Crypto Investing Tips
TIP #1 Never invest more than you're willing to lose. For extra piece of mind, when you've made more than double your initial investment, consider taking it out so you're only playing with gains.
TIP #2 Avoid sharing your amounts of gains/losses in dollar format. Use percentages (i.e. I invested 20% of my stack into that new coin). It's generally safer for all.
TIP #3 Amount invested is largely irrelevant in this game. If you've gained 100% = you've gained 100%. It doesn't matter that you only put $1 (and wish you put more in). Winning is winning.
TIP #4 Be aware that Exchanges provide you a Public Address for each coin you buy, but they don't give you the Private Key (your Log In is basically your private key in this case). So, if the exchange ever went down, you'd lose access to those coins. If you want to avoid this, transfer those coins to a 'wallet'. P.s. Password Managers are great at holding all your wallets.
TIP #5 When the market goes up 50-100%, keep in mind it will likely 'retrace' and drop back 25-50% in a similar timeframe. This is because some people take profits, some people move their profits to other coins. Instead of riding the roller coaster of emotions, zoom out and look at your gains/losses over a month period instead of the 24hr period.
TIP #6 Lost some coins? Can't see them in the app you're using? Don't freak out. All the apps we use get their data from the Blockchain - your coins are never sent to the app, just shown in it (e.g. think of a Ledger Nano as a secure access key to see inside). Use an Explorer to find how many coins you actually have at the address you're sending from/to.
TIP #7 Research and understand "Wallets". Wallets are basically a Public Address (like an email) and a Private Key (like a Password). A Cold Wallet is a printed version of that.
TIP #8 Diversify. Diversify. Diversify. To maximise this, scrape some profits from one coin into another new coin you want to get into. It's always great to play with profit!
TIP #9 Tax. It's inevitable. Be prepared to pay some tax on your gains (after withdrawing to your bank account). Speak to a tax accountant to get the details.
TIP #10 A great investment isn't necessarily based on great technology (I wish it was!). Separate your research of the actual technology with that of investing so that you can maximise your gains. I.e. A "shitcoin" could pump to 160%, and if you get out quick enough you can make great quick returns. On the other side, you could go all in on a great technology concept - but the price may sit stagnant for months.
TIP #11 Ignore your own FOMO (Fear of Missing Out) and regret as it is a waste of your mental energy. Saying or thinking "I wish I bought/sold more of that coin when it was low" is similar to "I wish I put money on those lotto numbers last night". The information you had that guided your decision to Buy, Sell or Hold is different to the information you have now. Learn from your mistakes, but stick with the decision you made.
TIP #12 Buy low, sell high. If your coin drops 50% in a day, don't sell (this guarantees a loss). Instead, hold until the market swings back. If you diversified your investments, this will only be 20% max of your stack leaving 80% to play with while the market recovers. Maximise by investing more while it's lower. If you don't think that coin is worth investing more into then you may want to reconsider why you bought it in the first place.
TIP #13 If you're new to trading, try to avoid 'day-trading' or 'following the uptrend'. Focus instead on trading over months - i.e. hold for at least a month and sell/buy when it's relatively flat. Avoid buying when the coin has gone up over 30% in 24hrs or you 'could' be buying at the top.
TIP #14 Remember that investing is a business, and you should always be aware that you're playing with real money, with real consequences.
I'm not a financial advisor. These tips are from my own personal experience and do not constitute financial advice.
Have fun. Hodl. To the moon.