Rules worth following while buying cryptos
It's almost 6 months that I've been (quite successfully I'd say) buying valuable coins. Today I own some Tron TRX(bought 0.0018 €), Ripple XRP ( at 0.16€) and now finally got into Bitshares BTS that is giving me good results as well. In all this time I've made a lot of mistakes as well (initially bought some scamcoins like Confido CFD).
But the biggest mistake I've made was to not inform myself enough in what I was getting into and more importantly I was not getting informed about certain mechanics.
Tired of losing all my money, I started to compile a list of rules for myself that helped the me that was just a beginner to NOT make impulsive decisions and hopefully to start to earn something.
- Study the company/coin that you're buying into.
This may seem obvious, but I know a lot of guys that are to eager to make profits and buy with no depth or expertise of the coin.
- Write down the exact steps you need take to buy a coin (deposit --> exchange --> withdraw --> cold wallet etc)
Keep in mind the best pair for a buy/sell order. In some cases it can be more convenient to buy in eth and in other in btc.
Look out for transactions prices as well.
- When a coin is going vertical, don't touch it (HODL)!!
This was the rule I had issues following some times. When TRX was making 50% profit I was tempted to sell it but I fortunately resisted and now I'm over 1700% of profit.
Don't register on to many exchanges because they will always keep some coins for transactions costs.
Always look for new profitable/unknown/undervalued opportunities to buy at a ridiculous prices.
Those are some ideas I thought were worth sharing. If you have other thoughts, feel free to add them in the comments below and help the community (and noobs) to be more aware of the crypto world.
Great guide for a beginner! Saves a lot of time comparing when you need to search this information on our own.
Thanks for sharing!
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