Top 15 Must Know Crypto & Bitcoin Investing Tips – Cryptocurrency Explained – Free Course

welcome to cryptocurrency explained in this lesson I want to share my top tips for cryptocurrency investing with you I’m doing this so that hopefully you can learn from the mistakes and experience that I and other members of the cryptocurrency community have made before and have experienced before let’s get started first and foremost you are responsible for your own investments not your friend not your mom not some random person on Twitter or on YouTube it is your money take it seriously and accept the personal responsibility of not only making your own investment but also making your own trading decisions and of storing your crypto currency number 2 dy o r this stands for do your own research and it is a mantra of the cryptocurrency community again it is your hard-earned money spend the time to learn about a coin or a token before actually investing in it articles YouTube videos and other commentators on the Internet can serve as an important part of forming your own opinion but it is not a substitute for reading the white paper visiting the website and doing your own market research for yourself number three be hungry to learn read study get the crypto news read the white paper etc etc check out my resources video later in the course for more information on the best places to find solid crypto currency information the market rewards the studious and punishes the lazy decide which you want to be and act accordingly number four be ready to make mistake it happens to all of us anyone who says that they have never lost a trade never lost any crypto never made some mistake with crypto is probably blowing smoke up your butt mistakes happen learn from them treat them as the valuable lessons that they can be a missed learning opportunity to become a better investor or a better trader is worse than losing a few dollars number five get in tune with market cycles the market will not go up forever nor will it go down forever timelines are important understanding the basics of how to interpret charts can go a very long way in your understanding of how to interpret these trends by the way for the time being bitcoin is the king of the markets the others will largely follow the movement of Bitcoin with some exceptions number 6 understand how to look at charts and how to recognize important things like what is resistance and what is support support and resistance are key things to watch out for when planning your trading buying selling and your overall investment strategy also please do keep in mind that things like big numbers tend to be key levels of support and resistance for example $20,000 for Bitcoin was a hard level to pass due to the psychological factor it had only passed that on a number of exchanges very very briefly the smart traders set their sell orders for $19,900 understanding what a psychological barrier 20,000 was number seven understand the importance of market cap in order to judge profit potential of a project not just the unit price just because a coin or a token is worth one cent does not mean that it will be worth $1,000 owning a piece of Bitcoin is a valuable investment but it is not easy to get a whole Bitcoin anymore because they cost thousands of dollars and the price scares some people but don’t be scared by a big unit price of something like Bitcoin but also don’t be encouraged by something that’s less than a cent there are a lot of factors that matter here what’s the total supply who has that total supply what’s the emission rate it’s more than just looking for penny kryptos number 8 be aware of stable coins and be aware of how to use them a stable coin is a token which represents a dollar a yen a British Pound Gold or another stable asset these digital tokens are very useful for the volatile crypto market if you see that the market is going down then you can sell into a stable coin and rebuy your crypto cheaper at a later time as these coins will retain their value in relation to the fiat that they’re pegged to but be warned that the market will not always do what you want it to do and that these strategies require a knowledge of the market and an understanding of charts to be able to be used very effectively number 9 opportunities come all of the time be ready to exploit them when they happen for this you will need to keep a bit of fiat or perhaps some funds sitting in a stable coin on the side to be readily available to make a purchase this is another great use for holding on to a stable coin the reality is is that you cannot buy a market dip if you don’t have any money to buy it with and on that same note don’t be afraid to miss opportunities because opportunities come all the time try not to FOMO into things because there will always be another crypto to invest in number 10 learn how to dollar cost average on ass that you believe in many long-term investors will make regular buys once a week or once every two weeks or once a month because this averages the price over time of what you are buying so if you buy one Bitcoin for $10,000 today then one Bitcoin for $5,000 next month then the average price you paid is $7,500 doing so can help you get a good average price over time and removes a lot of the stress of trying to time the best day in the best hour to go all in almost no one ever calls the bottom or the top perfectly it’s much more stress-free to average in overtime number 11 buy low sell high wow that sounds really simple lark and it is but our emotions can get the best of us and many fall into the trap of buying high and selling low and then jumping into another coin that is pumping trying to catch that high and then selling that coin on the low after the pump drops and repeating and repeating until they are broke buy low sell high not the opposite number 12 be mentally prepared you will experience fear greed and ways which you have never experienced them before as well as a host of other strong emotions as the market fluctuates up and down I’m gonna cover that a little more in depth later but it is super important to realize that the market doesn’t care about you it doesn’t care about your ego and it certainly doesn’t care about your money it will chew you up and spit you out if you are not ready so get tools prepare yourself mentally and prepare yourself with education number thirteen understand your tax obligations taxes are never fun but what is even less fun than not taking control of your tax obligations is getting caught we your pants down by the taxman I cannot give any specific advice here because the reality of the situation is that it varies so wildly between jurisdictions but it’s just a call to action for you to know your local laws and to not ignore this very important factor number 14 take your security seriously theft of cryptocurrency happens all the time get a hardware wallet they are the best forms of security my go-to is a ledger nano but I also have a trays or just as a backup device links for both of those down below if for some reason though you choose not to use one of these security solutions then please be very very careful with your private key never share it with anyone do not store it in the cloud do not store it on a USB be very very careful with your security and while there is a lot of theft online one of the most common ways that people lose their crypto is by losing their private key or by misplacing or losing their backup keys and a fire or something like that so take it seriously be strategic and have a plan about how to backup your crypto currencies number 15 scams are everywhere you have phishing emails you have spoofed websites by the way quick pro tip save the link to any web site like an exchange in your bookmarks and then there are straight-up scam coins looking for your hard-earned money to be invested in their bad ICO also make sure to never believe in a company which guarantees some kind of daily percentage payout if it sounds too good to be true then it’s probably a scam if in doubt go and ask a friend or a family member if that sounds right to them as an outsider ask about it on forums ask about it on social media never be afraid to miss out on something never be afraid to ask questions or to look stupid by asking questions because you want to know what is actually stupid is not asking questions because there will always be another opportunity but recovering from a large financial loss cannot just be demoralizing psychologically but can ruin your opportunity to invest for months or even years depending on how deeply you got scammed be careful protect your liquidity and don’t be afraid to look stupid okay and a bonus tip because this is the krypter lark channel guys and it’s all about value here the tip is this only spend what you can afford to lose don’t buy crypto using your credit card don’t take a loan from the Mafia don’t empty your bank account of every penny and go invest at all in Bitcoin always ensure that your bills are paid your kids are fed etc sai-dono seriously people have done all these things in the past just take a moment now to visualize something for me imagine all the money you put into crypto imagine losing every single dollar every single penny right now that investments gone forever now if you imagine this and you think oh god what has happened how am I gonna pay my rent how am I gonna feed my kids I’m gonna be out on the street then you have invested more than you can afford to lose this is really important to understand how much you can logistically and safely put into cryptocurrency investing and okay okay okay one more one more as last one seriously and actually this may be the most important one learn how to take profits this is the biggest mistake that many people make they never cash out set your strategy take a percentage of profits out when your coin goes up if your coin just pumped 3-under percent great take out your investment maybe maybe take out a little bit extra profit now you’ve protected your investment you protect your liquidity maybe you let some of that ride if you choose not to close that trade or investment it’s really up to you to decide what those numbers are going to be but make sure you do have a plan just as an example you buy a theory about a hundred and fifty dollars then it goes up to three hundred dollars you sell half it goes up again to five hundred dollars you sell another half now you’ve made profit you’ve protected your quiddity and you still have some aetherium for a moonshot this is super important because now you got your investment back you’ve made some money and you still have some etherium this is just a very simple example but you really need to consider your exit strategy when you buy your crypto most people never think about it and they get wrecked as a result be strategic have a plan get a pen and paper write it down what’s your sales target what’s your points that you want to get out that is really important to keep in mind and that’s all the crypto tips I have for you today make sure to check out the next video in this series to learn more about crypto currency and feel free to post any questions that you may have down below in the comment section there you will also find my recommended list of exchanges in wallets to get signed up for any of those services and if you enjoyed this information leave a thumbs up on it you can always subscribe the channel if you are new around here long live the blockchain and be Sal till next time


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