5 Tips for New Crypto Investors

I would like to start off by saying you should always do your own research, and like all other investment, there is a real risk of losing money. Which brings me to my first rule.

Rule nr 1.
Never invest more than you can afford to lose. The crypto market can be a great place to make some really good investment but due to the ups and downs of the market, day trading or panic selling can really cost you a lot of money.

Rule nr 2.
Invest in coins with a purpose, there is a lot of cheap coins out there and I understand that it can be tempting to buy a lot of cheaper coins, rather than a small percent of a more expensive coin. My rule for finding new coins to invest in is the 3 steps rule.
1 - researching: I recommend that you always take a good time selecting the coins you would like to invest in, check the white paper, google the names on that white paper, and try to understand the purpose of the coin. There are way too many pumps and dump coins out there with no real purpose.
2 - watch it: Before you invest in the coin you decided on, take some time to watch it, read more about it, watch the chart and the market cap and make sure it is over at least 40 million dollars and try to get in on a red day.
3 - could I see myself use it in the future? if your answer is yes, then go for it.

Rule nr 3.
Set realistic goals. It is not realistic to invest 200 dollars and expect to be a millionaire within a year. Try to keep your portfolio diversified, and always keep some of your portfolio in USD on your exchange site. Around 15% in case of a big dip so you can get in cheap and fast.

Rule nr 4.
Trust your portfolio and don't panic sell. In this market, you will most likely see great gains but there will also be times where you will take some hits. Don't freak out and sell, see it as an opportunity to invest the fiat you have on your coin exchange and make some more money.

Rule nr 5.
Stay updated. You don't need to check the price every 5 minutes, but it is important to stay updated. I know youtube can be a great way to get your updates, but remember that a lot of youtubers like cryptonick, and trevon james are promoting scams like bitconnect to make money, and will also say a lot of things to get you to invest in the coins that they are holding. So if I should recommend some good neutral crypto youtubers it would be Doug Polk Crypto and David Hay.

Remember to stay sceptical, and stay smart.

• danish.crypto