This article will quickly go over simple, but important concepts.
- Wait 2 days before buying.
- Don’t trust anyone.
- Always check the total supply.
- Have a diverse portfolio and track it! (BTC is KING)
- Set achievable goals.
- Always be curious and looks for new opportunities.
Wait 2 days before buying
Without a defined strategy, navigating the unpredictable and constantly evolving crypto market can be challenging. You know that feeling, when you need to buy it now, or you might miss it forever. Remember, if the crypto is already pumping, you are too late. Avoiding the FOMO trap is one of the most crucial things to keep in mind while making crypto investments. I still frequently experience FOMO and the simple thing I do is that I wait.
I wait for exactly 2 days and if I still feel like I want to buy that crypto, I buy it then. If of course, fills all of my checkpoints for a good crypto project.
Don’t trust anyone
The whole point of crypto is that you own your crypto. Lending it out is giving your money away, hoping that the other party doesn’t run away with it. Never lend your crypto unless you completely trust it. And even that is not possible in crypto. Just look at LUNA or FTX. So much trust. So much pain.
The cryptocurrency market can be difficult to navigate and is full of dangers. Scams are one of the main pitfalls to stay away from. Offers that guarantee a return on your investment of twice as much or claim improbable profits should be taken with a grain of salt.
Be cautious of crypto industry influencers. These people can be acting with bad intentions and not have your best interests in mind. They can be trying to manipulate the market for their gain, or they might be being paid to promote a coin they don't believe in. Therefore, you should do your research and avoid relying only on other people's ideas.
Always check the total supply
I will just briefly mention some of my criteria for buying an altcoin that might have some future.
- Available supply must be above 50%, ideally above 70%.
- Daily RSI must not be above 70.
- The team behind it, is known and respected in the field. I prefer teams from Singapore, Japan, or Korea. They are more consistent and deliver on time (not all of them).
Have a diverse portfolio and track it
Check out my article:
How To Build a Strong Crypto-Portfolio
Crypto Tip of the Day: Track your money (CLICK)
The last two I will describe in the next article (Set achievable goals and Always be curious and looks for new opportunities). Subscribe, not to miss it.
Oh, and thank you everyone else, your support gives me a sense of crypto-community.
This is much needed for all of us in the bear market. Stay good and DCA.
