A tip for crypto newbees and hodlers - don't make my mistake(s)

in cryptocurrency •  11 months ago 

Hey folks how're you doing? Let me tell you something, a piece of advice that I want to give you. Now let's say you bought your first crypto currency or currencies and you're super hyped up about it. Now what to do with it? In my case (I started and solely use Bittrex) bought some LSK, ADA, ARK, NEO and BTC. So I put them all in a wallet on my Mac.

Here's the problem though. Actually here're my mistakes that I don't want you to make.

Mistake 1) You put some coins aside and just hodl (you buy and forget about them)
This isn't a good idea for some coins. See, I bought NEO inflated, ARK inflated and LSK at inflated prices in November 2017. Shortly after the prices, believe it or not skyrocketed. I could've made £300 in selling those coins and get back in on the now lower prices.

Mistake 2) Not keeping an eye out for price action and ignore the principles I followed trading FX

Mistake 3) Not using Tradingview, explained in Mistake 1

Mistake 4) Being a cheap guy not investing in Coinigy. Works well with Bittrex and makes trading and getting in and out of trades super easy.

Those are my mistakes that I've made. Hope I could spare you those and remember, research the coins / tokens you want to buy and check the charts. You'll find plenty of videos about moving averages, relative strenght index, Fibonacci retracements and other useful indicators. You don't have to be an expert in them but they'll help you getting the most of your buy, hopefully.

Well that's it for now, quick thought I wanted to share with you

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Coins mentioned in post:

CoinPrice (USD)📉 24h📈 7d
ADACardano0.092$-1.08%-5.29%
ARKArk0.663$-1.26%8.27%
BTCBitcoin6461.440$0.2%0.29%
LSKLisk4.092$-0.08%33.46%
NEONEO17.448$-0.39%5.02%