Lesson no.1
UNDERSTAND WHAT YOU ARE INVESTING
It seems like an open door, but many people investing have no idea what they are doing. Think about all the technical concepts and whether you fully understand them or not. Know the market that is extremely volatile and stick to the basics , this will help you in a long run. Understand the market and have a basic understanding of what you're doing.
Lesson no. 2
GET YOUR EMOTIONS UNDER CONTROL
Don't panic , Before buying any crypto ask yourself these questions:
Can I afford to lose this money you're thinking of using to buy crypto?
Do you know about the risks and the volatility of crypto markets ?
How will you use your crypto currencies : Buy and Hold or Trade.
Lesson no.3
CONFIRMATION BIAS IS A LIE
Confirmation bias is when people only search for the information that confirms their current beliefs and current thinking.
Lesson no. 4
NEVER INVEST MORE THAN YOU CAN LOSE
Crypto do have some value tied to them can be purely to get some quick money, called speculation. Never invest more than 10% of your net worth.
Lesson no. 5
YOU ONLY HAVE MONEY WHEN YOU CASH OUT
The cryptocurrency market is extremely volatile. Just like the stock market, it will go up and down. One day you're up 100% and the next day you're down 60%. So, you only have the money when you cash out.
Lesson no. 6
SET YOURSELF A GOAL OR AN EXIT POINT
When you are just holding your investments, it is hard to decide when you get out because of your emotions playing a roal. Decide for yourself: if your portfolio or this specific coin surpasses $XXX,XX investments , you will start sell of your investments. This way you will be balancing your portfolio less than 10% of your net worth.
BONUS TIP:
HAVE SOME FUNNNNNN
Investing in cryptocurrencies is a crazy roller coaster ride.
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