What advise would you give a crypto newbie?

[nakamura12]

Just continue what you are doing which is learning first before doing something. Being knowledgeable is very important and also don't forget that if ever you face a failing in trading is that you should be always positive and think of it as a stepping stone in your journey of learning. In other words, you are learning from your mistakes to become better in the future. Another thing is learning about the crypto you are trading with like bitcoin for example as it will help with your decision making situation.

[Z-tight]

In other words, you are learning from your mistakes to become better in the future. Another thing is learning about the crypto you are trading with like bitcoin for example as it will help with your decision making situation.

Everything you say is true, some newbies do not take their time to learn before doing things in the crypto industry, it is either they don't learn about trading before getting in and then they lose all their money or they don't learn that they should use a self custodial wallet, and they go on to store their money in a custodial wallet, and lose it, etc. The most important thing is learning and newbies should pay attention to it.

[nakamura12]

Everything you say is true, some newbies do not take their time to learn before doing things in the crypto industry, it is either they don't learn about trading before getting in and then they lose all their money or they don't learn that they should use a self custodial wallet, and they go on to store their money in a custodial wallet, and lose it, etc. The most important thing is learning and newbies should pay attention to it.

I guess you can say that those newbies are the ones who learned from their mistakes the hard way (if they did learn) unlike those who did learn first before doing something in crypto field. I have read somewhere in a forum where they learned from their mistakes the hard way so I believe that their advice would be the same as mine that's why I advise newbies to increase their knowledge first before anything.

[Jewan420]

Patience is the key to success. First of all you must be patient to get into crypto. You can invest in top cryptos to avoid risk. Especially crypto currencies like Bitcoin, which are at the top of the cryptocurrency list. There are several other currencies whose value will not drop to $0 overnight. One thing must be kept in mind, if you invest, you must invest for the long term. As a newbie you can gain some knowledge like what is crypto currency? How does crypto work? What is the name of the top cryptocurrency? Gaining this knowledge will reduce dependence on others.

What do you mean by gaining knowledge will reduce dependence, do you mean on other people so we don't have to take advice from them? Advice is best all the time and following crypto signal groups that are trending in telegram is also best because we can know what the world is predicting about BTC and about other currencies whose value won't be dropping to 0$ which I say is not fully true because all the centralized coins are vulnerable to dropping to $0.

It is necessary to know what the world is thinking in order to outperform it to make a profit and for sure. I learned this thing a long time ago never think you don't need anyone else. You have to observe what most of the experts and normies are talking about BTC. I am not saying to follow them but just observe them.

I'm not saying don't depend on others to gain knowledge. To acquire knowledge you must acquire knowledge through others i.e. depend on others. This does not mean that you will continue to depend on others for the rest of your life. This is completely wrong. You have to gradually become self-reliant. Otherwise you won't discover anything new. You will notice, the person on whom you are completely dependent is dependent on himself i.e. self-reliant. You are dependent on others when you acquire knowledge, but you must be self-reliant when imparting knowledge to others.

[LogitechMouse]

3. Diversify your portfolio.

Like i have already said in this topic, it is great to diversify your portfolio, but it is important to do it right. I don't recommend that after buying BTC, one should buy so many altcoins as diversification, it should be in other unrelated assets, i.e real estate. However, even if you want to include altcoins, just a few, very few.

I forgot to say it, but you're right.
Diversifying is a must, but overdiversifying is already bad.

Like what you said, diversifying into different cryptocurrencies isn't considered diversification because it's under one asset class still. If you want to diversify, you must diversify it into different asset classes like you invest into the Stock Market, Bonds, Real Estate, etc. etc. That's the correct way of diversifying. Diversify across multiple asset classes. Anyway, a newbie with a limited amount of money would be having a hard time doing this so I guess sticking with Bitcoin would be their best option if they want to invest into crypto first. After that, newbies must learn how to invest into the Stock Market, or the Bond Market, or even in Real Estate if possible.

[taufik123]

-snip-
 I have read somewhere in a forum where they learned from their mistakes the hard way so I believe that their advice would be the same as mine that's why I advise newbies to increase their knowledge first before anything.

It should be so, it would be better to seek knowledge first, so that when entering crypto you will not be too confused.
There are many terms that need to be learned and of course some other technical knowledge.

I also started as a beginner and didn't know anything about crypto,
but I read more articles and threads that talk about crypto and what I want to know.

[Makus]

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..

First of all, as a newbie, what you need more at this stage is to study and make research, ask questions should in case you come across any difficulty. And get familiarised with blockchain, wallet, security/seed phrase back up, types of addresses..... You need to focus on doing your own research rather than relying on someone elses work of research which they might have exaggerated some facts and leave the whole idea on mystery or lies to convey false information. We normally experience cases like this on social media cryptocurrency influencer who claims to be a crypto expert but at the end they are just experiencing their mere thought which might be absolutely wrong. So staying independent on getting your information would build a solid know why and how questions that would build a basic knowledge for you.

[Ricardo11]

I would advise new crypto currency users to research all the coins first. He must always research the crypto market. All the ideas about Bitcoin must be acquired. Know about Bitcoin's bull market, bear market and halving. And all altcoins should be researched. And the most important thing is risk management, you must have a complete understanding of risk management.

[sampoerna]

Just continue what you are doing which is learning first before doing something. Being knowledgeable is very important and also don't forget that if ever you face a failing in trading is that you should be always positive and think of it as a stepping stone in your journey of learning.

Indeed.
In fact, it's quite simple to give advice to newbies who have just joined the crypto world.

Yes, just do:
Don't get into FOMO whatever it is in the cryptocurrency space.
Prepare yourself first with a variety of very essential knowledge and insight regarding crypto, without this knowledge, you will only be like a blind here, and if you are blind, it will be very risky to invest in crypto.

With knowledge, you can at least improve your perspective and mindset in investment, in choosing coins, and also in managing the investment to minimize all existing risks. So, as long as you are willing to learn and prepare and don't get into FOMO, then this will be a very good provision for newbies.

[joniboini]

I would advise new crypto currency users to research all the coins first. He must always research the crypto market. All the ideas about Bitcoin must be acquired. Know about Bitcoin's bull market, bear market and halving. And all altcoins should be researched. And the most important thing is risk management, you must have a complete understanding of risk management.

I think that's a bit too much, especially if he doesn't plan on making daily trades on some random coins every day. It is useful, but if OP or anyone is only interested in day trading, they probably should focus more on learning about trading indicators instead of researching the top 500 meme coins or something similar. Things might be different if they want to invest for the long-term, which requires in-depth research as you mentioned above. I do agree that learning about the cycles is good since knowing them can help you plan for the bigger picture. Though as always, nothing is guaranteed so remember to make plan B.

[libert19]

Two top of my head:

1) Don't borrow money to invest in crypto, crypto is fragile investment, even the top coins bust — like it happened to $LUNA some time ago, people lost heavily in it.

2) Unless you are actively trading, keep your funds off exchanges and secure them in private wallet where you hold the private key. Exchanges go bust as well.

[lepbagong]

I would advise new crypto currency users to research all the coins first. He must always research the crypto market. All the ideas about Bitcoin must be acquired. Know about Bitcoin's bull market, bear market and halving. And all altcoins should be researched. And the most important thing is risk management, you must have a complete understanding of risk management.

The advice you make is very good and should be done by everyone, not only beginners but those who really want to know more clearly what crypto is in detail. It is indeed better to follow every forum that is related to crypto, so that if you don't know, you can ask because by asking, you can know clearly what you are thinking, Because developments always continue to increase, and it is necessary to follow developments as a whole and not just on the subject.

[Dr.Bitcoin_Strange]

Cryptocurrency is very volatile and because of that it has become very risky today the price will be up and tomorrow is can be down so it is very difficult to predict what will happen, a lot of people has lost money in cryptocurrency i know of a man that used his life savings to invest in a certain coin and the lost value and the man lost his money when he heard of the coins fall he had heart attack and dead so when it comes to cryptocurrency investment one needs to be very careful and ask questions in other to know what to do.
Now you are not suppose to borrow money or take loan just to invest in cryptocurrency Because is volatile and anything can happen at anytime and since it take long time for crypto coin to increase in value and price and one really don't know when it will increase so it is not advisable to borrow money or take loan just to invest in cryptocurrency, some people just hear about someone who has made  huge amount of money from crypto and they want to make such money too and without asking questions or doing proper research about the cryptocurrency they went to borrow money or take loan just to invest in cryptocurrency with the intention of making money.
And don't invest in shitcoins instead invest and focus on Bitcoin accumulate and hold for a very long time, there's low or no risk in Bitcoin especially if you are holding for a very long time, when you invest in Bitcoin you won't have anything to fear because you can lose your money even when there's a dip because a dip in Bitcoin is just an opportunity to accumulate enough Bitcoin because it is certain that it will rise again.
Bitcoin is the first crypto coin to be created and one of the best investment right now in the world and the best crypto coin, Bitcoin has made a lot of people rich and some countries has already started accepting Bitcoin as a means of payment and is certain that Bitcoin will keep growing bigger and better.

[Agbe]

At the beginning part of the journey and at the long run as well. Don't rush to make big profit. As a newbie in cryptocurrency, and he is investing or trading, I advise that they should not rush to make big profit in the process because that can cause a big damage to their crypto journey and for that they might not like to continue again. They should use that period to learn and gain small profit they are making to continue the journey. And don't be greedy to make big amount. This also the same meaning with the previous advice but they are different. And the different is, they are some people who want to make it over night so when someone asked them to invest in a particular platform without asking questions they would just invest and loss all. And trading signals. They're some scammers that out there asking people to join their signal trading platforms to give you signal three times a week. And when you joined them, they will say, if you don't have a broker join our trading app and if you have joined our platforms to trade. You must involve with them before they can give you their signal and those their signals not legit and finally they will scam you. Avoid those people.

[JoyMarsha]

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..

Nothing is a badass trader in crypto because you lose and profit in some of your crypto investments. What ways you lose in crypto is if you intend to invest in altcoin rather than Bitcoin. Altcoin is the most investment an investor would lose easily compared to Bitcoin. For Bitcoin investment you don't lose unless you decide to sell at a loss price. But so far you are hodling for long, you are likely to end at profit side. That's the point, to take note of.