works and how to buy/sell.
- Don't buy into the hype! (But you can definitely ride the waves)
- Do your own research. Trust your own instincts. Get burned on your own decisions rather than the decisions of someone on the internet. The majority of people have ulterior motives.
- Learn when to get out. Make sure you at least cover your initial investment.
- Don't be greedy. If you're making profits, cover your initial investment, and then be cautious.
- Have fun. The second you start attaching need or necessity of this trade working out, you are doomed. The second you start betting with fear and doubt you will second guess yourself, and make bad trades.
- Only make a trade that you are willing to, hypothetically, invest $10,000 into that specific trade. Be certain.
- Don't believe everything you hear or see. Don't be a sheep.
- Forget the get rich quick schemes. High volatility and very high risk. If you do go into that trade, make sure you are risking money that you can afford to lose.
- Do your own research and make your own damn decisions.
- Find a small group of people who you can trust.
Finished
That's it for right now. There are definitely more lessons to be learned, but for right now I think that is sufficient. Everything you experience in life has the ability of a lesson. You can learn from every interaction and every thought. Be professional about your life and how to go about it.
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My first lesson (that still holds true btw) was this: When the media is talking about cryptos everyday, it's time to sell. When the dust settles and not a soul is talking about it, it's time to buy.
exactly!
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”
― Warren Buffett
such a great quote (and truth)
Very true
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