Cryptocurrency is nothing like stock. I would say it's like stock on steroids.
I tend to explain crypto is like cars, it can get you to a financial state much faster than others only if you follow the rules properly, else you will get REKT.
At it's current state, highly recommended to only put in money you are willing to lose all or most of it into crypto due to the high volatility feature.
Never (FOMO) or be affect by Fear, Uncertainty & Doubts (FUD), or you will be REKT.
Do your own research (DYOR) on which cryptocurrency to invest in.
Understand the basic fundamentals of crypto and why it started, what was it trying to solve? Has it solve it yet? Is it still trying to solve it?
1) Learn fundamental analysis, read it up online for FREE.
Then research into the team behind each crypto, are they anonymous, are they responsive in chat? Are they real people with good following in LinkedIn. Are they putting much marketing effort? How is the tokenmetrics? What is it trying to solve? Who are the competitors? Any rugpull code? What is the supply, any burning, what are the allocation, are there bug bounty, what is the roadmap, will there be staking, etc.
2) Learn technical analysis, also read them up online or watch on youtube for FREE.
Read up RSI, MACD, Stock to flow model, Wyckoff model, candlestick patterns, divergence, trend lines, etc. Read how Bitcoin options expiry and max pain price affects the price. The thing with these indicators is that the more people use them, the more accurate they become.
3) Understand the different types of wallets, exchanges, token types (ERC-20/BEP-2), join telegram groups and twitter. Learn how people try to scam your passphrases and don't get scammed. Learn how to transfer coins safely between your bank to the exchanges, to your soft/hard wallets and back to your bank. Understand gas fees, transaction fees, withdrawal fees, etc. Put in a little and make sure that money comes back safely to get a rough idea how it works. The technology is still very new and not very user friendly yet.
4) Sign up and go through the KYC which may take a few days. Wait for the right oppotunity and start investing.
Crypto is an elephant in the room that should not be ignored... and it's getting bigger. Take your time to learn it properly, try not to "ape into" (investing without research) anything.
Success occurs when opportunity meets preparation.
Cryptocurrency is nothing like stock. I would say it's like stock on steroids.
I tend to explain crypto is like cars, it can get you to a financial state much faster than others only if you follow the rules properly, else you will get REKT.
At it's current state, highly recommended to only put in money you are willing to lose all or most of it into crypto due to the high volatility feature.
Never (FOMO) or be affect by Fear, Uncertainty & Doubts (FUD), or you will be REKT.
Do your own research (DYOR) on which cryptocurrency to invest in.
Understand the basic fundamentals of crypto and why it started, what was it trying to solve? Has it solve it yet? Is it still trying to solve it?
1) Learn fundamental analysis, read it up online for FREE.
Then research into the team behind each crypto, are they anonymous, are they responsive in chat? Are they real people with good following in LinkedIn. Are they putting much marketing effort? How is the tokenmetrics? What is it trying to solve? Who are the competitors? Any rugpull code? What is the supply, any burning, what are the allocation, are there bug bounty, what is the roadmap, will there be staking, etc.
2) Learn technical analysis, also read them up online or watch on youtube for FREE.
Read up RSI, MACD, Stock to flow model, Wyckoff model, candlestick patterns, divergence, trend lines, etc. Read how Bitcoin options expiry and max pain price affects the price. The thing with these indicators is that the more people use them, the more accurate they become.
3) Understand the different types of wallets, exchanges, token types (ERC-20/BEP-2), join telegram groups and twitter. Learn how people try to scam your passphrases and don't get scammed. Learn how to transfer coins safely between your bank to the exchanges, to your soft/hard wallets and back to your bank. Understand gas fees, transaction fees, withdrawal fees, etc. Put in a little and make sure that money comes back safely to get a rough idea how it works. The technology is still very new and not very user friendly yet.
4) Sign up and go through the KYC which may take a few days. Wait for the right oppotunity and start investing.
Crypto is an elephant in the room that should not be ignored... and it's getting bigger. Take your time to learn it properly, try not to "ape into" (investing without research) anything.
Success occurs when opportunity meets preparation.