Tips for New Comers

Tips for New Comers

1. Holding is the best policy. Unless you're working with enough money, day trading can be difficult to turn a profit. You may very well hit the jackpot one day and wake up with some serious $$$, but don't expect every project to do that. This industry is reliant on adoption, and fed with speculation. Pick projects you can see lasting in this industry for years to come.

1. Speculation rules the world. Words have serious power in this industry. A tweet from a developer can result in a spike, so do your best to stay on top of any news.

1. Most of the Crypto forums dedicated to specific projects are full of people that are invested in those tokens. Of course they are going to talk about how a friend of a friend heard that XXX is going up 500% tomorrow. Do your own research, never take advise from anyone simply because they have thier own plan.

2. Don't store tokens on an exchange, unless your day trading. Even then, its risky. Use a paperwallet for long term holding, an external drive, or even something as simple as a desktop wallet (each token has something!)

1. Don't invest more than you can live without. This is so important. Yes you can make good money if you play your cards right. But chances are you wont be a millionaire overnight. Invest for your future. You'll smile when you wake up in 5 years and now have a way to pay off your house/car, go to school, take a vacation, etc.

1. Don't be a dumb. People are passionate about what they're invested in, and get offended when someone questions their logic. Just ask questions and respect people's opinions.

1. Dont be intimidated if you dont understand the technology behind projects. Do your best to read the whitepapers, gain a bit of technical knowledge, and compile some data about projects your interested in. It's going to help you in the long run. This industry is still relatively new compare to Forex.