Don’t Make These #1 Mistake During The Crypto Bull Run

In 2021, when I started to learn about cryptocurrency and how it works, I was eager to start making money immediately. Why? because I heard some people were making lots of profits from their investments.

The idea of putting money aside for some months and it going up was exciting, however I had no experience. I didn’t even know how to buy or sell crypto.

So, here are 5 tips you need to know when you don’t have much experience in crypto

1. Learn the Basics: Reading crypto articles when I started investing in crypto was no fun. I didn’t know much about cryptocurrencies, I knew about Bitcoin but had no information of how to know which coins were good options. This is why it’s important to educate yourself with some basic crypto knowledge. What’s total supply? What an Alt coin? What’s trading volume? What does it mean when a coin is pumping or dumping? How to identify chart patterns and candlesticks? How to buy crypto on the exchange? How to sell on an exchange?

2. Check Crypto News: News information about different projects in the crypto space is one of the things that can affect the price of an asset, which is why it’s important to read articles and watch content about what’s happening in the crypto space because this can be a good indicator to know when to sell or buy. If it’s a good news, there’s a possibility that the price will go up and if it’s a negative news it can also make the price of the asset to drop.

3. Never Use Borrowed Capital: the idea of invest what you are willing to let go of in case you lose your trades is a bold disclaimer to not borrow money to invest in crypto. A good way to invest is to put a small part of your savings so that you try to grow your crypto portfolio by learning step by step.

4. Buying only Cheap coins is a Scam: The story that it’s possible to buy one coin that was very low in price and it’s just goes up making thousands of dollars is a one in 1000 experience. These means don’t expect that this is how people make money, buying a coin just because it’s low in price and you get millions of the coin does not mean it will have any value. Coins with low market cap is what to do research on not coins that are low in price.

5. Take out Profits: Even if you invested bought coin with $100 and your investments goes up to $3000, that money is not yours until you take out your profits and either turn it to fiat or leave in your wallet. Don’t be the person that would have become Rich, if only he sold when the price was up.

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