I want to state at the outset that I'm not a financial advisor, and the only reason I'm writing this is I think it's important that we learn from each other's mistakes in this relatively new, relatively uncharted territory.
1. Don't buy because "you've heard it's the next Dogecoin"
I guess this is basically just a different way of saying DYOR - Do Your Own Research. I think the whole crypto space is going to become more stable and reliable as the it grows bigger and more solidified. But rug pulls are always around the corner, as are corrections and crashes, so always make sure you know what you're buying. So far we've had famous cases such as Dogecoin, which did well, with Shiba Inu, which looks like it might also have a bright future, but today alone I've found at least 5 new Inu/Dog coins that are completely untested.
2. Don't fall in love with a coin/token
I'm guilty of this. I find a new token, I read the Whitepaper or I like the thumbnail or whatever, and then I fall in love with the project and put more skin in the game even after it becomes clear the project isn't really working or taking off. And that can always happen, even if you think it shouldn't because it's a great idea/project. I've done that with a few coins and tokens that are still alive, yes, but have been stagnating and going nowhere for years. It's a mistake waiting to happen.
3. When people buy groceries, they buy bread and butter, not foie grais
The chances of accidentally buying an unknown token that moons and makes you rich are actually slim. It's much better to get there a little later, but resting safe in the knowledge that you're putting your money into something that's already proven valuable, at least to an extent, than to YOLO on something that's untested that could very easily lose you money.
Thanks for reading, tips are appreciated, as are likes and follows. It's all free after all!
I've crossposted this article on my blog bitcoinea