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  • 23 April

    My 2 cents for newbies

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Fri, Apr 23, 2021 4:18 PM by CryptoCurrencyTrading

My 2 cents for newbies

Crypto advice (not financial advice 😉 ) for noobs that I’m just gonna leave here, feel free to add important info. Since crypto is pretty new, people are finding their way to it, same as f*ing scammers and likewise, so watch your backs. No one can predict how this will go, although most here really like lambos and moons, but be weary, there are also the dark sides of the moon and exploding Teslas,… Obvious nr. 1 : Invest only what you can afford to lose. Take into account the fees you’ll need to pay when buying/selling and invest in smaller portions. Never ever give your passphrase /word to anyone (not even the Metamask founder himself who wants to help you personally, because he feels really sorry for you). I got scammed by a reddit user in the pancakeswap subr, so I know how awefull it is to see your account being drained in front of your eyes. DYOR: Do your own research, it’s not because someone hypes dogeshitcoin (I believe this actually excists), that you should blindly obey. Check their website, try to know who the team is, read the forums on reddit, use social media (telegram, twitter, discord,…), google and many, many more. Does it actually have value / usercase? Who are the main contendors? Bingewatch youtube, you can find sh*tloads of free, useful info (but check your sources). Spread your portfolio. Most coins follow Bitcoin, but never at the same rate. It is wise to buy some crypto of a few projects you find interesting. Don’t get too gready: just as a dip can keep dipping, a moon can keep mooning, but never forever. Try to take (e.g. 10%) little profits if your pick is doing good. Wait to buy back with your winnings when dipping -> buy the dip. There will be (huge) dips, and chances are big that it will start just after you invest, just hodl. Read the reddit forums, everyone knows your sorrow, maybe their tears can bring you comfort. See it as a long time investment, it’s nice if it goes up 25% per day, but it can go 50% in red the next. Don’t sweat it, don’t refresh every 10 minutes, go outside and remember why you bought it, it will go back up. In the long run, you will win. Get a hardware wallet, I just purchased one today, so I cannot yet say if this is a good investment, but 60$ to feel those cryptos and know they are at a safe spot, away from hackers and scammers, feels good. submitted by /u/Chiren007 [link] [comments]

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