Hi everyone, I hope you all are doing good and taking care of yourselves. This article is aimed at an audience that is relatively new to crypto or takes emotionally driven impulsive decisions just like I used to do. So, if you are one of them then read ahead.
Well if you are still here means you are new or maybe emotionally driven, and let me tell you that both of these conditions are perfectly normal. Everyone goes through these situations and they can be managed by experience. When I started my crypto journey back in November 2020, I was emotionally driven to and made some unfavorable decisions during the XRP debacle, which I have shared in my article, Lost 80% of my capital || Sharing my novice crypto experience. But here I am more trying to be more analytical with my decisions and it's been only 7 months. To be honest I never thought that I will start blogging but I thought maybe sharing my experience will others too and I'm also getting some crypto by doing this, so why not.
Do Your Own Research(DYOR)
Now the most important part is to learn because if you don't know about it, how are you going to take it further. So, how can you learn, well the best thing is to do your own research and this is the most important thing for everyone out there. Don't get caught in the hype of crypto and just bought it for the sake of profit. Of course, profit is why most of us are here but before investing do extensive research. This may sound a bit schooly but this is base and you have to build it. Read about the project, the coin, or the token., check if it's a legit project and not a scam because scams are everywhere. Use only trusted websites such as CoinGecko, CoinMarketCap, Binance Academy, Binance Research, Crypto Block, and there are many more out there.
Learn From Others
This comes in very handy because there are so many projects out there that if you take a project per day to analyze, you'll not be able to cover them all. That's why you have to learn from others. Now, this is a double edge sword because this is reality and everyone is not concerned about others, and maybe me too who knows. Trust them who you personally know or who have built their credibility over the years. But use their words as reference or get introduced to new projects and start exploring them by yourselves before taking any action because it's you who has to make the decision in the end, so, always do your own research.
Keep An Eye On The Elephant
Now you don't have to go to the forest, the elephant is just a metaphor for everything you are going to invest in or have already invested. This is really important as when you'll be drinking your coffee may be a piece of unfavorable news or just a rumor about your token(s) is destroying everything. Follow some crypto channels or websites, podcasts, or even Twitter which plays an important role in today's world. Keep tracking the project for its updates or downgrades to get an idea of how the project can perform in the future.
Set Your Limits And Avoid Immediate Trades
If you want to succeed at anything then it is very important to acknowledge your limits and then keep pushing them, that too has a limit. So, set limits for how much you can spend on crypto whether it is buying, selling, trading, or even staking. Set your entry and exits limits for trades. Now what I mean by immediate trades, basically when we lose any trade or something goes as not planned we tend to recover it immediately and that's when we make immediate trades. Trust me it's real because I experienced it myself and because we have access to trading on our mobile this happens more often. Always keep your focus on your limits.
Diversification
This is also an important rule for investing, always try to invest in a different category or type of assets. So, that if one goes down, you don't lose everything. Use different platforms also because cyber attacks on these platforms can demolish everything. Diversification can also prove really efficient as if a token or certain set of tokens starts pumping then this could pump your portfolio drastically.
Analyze Your Decisions, Spendings, And Earnings
Analyze everything in crypto before making a decision. Always analyze projects for their use cases, what is the business model, what they are doing differently than their competitions, and more. Make a record of your spendings in crypto for every trade you make, buy order, or any other investment. The same goes for earnings, profits every sell order, or interest from staking. This will help you to track everything and also to stay within your limits.
Analyzing cycles and charts is also necessary and should be done gradually but always try to analyze the market and catch the sentiment of the market.
Breaks And Time Management
Everything mentioned above this is a waste if you don't follow this one. Taking regular breaks is the most important thing and gives you time to analyze better. Don't stick to your screens for hours try to interact with the physical world, do exercise, spend time with your family and friends. Learn some other skills or try to expand your horizon. Make a schedule for research sessions, like on weekends or whenever you feel comfortable, time slabs for daily updates, this all counts, makes you a more relaxed person and this is one thing which you don't get to feel every day
This is all for today, make sure you try to follow these sort of rules or instructions. And don't worry everything will be just fine if you keep evolving both emotionally and professionally. There's a lot more to add to this list and you have to learn it, so do your own research and always try to learn something. You can also give your suggestions in the comments. If you want to know more about the importance of break and analyze then check out my article, S̶T̶A̶R̶T̶ | Pause | Look Around | Analyse | Prioritize | START!.
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They all look valid points before doing the investment. DYOR is must.
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Glad you liked the article and yes, DYOR is top priority.
Love them all, upon my entry into crypto, no one told me these things, I had to learn them along the way, hopefully this post gets to reach a wider audience, especially the newbies. Staring at the charts all day can be tiresome and might lead to frustrations when things don't go as anticipated, certainly stepping away sometimes helps a lot, taking breaks, reading novels, blogs etc....one thing is for sure, there's no rush here and as long as one is ready for the long term, hodl and chill is the best way to go about it.
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Yes, that is very true, even I struggled at the start of my journey. But the most fruitful learning comes from experience and I think crypto test you in every way.
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Thanks for the gesture. This is a great initiative for authors who wants to contribute to the community and I'm glad to be one of them. Now, I feel highly motivated.