What are the high level principles one must stick to in order to succeed in this crypto game?
My principle is to only invest in coins I understand and where my inner experience confirms me there is a need for this.
What are your principles? Serious topic
buy high, sell low
dont have a good feeling about it
buy out of greed, sell out of fear
same as you. missed out a lot of moon missions due to this but I don't want to be left bagholding something that isn't guaranteed to take off due to actual use in the future that is better than their competitors.
Principles may keep you safe but they also limit your potential for success. Take a read of any current situation and act accordingly.
Don't buy a coin that's already pumping
Don't buy at all time high
Don't buy a coin with an anonymous dev team
Don't buy a coin with a pajeet team
Prefer low mc over high mc coins
The trick is not to be profitable but to be profitable for as long as possible. It is easy to be very profitable for a very short time, but it is much harder to stay in the game long. It's all about minimizing exposure.
>Don't buy a coin that's already pumping
What do you mean by a coin pumping? As in, its already going up? If yes, what % do you consider pumping?
classic
I'd say >20% However if there is a real reason for the pump and it's clearly not going to stop at 20% I will buy in
>Don't buy a coin that's already pumping
that usually leads to regret. you look at it pumping you say "its pumped up so much already" and wake up tomorrow to a shocking 30% increase on the price you ve seen yesterday.
When making somewhat risky decisions or during times of uncertainty setting stop-losses can be crucial. But I'd say alot of lessons to be learned about FOMO as I'm sure everyone has made FOMO related mistakes at some point in their life
what % stop losses do you usually make?
Tether when the pink Wojaks flood Veeky Forums
Always jump off a moon mission while shills are still shilling
Don't buy a token you're not happy to hold
Understand the purpose of cryptocurrencies first user. First and foremost, this isn't actually about investing for gains. This isn't about lambos. This is about a legitimate global financial revolution the likes of which we have never seen before, to eradicate the aspects of financial inequality that are caused by a lack of equal access to the world's financial systems
People in poor countries are not poor just because they aren't hard workers or don't have wealth - often one of the greatest contributors to their poorness is the legitimate lack of investment opportunities in their country or socioeconomic group. People in Africa cannot invest in US index funds longterm or trade in significant quantities of USD, they can only hold their local inflationary fiat currency that is not built in their favor, it is built to favor the government's financial needs, and they are often corrupt literal warlords
In the US it's much better but still bad. USD is inflationary and a shit investment.
Find coins that are decentralized, longterm investments. Fuck the shitcoins user, do not bother with them. Buy coins with longterm appeal. Here are my two cents:
>Bitcoin
>Monero
>Ethereum
That's about it. Everything else is either too specific to be useful in reality, or just a shitcoin.
>clearly not going to stop
That is never the case, it could stop on a dime.
There were people who bought BTC at 19k for this exact reason. Don't be that person.
I mean already reacting to whatever is making it go up and moving 20-30%. A realistic goal on any pump is 20-30% imo. If that goal is already gone you're taking a huge risk.
Only invest into something you can sleep on
Greatest returns you'll get in life compared to the fast-paced make believe gamblers called day-traders
Only 1% of day-traders are pro, rest are gamblers.
If biz shills hard enough me buys.
Too little people understand that cryptocurrencies make government and banking obsolete. Exciting times when the ancap ideal is actually within reach.
You have to be working on this level but playing the normie level game to really make it. Take enough fiat out to cover yourself and ride the wave. Try and time the crash. Then rebuy the real revolutionary tech.
>Don't buy at all time high
I don't think you quite understand how stupid this statement really is
Bitcoin had all-time-highs at $1, $2, $3, $100 and so on
Reading is fucking hard huh?
Never lose money
You can apologize later for your stupid statement. We're not angry.
I think he means while the coin is on its breakout
You should look for an opening when it dips (if you think you missed an early investment and it will just keep going higher, in which case if its not that, enjoy holding bags)
Don't buy or sell too often (limit the amount of transactions you make, plan carefully)
(also don't tell anyone but buy ppt shhhh)
Yea I'm the stupid one
brainlets and their hubris
If you're 20% up on a coin and you feel there's a 50% probability of it going to 40%, sell.
Don't take the risk of it dumping before getting there. Sell and use the time saved to invest elsewhere; time is a factor and makes selling early the right choice.