The Golden Rule:
If you don’t have the private key, you don’t own the crypto.
- Invest only what you can afford to lose.
- Always do your own research (DYOR) before investing in a coin. Always consider a coins strengths AND weaknesses.
Bonus: More Tips from Eric_Something @ Reddit
- Only invest into coins with strong fundamentals and future direction.
- Diversification is the key but don’t over diversify.
- BTC and ETH are the safest investments currently.
- Dollar Cost Averaging (DCA) is the best strategy.
- Don’t Leverage Trade. You will get rekt if you don’t know about trading.
- 20%, 30% and 40% dips in a bull market are normal and healthy for the market. So, don’t panic sell during a dip.
- Educate yourself about BTC halving as it will give you an insight into the ins and outs of the crypto market cycle. Halvings occurred in November 2012, July 2016 and May 2020. In simple words, a bull run has historically started after each BTC halving.
Bonus Rules & Tips for Crypto Investors
Do not invest in crypto as a get rich quick scheme.
For security reasons, don’t brag about your crypto holdings (and/or profit, for that matter), be it in real life or on a public forum.
You don’t lose until you sell.
Don’t fall for shills trying to sell you snake oil. Don’t buy cryptos because of famous youtubers. Most of them are pump and dump schemes.
Decisions made with calm mind are always the best decisions.
Do. Not. Try. To. Get. Rich. Quick.
Do not enter any Pump discord groups. They are there to take YOUR money.
Write down your credentials to your crypto somewhere in case you’d end up dying in an accident.
There are many scams out there, be cautious, don’t be greedy.