What advise would you give a crypto newbie?

[Sarionadukecom]

Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..

[Zed0X]

When it comes to risk management, I'd say buy BTC and maybe some of the top altcoins (check Coingecko for the list). The reason is that they are less volatile which means you don't have to worry much about your portfolio dropping to $0 overnight. You should probably read also about the Bitcoin halving or the four year cycle and how it affects the market. It should give you a good idea when to buy and when to sell.

[albon]

First of all you need to avoid getting excited because over excited investing in crypto is more likely to get losses. Second you should only practice at this time how you can make money from crypto. Analyzing what you need to do in crypto requires you to master everything. Here investment, trading, holders to get profit in everything, you need to be skillful. Because the more experienced you are in crypto, the more your profit will increase. In the end i want to say that don't invest by following anyone words, because you have to bear the results from the investment.

[Dr.Bitcoin_Strange]

When it comes to risk management, I'd say buy BTC and maybe some of the top altcoins (check Coingecko for the list). The reason is that they are less volatile which means you don't have to worry much about your portfolio dropping to $0 overnight. You should probably read also about the Bitcoin halving or the four year cycle and how it affects the market. It should give you a good idea when to buy and when to sell.

Buying Bitcoin is a good advice (but I wouldn't consider in my own judgement) buying altcoins as a good advice.
The crypto market is indeed a very volatile and risky one, highly unpredictable but at least, there are some security and preventive measures newbies could apply to have a more safer ride through his crypto journey.

Rather investing in shitcoins which are even more dangerous options to consider, I'd advice buying and gradually accumulating Bitcoin and HODLing for the long-term, rather than going into short-term trading, that's the mistake a lot of newbies make, they go into short-term trading with little or not experience at all, there by resulting to losses and more losses.

Newbies must understand that it's impossible to always predict the market's next move, so rather than trying to time the market or venture into short-term trading which requires attempting to predict the market, you could HODL through the short-term fluctuations while considering the long-term trajectory and benefits of Bitcoin.

[LogitechMouse]

Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..

I will give you 5 tips that will help you becoming a good trader and you will also learn how to manage your risk.
1. Read
2. Watch
3. Read again
4. Watch again
5. Repeat the 1st and 2nd one.

Kidding aside, those are the 2 things that you can do in order for you to become better. Trust me, there are many successful traders now that are doing those 2 things. Of course, those 2 alone will not be enough. Having a mentor that might guide you would be better. Sometimes, paying courses would be a good option only if you want to pursue becoming an expert trader. Overall, there are many advice that we can give to a newbie, but those 2 are like the fundamentals that will help you to become successful in whatever you want to be.

[hugeblack]

Most traders stop after a month or two due to losses, so the best advice is not to think of trading as a full-time job or as making profits. Trading is a series of profits and losses, and a good trader is one whose general trend of trading is profits.


Start by learning the basics of technical analysis, then invest a small amount and look for lower-risk trades (those currencies that have a logical reason to rise and whose price is lower than the current value). Over time, you can try pairs that are lower in terms of trading volumes and therefore more risky.


Always learn to control your emotions and deal well with losses.

[EluguHcman]

Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..

* Make research, enquire and identify a crypto currency with the potentials that may suit your goals actualization.

* Be sure that cryptocurrencies are highily volatile so that you can always condone with the market conditions.

* Always afford to invest with what is affordable to loose.

* Don't expect a get quick rich while investing on the cryptocurrency.

Diversification of investment is important to overcome inflations or protect valuable potential falls.

Stay anonymous with your crypto holdings and keep your private keys secretly.

* Set up your investment goal either on a short term or long term goal and alternate your current source of income so that you can actualize your crypto investment goals.

[ABCbits]

Aside from what everyone has said, i would also advise to only invest what you can afford to lose. If you intend to perform short-term trading, you should get used with high volatility, compared with different investment choice.

[CoinMin3r]

Many important points are said above so read them carefully. Beside from that never go blindly with so called crypto experts. They might only be shilling their invested coins and dump right after you if you believe them. Main thing is, crypto is really volatile and risky market so you must invest the amount you're willing to lose or can afford to lose. Also don't panic and sell if your coin is down and you're confident you've invested in good project coz good project always bounce back. Market goes up and down and vice versa. So patience is a key.

[Sim_card]

Don't think that bitcoin investment is a get rich quick scheme and the only way that you can benefit from the volatile nature of bitcoin is when you invest in a long time and hodli. This is why you should only use part of your discretionary income to invest in bitcoin and don't get involved in shitcoins for a start because they are like gambling. Don't jump into trading for a start, it is easy to invest than trading.

[bitmover]

Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..

I will suggest you  to change your goals.

Most traders lose money , specially in crypto market.

Select some fundamental good coins, such as Bitcoin and Ethereum.
Learn how things work. Learn how to use dex and swap services.
Hold for years  at least until next halving.

Then keep just a small share of your portfolio in trading.

[Mia Chloe]

Generally, weather when it comes to general crypto related stuffs as a newbie or trading, I always emphasize on understanding. Some newbies are too anxious to join the crypto space and eventually end up losing to either trading or holding because of their low experience and understanding in that field. As a newbie your first priority is to make sure you understand how crypto works before diving into it especially when it comes to the financial aspects.
Another important thing that a newbie should put into great interest is his level of security awareness. The crypto space can be dangerous for those that have very low security levels.

[MrSpasybo]

I will suggest you  to change your goals.

Most traders lose money , specially in crypto market.

Select some fundamental good coins, such as Bitcoin and Ethereum.
Learn how things work. Learn how to use dex and swap services.
Hold for years  at least until next halving.

Then keep just a small share of your portfolio in trading.

I also have similar advice for new traders, but I will divide it into a few specific parts:

1. Lower your expectations of getting rich quickly in the crypto market. Remember, high returns come with high risks.
2. Strive to learn as much as possible about market analysis and scientific trading methods.
3. Never forget to use stop-loss orders!
4. Manage your capital and emotions effectively, especially greed.
5. Choose the best crypto assets to ensure profits: BTC & ETH.
6. Avoid unnecessary arguments and focus on your trading.
7. Don't borrow money to invest!
8. Don't let trading negatively impact your life and family.
9. Share your trading experiences with others.
10. Don't forget to enjoy the fruits of your labor

[TomPluz]

Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader.

Certainly, you are making a good decision by getting involved with the world and market of cryptocurrency because here there can be big rewards all waiting for you but take note that with rewards comes big risks. Now, I am not a good trader myself as there are still many things I need to learn. And that is the key there: LEARN before you can EARN. Invest in educating yourself of the ins and outs of the industry so that you can hone in yourself and be ready for the rewards while minimizing risks. At the same time, never be afraid to try as not doing anything can also be fatal to your future. I am also advise that if you can it would be helpful to get into a mentoring system or even a group where you can be taught on what works and what does not. Good luck to you and hope to see you on top enjoying the life you all deserve.

[vegasus]

Hi everyone. Pls what advice would you relay to a crypto newbie learning the ropes of risk management and hoping to become a bad ass trader. Excited to hear from y'all..

Maybe this can help. What an newbies should do in the crypto world, and also what not to do. Yes, these tips may not guarantee that you will be safe and 100% successful, but at least they hope they can help you prepare yourself to be better:

What DOs:
1. Do your own research before deciding anything. (DYOR)
2. Start by learning first about crypto and all around, and stay updated on non-crypto news and developments.
3. Invest wisely, use your own free money that you can afford to loose.
4. Do diversification in choosing crypto to invest in, don't put it in 1 basket all in.
5. Choose only reliable and trusted exchanges and wallets.
6. Practice patience
7. Learn from mistakes, because mistakes are one of the best teachers for us.

And what DON'Ts:
1. Don't panic everything happens to the market, be calmer.
2. Don't invest in anything without understanding what projects or coins they are.
3. Don't invest all in quickly in hype coins, this is too risky, better to stay away from this, before you really understand how to analyze these hype coins.
4. Don't keep all assets in 1 online wallet, this is too risky. For long term investment, it is better to use a hardware wallet.
5. Don't forget or lose any important data, such as password, GA, Phrase, and others.
6. Don't click on any suspicious links whenever it is, even if it is in your mail, message, social media or others, it is to avoid any scam and phishing.

Sources:
https://www.binance.com/en/square/post/1281376
https://www.financemagnates.com/thought-leadership/4-crypto-investing-mistakes-newbies-must-avoid/
https://academy.yellowcard.io/topics/dos-and-donts-of-crypto/