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Influencer Insight: Advice for Crypto Beginners
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Getting started in crypto can be tough. There is so much in your way it can be hard to get your head around it all.
Fortunately you aren’t alone in this fight. We’ve had a chat with some of our favorite crypto influencers to prod their brains and get some valuable insights from these fountains of knowledge.
We wanted to know: What piece of advice do you wish you'd had as a crypto beginner?
As with any craft, you learn and develop over time. Learning from the experienced is a great way for you to grow your knowledge and personally develop.
Lark shares daily videos with excellent insight of what’s going on in cryptocurrency. His piece of advice for beginners is this:
Be strategic. Have a plan for any investment. Make sure you have your selling goals planned out - write them down and stick to them. This will ensure you are taking profits and making money when you are investing and trading. It will help you stay disciplined during moments of fomo and greed.
This is a great nugget of advice.
Greed and fomo can take over your trades without you even realizing. Many crypto investors failed to take profits during the last bullrun, which they now regret.
If you plan your trades out, set goals and periodically take profits according to your strategy, your trading will improve and you will thank yourself for following the rules and maintaining discipline.
Manage risk, stay consistent
Our next knowledge bomb comes from Uzi, or @LilUziVertcoin on Twitter. Uzi is a Crypto Twitter personality with more than 30,000 followers.
He regularly shares trading tips, investment insights and useful information on his Twitter. What’s more, Uzi also reviews projects and conducts interviews to give his followers a deep dive into the project. (Check out his interview with Liquid CEO Mike Kayamori.)
Here’s the advice Uzi had to share:
Learn risk management with discipline. Don't chase and bet big on trades, the small and consistent game is always better in the long run.
Valuable insight. It’s all about keeping a clear head and staying disciplined. Newer traders often get caught up in the excitement of successful trades and get greedy.
Chasing big trades and trading more than you should is indicative of a bad trader. It will come back to bite you. Practice proper risk management and maintain a consistent track of smaller trades. This is better for your profits in the long run.
Look out for number one
To be fair, crypto is a brutal market that can make or break you at any time. The complexities of private and public keys, 2FAS, hardware wallets, exchanges, dexes, and IEOs are not for the faint of heart.
I wouldn’t do anything different if I had to start over, but if I was advising someone new into the space, I’d advise them to learn market cycles (booms and busts), the complexities of blockchain ledgers, security risks, and seed backups. That should be a good start for anyone entering the space.
This completely resonates with us at Liquid. We are all about staying safe. New cryptocurrency enthusiasts should understand the complexities of keeping themselves and their funds safe prior to getting involved. It's the safest way.
What's your top tip for newcomers?
Photo credit: Dorli Photography/Flickr