With the recent hype in crypto currencies more and more people are joining the ranks in the financial market. Many like me are new to this. Where can I find the best coin? Why am not rich yet? Where is my lambo? Those are some of the questions you see in the forums. What we should be asking is, what can I do to be more competitive in this market? How can I verify if a currency am about to invest is legit? How can my assets be hack proof and secure?
- First don’t let reddit or 4chan dictate your way to invest. Users tend to spread a lot of FUD and FOMO.
- Get familiar with financial terminology. Like FUD and FOMO for example. Investopedia is your friend.
- Do your homework. Start looking for information, whatever is a coin or a token you are about to invest.
- Read the Whitepaper. And I mean read it all. Search for red flags. Check the Road map. Look to their deadlines. Does the coin you are about to invest has a working product? Example Steemit is supported by a Social Network and a market.
- Don't invest more than you can lose. For god sake eat, pay your bills, go out, etc...
- Don't day trade. Is almost 100% sure you are going to lose money if you day trade. Also, if you are a US - Citizen trades are taxable events now, you must keep track of all your trades.
- After finding the right coin or token to invest, hold that investment in a cold wallet. I personally have multiple wallets. One for each token and Coin. Is harder for hackers to steal your investments.
- Don't use your old email or your old passwords. Create a new one, get one of those fancy notebooks a write down your passwords and keep it somewhere safe.
- Never share your private address. If you planning to invest a considerable amount of money $$$ get a hardware wallet. There couple of good ones in the market you just have to do your homework.
- If you plan to buy a hardware wallet get it straight from the manufacturer. Don't buy second hand. And if you do buy second hand hardware wallet please reset the seeds(12-20 words for accessing the wallet).
This is just a few tips I want to share.
Am always learning. If you believe I need to fix something let me know.
I will not accept payouts. Am doing this just for fun.
Interesting
I will follow you to see your future posts!
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