Stick to technicals and don't ever opt to focus on its fundamentals and hypes. If you already have the knowledge about trading like in stocks or forex, I would suggest you apply your skills in crypto industry. Get some reference about coin's popularity, capitalization and utilization. It will really help you choose the best coin to trade. Don't venture on newly structured cryptocurrency companies nor their minted coins for they're usually monopolize and controlled by their own development. And always keep in mind that there are always risks in investing money especially cryptos that are highly risky above all.
I suggest to understand the fundamental terms of cryptocurrency. Understand what are these following and how it operates :
- Blockchain technology
- Proof of Work / Proof of Stake / Delegated Proof of Stake
- Bitcoin (as a mother coin that started everything).
Once you have fully took a grasp of those fundamental terminologies of crypto, start following prominent cryptocurrency maximalist (I can name a few but I prefer not to mention).
Read latest news from crypto-media sites (make sure they are legit). I think it would work best if you'll start with Reddit as the information that will be provided are directly from people.
Lastly, you can then start reading their white paper (of the coins). The most important part of it is understanding what is its purpose and how it is different from the other coins. Its technology is also very important.
I guess the best advice to give anyone who has just started out is to read more about the investment first. Get to know at least all the basics and know at least what they are doing rather than just dumping everything into it without knowing what is actually going to happen.
Well, cryptos still have a lot of development potential and is still in its early stages of development. The best thing for the new investor is not to follow the hype and get in. When it's optimism high in the air, it usually means prices are up and above the sky. The rocket can drop at any moment. However, now after many many months since the peak in January of this year, it is all gloom and doom. Everywhere the news spells trouble for cryptos.
I see drops and lots of price drops. Mining rigs are for sale. BTC not stable anymore. It's a good time to just stay at the side and wait. It's almost time to get in and raid all those coins. Then the cycle goes on and on again. If cryptos crash to the bottom of no return then, I think it would be wiped out completely which I don't think would happen at all. There are too many stakeholders currently who wants to make this technology possible. It's a matter of time.
In these times you need to consider it as a long term investment not a short term one. At the end of last year it was quite the opposite, but with the current markets, there are really no gains to be had in the short term.
Even if we see a bull run, we are probably not going to see huge gains like we did last year.
I think you should only invest money that you can afford to lose. I look at it this way, if I wasn't okay taking the money to the casino and losing all of it, I shouldn't be investing it in crypto currency.
I also think that you should invest in things that you are excited about and enjoy. You need to do your research and learn about the project that you are going to be supporting. If it is boring to read about it then you aren't going to keep up with it and know what is happening with the project.
Don't try to do things too quickly. Depending on where you live, moving funds around to do purchases and exchanges can be time consuming and expensive. Also when you start trying to do some of that stuff to fast you end up sending things to the wrong address and you may never recover it.
Just remember to take it slow. We can be afforded that with the markets how they are right now. There aren't any shotgun quick decisions that need to be made. Do you research and take it slow. You will be much happier in the long run if you approach it like that.
The greater your investment in KNOWLEDGE, the greater your financial returns.
If you’re expecting quick and easy success, you’re already off on the wrong track.
Invest MONTHS in your learning. Study projects. Study the ecosystems. Study the larger socioeconomic trends.
Piece together many different aspects of what’s required to see the bigger picture of how these new technologies present solid value propositions within the context of economic, societal, and cultural evolution.
The larger the scope of your vision, the greater your capacity for complex pattern recognition - and therefore, the greater your ability to see where the trends and tides of change are headed and how different projects may or may not be aligned to harness the forces of those trends, along with the likelihood of their success or failure based on a thorough grasp of their fundamentals.
The TRUE wealth to be created here is NOT monetary. Rather, it is the knowledge and skill sets with which to read and surf the waves masterfully.
Study and learn as much as you can and don't get greedy! Study the market, read all you can and don't make hasty decisions.
The market is fluctuating, there's always a new opportunity, always looks good, a huge profit is tempting but in the same time you can loose everything.
Since I've been on Steemit, I've seen a few cases when people were convinced to invest their money and right after they made the move, the price went down.
Invest only as much as you can spare and don't put your live and existence at risk.
There is some St00p1d tips from me XD:
Don't invest your money
Don't invest your money, but invest your work from various media that give crypto as a reward (Steemit, Freelance jobs paid for crypto, etc.).
This is better than you risking savings funds or the results of your hard work.
Because the crypto market is very volatile (it can be 30% in a day), the risk is very large, especially when you don't have any experience.
Never invest money that you cannot lose
So, the second point is about risking really cold money. If you lose it for a reason, your lifestyle does not change.
Observe - Research - Modification
Lots of investment techniques that have been shared on leading websites. Your task is:
Observe - Research - then Modify the investment technique according to your style. Do not force a system that is not suitable for your flight hours and style.
I will let the person know that cryptocurrency investment is a business that involves risk so the cash to be invested must be a spare cash and not one which all their hope lies on. All businesses involves risk but I will let the person know that cryptocurrency is all about pump and dump of coins so if he/she is investing on a coin he should always bear it in mind that it is all about rise and fall of coins, and he/she should always hope for the better as they will gain massively if the coin they invest in happen to be the one to pump tommorow. He/she must also be aware of the capitalization of the very coin to be invested on as that really matters when investing on a coin.
Never invest anything you are not willing to lose. That is rule number 1 and 2018 proved that witha vengence.
Stick to the basics of buy low sell high. If you are a HODLer be prepaired to loose for a while. A long while. If you lock up your money in something like steemit for 13 weeks, be prepaired to loose or gain big. Make the best of everything you have. Make your money work for you.
Buying time is now ??
DO YOUR RESEARCH.