~snip~
First you have to be clear about who you want to be? If you are a market speculator or an investor, you can clearly be both, but before entering the crypto market, read about the market, read books that educate you, investing is the most viable path, but if you want to speculate in the market with the rises, Cryptocurrencies falls that require greater knowledge to go to the line of least resistance, just as Jesse Livermore did.
I recommend any book by Jesse Livermore, they are totally applicable to the Crypto market, it would have been a good moment if you would have bought those 25k Euros the same day you published, because there is already a new ATH today, you would be winning, although I do not recommend buying at maximums Take into account the movements of Bitcoin, and when you understand the market you will know when to enter.
Thank you!! First of all I want to say I mentioned the amounts at first as I felt it could help with getting suitable ideas for my purpose. But that was just an example sum to start with. But you're right, it'd been better to put whatever I've put immediately. That's just typical to human nature to be worried there's a price drop coming right after you've invested the money. On the other hand a bigger problem was that I didn't have my Ledger yet and wanted to have my money spread to several exchange services. I was also learning everything from stratch so at first I was scared if the money would actually come through. And then it got dificult to get some accounts opened. So all in all I feel I couldn't have done it very differently.
Thank you also for the ideas! I've definitely need to get to these things one day and keep the book you mentioned in mind, I'm sure it'd be very useful. But I have to be honest, I'm too far behind crypto specialists and I can't dedicate all my time to this. That's why I'm planning to keep things simple, but add a bit of gambling. For me this means:
- Bought some Bitcoin at a higher price, but reserved money for dips. Long term.
- Bought less, but still some Ether. Long term.
- Have put a bit of money to some smaller ones that look interesting and am planning to put some more. For me this is pretty lottery, though I've tried to read and watch some videos to know a bit about the names that have been popping here (Litecoin, Poladot, Ripple, Aave, Cardano, a few smaller ones). These ones I don't have a plan with. The amounts are fairly small so I guess I'll keep an eye on these and cross my fingers
No problem, no one is a fortune teller, everything is a risk. Remember and keep in mind something very important, in the crypto world Bitcoin is King, as long as Bitcoin is in a bullish trend in some way all altcoins will follow it, because Bitcoin has a life of its own, however any altcoin will not always depend on Bitcoin.
If the price of Bitcoin falls, mostly altcoins bleed very fast and in a big way. If you look at some other currencies when bitcoin falls and others suddenly rise, it is because they most likely survive the pump and dump, it is very common. This is learned every day, I would like to be an expert, what I tell you is how little I have learned, the best books that I recommend are those by Livermore and Wyckoff, many times the trading academies only focus on technical analysis and the Technical analysis is something more focused on chart figures, indicators, which is not bad, but it is better to do a technical analysis when you better understand the market, when you realize that the market moves by whales, by emotions, than many times a Big fundamental influence, is red-hot speculation.
If you have already put your money in Crypto I hope you make a profit, but set goals, that is, set a profit, be it 10%, 20%, 30%, and do not bet more than you have.
I reread the messages I got, so many great tips it's almost hard to believe it. I wanted to quote your message. I'll really need to listen to your tips and take a small step back, have something invested in mainly Bitcoin and add some more at serious dips. I screwed up with the one today. No bad panic sell losses, but I'd just invested my last investment when the price was high and didn't really want to put any extra even when the price was lower. But I learned a lesson.
Like I said I'll be partly in this run, but try to be somewhat careful at the same time. I'll start reading some of the books you (and someone else) suggested to prepare myself for the future. But now maybe the most ridiculous thing you've heard here for a while:
I, like I said a total novice despite of watching videos and reading some webpages, somehow put small amounts of money to several altcoins (apart from Ether):
Polkadot
Cardano
Chainlink
Litecoin
BCH
NEO
Algo
Ripple
Aave
The amounts are small, the biggest ones are in Cardano, Polkadot and Aave. But as I just put some one as a kind of a lottery I just realised these are obviously also on their bull runs, and with small investments and with me probably not being able to time the dip correctly are these all waste of money? Which ones would you rule out immediately? Which ones do you think could have some long term potential? Some believe in Polkadot (as said here too) and Cardano, so maybe they could be long term lottories? I also found a thread in which some were excited about Algo. Some really believe in Aave. Some of the long tem forecasts for e.g. Litecoin are high, but are they just hype I don't know.