A Beginner's Guidance On How To Avoid Losing Money In CRYPTO WORLD - Part 1
"Trading’s origin nature is not being a game!"
Catching fire!
Is it the same to you now than it was to me back then?
My first contact with Bitcoin blew my mind; I was captured within minutes, unable to get a grip on any other thought that was not related to Blockchain technology. I tried to get a grasp on any single article, any book, tutorial videos, podcasts, interviews to educate myself because I knew immediately that this would change my entire life.
Why?
Because I'm overwhelmed of Bitcoin's beauty and potential to create a creative destruction. I'm in because of its disruptive nature able to rebuild an overdue and bloodsucking FIAT monetary system which has suppressed us way too long. The Blockchain technology will lead us to give us back our freedom.
First contact!
Was it twitter, facebook or another social media platform where you first heard about Bitcoin, Ethereum, Ripple or maybe Monero? Because if, I recommend: do not take any advices given by social media seriously, because they are often driven by greed, a lack of knowledge but more often infiltrated by fear that's spreading very fast when prices start to tumble.
Before putting any money into crypto business you should know how this market (re)acts.
Keep always in mind: Trading is no fun! Trading isn't as easy as many might think. It means hard work, day by day and it's also inevitable to be prepared for losses which will come, sooner than later.
As Andre Kostolany once said:
„Your gains to losses ratio has only to reach a percentage of 51 to 49%, because the 2% in difference will make you a good living.“
A short checklist to get closer to „MONEY HEAVEN!“
- 1. „If you don’t understand it, don’t do it!“
You do have to understand not just the basics, you have to dig deeper to get full access to the crypto inside world! Don't you ever forget: It's your money, it's your savings that you're putting into the shark tank. Do never invest without any reason, just driven by a mood or because you heard about the next 'getting-rich-real-quick-thing' and now you fear of missing out! That's what I call "you're with stupid!"
- 2. Buying cryptos means investing into technology!
You don’t become a company’s shareholder buying Bitcoin, nor are you getting paid a quarterly dividend on every single share. No, cryptos don’t work this way. You become an investor into tech, who thinks that the company will develop an application/product or token who has the possibilty to change the users world like facebook and google did.
- 3. Technology might fail, caused by many varying reasons; to exclude some of them ask yourself: „Is this tech useful to me and to others on a daily basis? Does it help to make my life easier or is it just another niche product unable to get adopted by the mainstream to become the next big thing?"
If it doesn't has the chance to find a broad user base, forget about it real quick, there are more and better chances to come!“
- 4. "Is the time ripe for this kinda stuff?"
The best idea at the wrong time won’t get any grip!
Why has steemit’s community and the price of the steem-token risen lately?
1st - it delivers valuable content all around the globe.
2nd - it pays those who are creating the content; not only the Zuckerbergs are getting rich!
3rd - therefore it also integrates people who have never been in social media before!
4th - because facebook, twitter, youtube and google are using „3.Reich Gestapo methods“ to shut down content they don’t like. Many youtubers do not receive adequate ad-payments anymore. So many of them are spreading their content to other platforms like... steemit… - right?!
To question once again: "Is the time ripe for this kinda stuff?" (For steemit - YESS!)
- 5. Now you’ re convinced of the usefulness and the potential of this tech/product/token currency... - then it's time to start your own research and by saying that, I really wanna urge you to:
„The best investment in life is to invest in your education, because even if you lose all of your money you’re education still remains!“
- ...to be continued!
If you liked this post, please give me an upvote or resteemit!
Nice article!!!
THNX for taking your time to reply! I always try to do my best! CU
Great arguments to err on the side of caution. Your article is written very well, found it easy to read. Will be back for more!
As Albert Einstein once said:"If you can't explain it simple, you don't understand it well enough." I always try to be as straight forward and as clear and simple as I can to create a content that enables everyone to pick out what he wants.
Someone posted your article on the cryptocompare.com website -> https://www.cryptocompare.com/coins/xmr/forum
Thanks for sharing the news! It would be great helping some people making smarter decisions; and if it helps me reaching a greater audience it would be a win/win to the reader but also to the author!
Only a pleasure! :)