5 recommendations succesful investors do - Lessons from 400 days of cryptotrading

It all started 400 days ago, when I first transferred 500 Euro to some bank in Estonia to buy my first Bitcoin(s). Now I am exactly 400 days further. Friends and family told me I should share my learnings, so here I am.

I hope my learnings help starters, as the community helped me learn a lot, by posting their knowledge on forums.

1-) Open an account on Bitcointalk.org
Sounds a weird learning, maybe. If you do not follow what is going on Bitcointalk, you are actually not aware of anything. I had my account since I had my first bitcoin; never regretted the hundreds of hours spent reading. Join the discussions of your favorite crypto in the development threads, and learn the basics of how to avoid scams.

2-) Never use same password on different sites
You may think - duh? Let me tell you I personally lost 15,000 Euros because someone that hacked some other bitcoin forums logged into my Kraken account and emptied my funds there. That is 15k back 400 days (in Ethers and Ripple), today they would be worth way more... Not even calculating, too frustrating. For own password management: never digitally store full passwords. I usually delete some word/letters from passwords, so even if my password vault is hacked, it is not complete. As added bonus: enable 2 factor authentication!

3-) Split your money across multiple exchanges / wallets
Whatever you think you are doing for unbreakable passwords/private keys... Stupid things happen. Like hard drive of your computer just burns. Or someone steals your laptop. This also applies to exchanges: they get hacked often. I have accounts on coinbase, kraken, bitfinex, poloniex, bittrex, haobtc, etherdelta, blockchain.info, and some offline wallets. Use whatever suits you. Best service so far is on coinbase. Worst service on Kraken. However, service is never good, too many users entering the world.

4-) Invest in long term stuff, daytrading with little or none
If you want to have daily trading play money, fine. Do not make it too big: you will likely not outperform the market (I never did) and it will cost you sleepless nights. Rather, find the best currencies that you believe in, maybe 5-15 of them, put your money in them for the long rung. Never forget BTC as core portfolio asset. You can refer to coinmarketcap to find all currencies tradeable on some form of exchange. Do you homework before putting any money in anything but BTC!!! Also, one day this will be a bubble that bursts like internet bubble. I will write more on that later.!

5-) ICOs require stomach
After some time in cryptoinvesting you may discover the concept of ICO (Initial Coin Offering). The days ICOs or whatever they were called back then delivered 10x-100x return are over. Actually, I got scammed by some ICO a while ago, even though I thought I did my homework. Lately, I also see people making maybe 10x on ICO, but Ether went up 10x... So did they really make money? If you support ICOs, you really need to do a lot of homework. Anything that sounds too good to be true is a scam. Try for example reading Giga Watt ICO. looks good? Lets see in a year where we stand with them (scam!). My suggestion is: if you invest, never more than 1% of your capital into 1 ICO, and never more than 5% of you capital in ICOs. They are much less relevant lately. Do not waste your effort and hard earned cash.