MiroslavBulldosex
On vacation
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- Apr 18, 2019
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I'm seeing more and more threads about cryptos everyday and I can't help but think about what happened in 2017-2018. Some guys made a shit ton of money but many more lost everything. Here are a couple of rules you need to follow in order to maximize your gains and make sure you don't lose your mind.
1) Never invest more than what you can afford to
By far the most important.
You shouldn't understand it in the sense of "oh no problem, I still have some savings so I won't be completely broke if I lose everything". What it really means is "only invest an amount of money that wouldn't alter your living standards at all if you lost it".
2) Don't do day trading
Over 90% of day traders lose money.
The ones who manage to make a living out of it are either aspies (like people who actually have aspergers) or psycopaths (people who don't have any emotions). If you don't fall within one of these two categories then day trading isn't for you.
You'll make money just buying and holding, especially in cryptos.
3) Only invest when it's the moment to do so
Do your own research.
Don't invest when everybody is talking about it.
Spoiler: right now is NOT a good moment to buy BTC
4) Never go all in
Missing trains can be frustrating but going all-in everytime simply fucks with your head and makes you miserable when it dumps.
Ideally you should only buy/sell a percentage of your bag.
A coin you invested in did a x5 over the last months and now everybody wants to invest? Maybe it's time to take profit and sell 25 or 50% of your bag.
1) Never invest more than what you can afford to
By far the most important.
You shouldn't understand it in the sense of "oh no problem, I still have some savings so I won't be completely broke if I lose everything". What it really means is "only invest an amount of money that wouldn't alter your living standards at all if you lost it".
2) Don't do day trading
Over 90% of day traders lose money.
The ones who manage to make a living out of it are either aspies (like people who actually have aspergers) or psycopaths (people who don't have any emotions). If you don't fall within one of these two categories then day trading isn't for you.
You'll make money just buying and holding, especially in cryptos.
3) Only invest when it's the moment to do so
Do your own research.
Don't invest when everybody is talking about it.
Spoiler: right now is NOT a good moment to buy BTC
4) Never go all in
Missing trains can be frustrating but going all-in everytime simply fucks with your head and makes you miserable when it dumps.
Ideally you should only buy/sell a percentage of your bag.
A coin you invested in did a x5 over the last months and now everybody wants to invest? Maybe it's time to take profit and sell 25 or 50% of your bag.