I started with Cryptocurrency last March 2016. Celebrating my 5 years anniversary doing this technology. At first I only know Bitcoin. I searched online how to make money using the internet. It routed me to several Paid-To-Click sites like Google Ad-Sense, and a lot more. Then I bumped into Coinbase. If I share my referral link and somebody will Buy worth of $100 of BTC, I will earn $10. So I signed up and eventually got some few satoshi earnings when they opted me to also open a CoinsPh account. A wallet functionality based in the Philippines, my country.
I started earning much when I join the High-Yield-Investment-Programs or what we called HYIP or Ponzi schemes. In time, I realized that it turned out to be scamming people just few days after their launch so I stopped promoting. I have joined several crypto group chats and also participated in sharing the knowledge I got based on my experience. I joined some start-up projects and eventually learned that there are OTHER cryptocurrencies or what we call Altcoins too such as Ethereum, Ripple, Litecoin, Doge and a lot more. I also participated in a lot of faucets, mining, and staking coins. Utilized my referral and marketing prowess from the experience sharing those HYIP's those times.
I eventually learned cryptocurrency trading because of these airdrops would need to be exchanged in these popular trading sites. I started with Bittrex because the RISE Tokens could only be exchanged there. The first ever token-give-away I have experienced. The rest is history.
Here are some tips that I can share for all newbies who want to delve in the volatile world of trading cryptos.
1). Corrections/dips are healthy for any market, especially cryptocurrency. If prices kept going up, the market would be unsustainable and crash extremely hard.
2). During a correction, dollar cost averaging is your best friend. If you threw all your money in at once, you messed up. Having extra capital to buy any dip or correction increases your portfolio position. This is how people end up owning large quantities of coins with a solid average buy-in price. Invest small sums as it goes down, just as before, do not throw it all in at once on the way down.
3). This one is obvious but some people still don’t understand: DO NOT INVEST MORE MONEY THAN YOU ARE WILLING TO LOSE. Period.
4). If you have a 20%~500% gain on an investment and it falls 5%~50%… pound your chest like Matthew McConaughey in The Wolf of Wallstreet and suck it up buttercup, coz you’re probably still winning.
5). Taking profit off any investment when you’re up is 100% the smart play. Try to get your original investment back when you’re up and let the rest ride as long as you want it to.
6). Markets go in cycles. We are in a bull cycle. We will be in a bull cycle for a while until we see massive losses and it is clear that the bull cycle is over and we enter a bear cycle. The last bull cycle was in 2017.
7). Diversify your portfolio. This typically helps decrease your overall losses. Buy multiple projects, so when one is doing well and the other is not, your percentage loss is lower.
8). Cryptocurrency terms you should know:
FUD: Fear, Uncertainty, and Doubt
FOMO: Fear of Missing Out
ICO: Initial Coin Offering
HODL: Hold On for Dear Life
POW: Proof of Work
POS: Proof of Stake
ROI: Return on Investment
WHALE: People who own large amounts of coins and ultimately move the market.
White Paper: Holds everything you need to know about a project. You should read this before investing in anything long term.
Bear Market: A market that is going down.
Bull Market: A market that is going up.
Paper Hands: Something people with no stomach have. They sell the second the market pulls back.
Diamond Hands: Something people with an understanding of the market have that don’t make irrational decisions because of fear.
9). Do not listen to anyone telling you to buy a project unless they give you factual information on said project that you can prove is correct. Do not click on links. Do not send anyone your money. Do not respond to people who claims they are a cryptocurrency guru and can handle your investments for you. Avoid these people like the plague. Ignore people who claim they know what the market is going to do. They don’t and they never will. If someone is predicting the market and they know what they are talking about, you will know if they are genuine by how they present themselves. If they don’t have a chart, chances are they are shilling their investments. Experts in this technology would often just hide all their earnings to avoid scammers sending them messages.
10). Last but not least, have fun. Learn and Research. Some experts refer this as DYOR. Find out more about blockchain technology. Find out the differences in coins and if you find something you think is promising then invest in it and be confident about it. Fail. Succeed. Win. Lose. This is how you become a smarter and stronger investor. This is how you can enter the market in the years to come with more confidence. Do not get wrapped up in the hype and make rational decisions as best you can. News is very important in the world of cryptocurrency. This is typically what drives the market. Look up as many news websites you can that are credible that cover cryptocurrency. I would post the websites I watch but that goes against my earlier point, never click on links. If you are unsure where to look simply look up cryptocurrency news on google and the top 5 sites or so should do fine. Obviously look up reviews of each website to make sure they are credible and worth following.
Invest what you can afford to lose
At this point of time, I am also celebrating my First Year Anniversary being an APPICS Ambassador.
Thank you for all your support and wishing everyone all the luck we would need dwelling in the Cryptosphere.
This is a BULL market we are now experiencing and a sweet 5-Digits (in US-Dollars) earnings are totally worth the wait.
Here in Steemit, I have met and collaborated with a lot of awesome people which made me learn a lot aside from earning from my posts.
These top 10 things to consider in Crypto are the things that I did and should not be treated as a Financial Advice.
This is @FYCEE, a former Steemit Country Coordinator during the First ever Diary Game and proud Filipino.