The moment you spend doing your own research is the moment well spent. Each of us have a choice - do we want to be spoon-fed or are we ready to take actions and turn dreams into reality? Yes, you can listen to internet gurus and invest in stuff that's trendy but until you understand the trend, you won't grow wiser.
Does it make sense? Maybe it doesn't. But at least it makes cents.
How to #DYOR?
This is a question to which there are no right answers. Yes, I can give you guidelines to what I think is important when choosing an investment but, in the end, it is you who is making the final decision. And always remember that! Even if the whole internet is shilling a certain project, hell, especially if the whole internet is telling you to buy, that's where you stay back.
Listening to influencers about investments means that you are already late. What you want is to be invested before everyone starts talking about it. That's why research must be done. Those who arrive first and do their best have a bigger chance to make it than those who arrive after thousands are already in. As simple as that.
How am I doing my own research?
When choosing a project to invest in, I do many things. Here's a small list of what I think are the most important aspects:
- Is there an active online community?
Most of the successful projects became who they are because of the active community. If there's no online presence to be seen, it's a no for me. For some projects, there are only bots tweeting, for others, there's zero information on social networks.
- Is the project sexy?
You don't want to invest in something that's not appealing to masses. For example, a coin for dentists. Yes, incredible things happen to shitcoins but that's not what you want to find. I want to invest in a project that I know will be there in the bear market (when one eventually comes).
- Where is the token listed?
If a token is listed only on Pancakeswap/Uniswap, you must double-check the contract. Whether it's audited or has a mint function on it. There are many ways to pull a rug, the best way is to list on DEX's.
- What's the liquidity?
Another thing about the token. You must check the liquidity. If it's really small, it will be hard for big investors to join. As important as having a decent liquidity is to have it locked. You can check that too.
- What's the price?
Last but not least, check the price of the token. If it's already up multiple times this week, it's probably not the right moment to invest. The best strategy is to dollar cost average. Remember that if an opportunity is missed, another one will come. There are always dips to those who are patient. If not, there will always be other tokens.
Let the gains come to you and not the other way around.
It's easy to buy what others are telling you to buy but that only works for a while. To get the best out of your decisions, you must do your own research. That's how you learn and improve yourself. Yes, you'll make mistakes but it's better to make a mistake when it's you who did it and not an influencer online who you could blame. Educate yourself, gain knowledge, experience, and wisdom, and soon, you'll reach new heights!
Your bag of income!