Don’t do it lol!!
At least not until you can already make good money from forex/indices etc
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The easiest thing to do is dollar cost average. Have a determined budget to invest in crypto for a year. Each week or month (statistically is better each week.) take a corresponding size of your budget and buy a token/coin. Meanwhile learn about DeFi. About stacking, lending, yield farming, liquidity pools.
Haha, but people are free to choose which market they want to in, whether crypto, forex, stock, indices, commodities, etc. And they are free to choose too what style they want to play, either trading or investing it or both
Simple, DO YOUR OWN RESEARCH AND ALSO INVEST ONLY WHAT YOU THINK YOU CAN AFFORD TO LOOSE
- Following the Herd
The crypto market is very volatile. There are new coins launching every now and then, and that is where the trouble begins. Your knowledge is the ultimate power you have, and you should always trust your intuition before listening to someone and following them blindly.
A lot of people just go online, and follow one particular trader’s strategies blindly. That is the biggest mistake one can make while investing . You should build a knowledge base for yourself and then go on with your decision. It is good to take advice, but following anything blindly can result in the loss of your precious savings.
2.Not Doing Proper Research
Well, this sounds as basic as it is. However many investors ignore this very first step and go all in without having much knowledge about the pattern of the crypto they invested in.
People always fall for “get rich overnight” scams. A lot of new people enter the market because they see the monetary value of some coins touching the sky. They think that by investing in some cryptocurrency, they will also get rich overnight. This isn’t the case; even if you look at Bitcoin, it was grossing around very low monetary value in the start and gained its popularity over the last few years only.
Instead of investing in random coins, sit down and conduct proper research, look at the trends and how they are gaining popularity over the years, and then select a cryptocurrency you want to invest in. Remember, it is very hard and rare to be rich just by guessing games. It takes a lot of research to become an expert.
3.Afraid of The Market Trend
This is another problem with a lot of people. Even if they do proper research and actually end up investing in cryptocurrency, because of the volatile nature of cryptocurrency, the values of crypto coins change drastically in a short period of time; they pull out their money and later regret it.
A lot of people choose panic selling of their coins, and they are just too quick to make decisions when it comes to cryptocurrency. We had seen this in the first person; when Bitcoin started to lose its value around January 2018, one of our friends sold all of his Bitcoins, and now he just regrets it.
To be honest I think it’s all but impossible to do your ‘own’ research in this sector - so full of hype and hidden agendas it is.
The only way you can possibly do research in this sector free from bias is to become a Blockchain developer - otherwise your spouting things that sound good but are really just second hand information.
The other option is to trade 100% technical (because there is no fundamental value in a line of code).
I often say bad things about the sector but it IS a traders wet dream if you can follow a few simple price patterns
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SUre. But learn other markets first would be my advice. Much less market driven by hype.
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I’ve still not had an answer to why in the crypto space they Hodl and in the FX space they scalp.
Seems to me two opposite ends of the same thing - a desire to get rich quick.
Both styles suffer an abundance of hype from institutions and vested interests
The Hodlers seem to be made up of lots of FOMO - hence the Hodl.
The scalpers are made up of let’s earn 1% + each day
I think there are issues with both mindsets - but I would love to hear from a Hodler as to why they do it.
Any takers?
Nice advice 
Don’t let yourself driven by emotions. Let your mind think, not your heart!
The heart is full of greed, and of fear. The mind is full of wisdom. Which one will you choose?
If you HODL then you can accept the price going up or down without actually losing or gaining any money until you hit a price you are happy with.
Hi,
I have to disagree with you on this one. Whilst the site has tens of new starters per day (and I assume many more who do not introduce themselves), I came back to Trading because I wanted to protect (hedge) other long term investments that would take a huge amount of effort to dispose of (psychologically and physically) like real property and to a lesser extent gold.
Last May I ventured into Crypto with less than 1% of our assets (with agreement of wife and partner of 30 years) and within months we agreed to elevate that to 3% of assets. I consider OUR experience with Forex to have been far more risky than our experience with Crypto. You could say that was just luck, but I prefer to think that it was because our foray into Crypto was our GSR16 (get rich slow scheme number 16). We have a property agent in the North East called NGU. This abbreviation stands for “Never Give Up”., True to their acronym, these guys run a very tight ship. It is their dedication to standardisation of process, continuous improvement and excellent customer service that has kept me with them for over a decade.
I realize that my return on investment on time on this forum may put many people off. But I can assure you, the one out of one hundred posts I read that teach me something I did not know are worth thousands of times the effort I put in posting to try to help others (newbies) follow a less winding path to success than many of us have encountered.
Be brave, wish for the stars (or the moon or Mars in the case of crypto) make sure your initial investment into Crypto is no more than the cost of a few dinners out or Costa coffees, do NOT leverage in crypto currencies - or use 0% leverage if you don’t want to “invest” in your trading account. Be patient, expect that one of your crypto investments will do a 1000X, that 80% of them may evaporate to nothing, and be comfortable with your decisions.
And about making plans, sure I made a really detailed plan last May when I started. It has changed more than ten times, but my plan for the next 12 months includes all the learnings from buying and selling crypto over 100 times during the last year. We peaked at 6X overall in April 2021, and are now just over 3X from last May. We will continue to slowly increase our holdings, not measured in USD or GBP, but in quantity of BTC we control, being the sum of all crypto holdings converted on the day to BTC.
Like gold was to us over 30 years ago, crypto is an insurance policy against world currency collapse. Like getting a degree was insurance against not being able to become wealthy by self employed means. And like the vast majority of us spend on home insurance, contents insurance, life assurance, car insurance. It’s something we consciously agree to pay just in case an event comes along that would wipe us out.
Whether this is 1%, 3%, 10% or even 30% of your wealth, just make sure it will not break the bank if it all crashes to zero. Refinement of the goals and objectives can wait until you are at 6X, and see how that feels.
Best of luck you all.
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Absolutely spot on. Almost all the money we put into Crypto in the last year came from what I saved not smoking since 2017. Though there was no direct correlation between the two, you make perhaps the best point of all - what you are willing to sacrifice from a discretionary area of spending that you once chose to accept as the norm is instead redirected into a high risk, high reward choice. That is how my wife justfies buying four lottery tickets per week. I do not disagree with her, though I think we will have six figures in crypto long before we win six figures in the lottery 
You could be if you bought $10M worth of crypto though. 
Dogecoin, that’s the advice.
Kidding.
Best advice for the kids, its all about the education. Youtube and Twitter get you there a little, but there’s way more interesting and accurate content on news sites, project and developer blogs, institutional and financial market commentary and analysis sites/reports/newsletters/etc. Start reading and following the important people in the sector, and then read and follow the followers. Do more reading.
Learn to trade here too, just so you have a foundation about what “trading” actually means and how you go about it. This answer can be different between traders.
Don’t use leverage.
Don’t take out a loan.
Pay your rent and grocery bill first.
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This advice works for all markets but especially for crypto: only use money you can afford to lose! Absolutely do not get into debt just for buying Ripple or Doge. The same get rich quick mentality will get you poor extra quickly too.
So my advice to anyone trading crypto is scalp for 10-20 pips do not hold long trades the market is highly volatile right now use your daily and weekly chart to determine overall trend of the market and look for opportunities using head and shoulders patterns since the market will change directions alot in this quarter good luck everyone trade smarter not harder!-MuchoDenriotheMarketStructureKing
Good thing about crypto trading is its liquidity. It moves a lot, which offers traders to make money by day trading. Newbies may get carried away with this since they seem to do day trading and scalping more. However, cryptos can be very volatile and wipe off newbies account in a hurry. Thus, they should make sure
Having a solid intraday strategy with good risk:reward
Reasonable leverage
Reasonable trading lot
i use the Relative vigor index (10) on Bitcoin with reasonable success 
