I was wondering.. lets put here some rookie hints, to which cryptocurrency invest your money
I was sitting here and wondering, how can I help or maybe start some conversation here. And then I got lighted up...
Its about one month, I´m still sitting, reading studying and wondering about investments and other stuff around cryptocurrencies. There are lot of hints etc... on youtube, blogs etc, but nothing is at one place. So what about to make some "Rookie manual" with your help. I woul like to try make some shortcut from your comments, put them together and help all interested begginers, to make their way to wealth and happines.
What do you think? Can we make it?! :)
Best thing to include, always make sure to research and feel out a project before diving head first into an investment. A wise educated choice is best, that way you can feel secure in your investment always with Crypto. Join Slacks, follow official websites, take a history look at a coins coinmarketcap charts. Education is always key to no regrets I say. Awesome idea to write something up for the new guys, they are piling in so they need our help. Followed
Thank you for your follow, I appreciate it. So, to the main point... What charts, you are using? What are the tools? Nothing is so easy as it looks, cause I saw guys making their own charts and predictions. So, wheres the absolute point where would you start?
Personally I pay more attention to the charts on coinmarketcap.com for altcoins and bitcoinwisdom.com for realtime charts for Bitcoin only. Now I am a different kind of investor due to my marketing jobs I done for Crypto projects. I don't dive too much at chart reading for predictions, I get more involved with projects via contacting developers to find out more about the plans ahead and technology behind each coin to decide where I would trust my money the most. I have had a better outcome by getting to know devs and the communities behind their coins vs what a chart may or may not say. Charts are hard to read sometimes due to the volatility of crypto...I have been on coins that should have skyrocketed due to amazing advancements and upcoming news but tanked all because trader confidence didn't catch on too well. I always say the best starting point is research the goals of the actual coin and what technological plans ahead are in store for the development team behind them.
Ok, good reply tho...but I think we need something more "pyhsical/practical". Can you give some expample?
Most of us that have been long involved with Crypto tend to reach out to the dev teams behind the coins and simply ask the driving questions to understand direction. Main ones are long term goals, coming updates, how their coin technologically is better than other crypto. In this area its a more practical avenue to do a lot of research and gather as much info as you can. Reason why I say this is due to something that goes on with Crypto, a lot of short term scams and you have to weed out those from your investment choices a lot.
Far as practical/physical routes to decide on a crypto. There really is no super solid way to know the future on that. Charts can only show you a trend in the past and you can try to decipher an outcome in the future but I have seen a lot of people lose a lot of money betting only on chart reading so I personally don't use that avenue as a sole way to make money in crypto.
I have had more success following my gut in crypto so I may not be much help in this area lol. Like the few grand I recently made off of PIVX was due to liking the community there, having a sense that their infectious nature and growth looked positive and next thing you know my little earnings turned into a lot. I will try to send you a few guys I know who do all the technical reading stuff on coins but personally I just do a lot of reading up on a coin and usually my gut been wise luckily on most cases.
Very nice and all in all "easy to understand" :) that brings me one more question, even if its not much common with your idea of investing. Have you ever used some "Pumping" comunity to get biger outcome, from your investment?
Actually I never have gone that route, mainly because I have worked in a few of the coins I have been invested in and its kind of frowned on with most projects to use those groups to benefit a coin you work on. Its kind of like insider trading when your attached to a project. I don't begrudge anyone from trying to pull their resources together to get some gains but personally I just try to let nature take its course. I am not a short term investor though so pumping doesn't do me too well anyways, I seek higher gains through long term holding. I learned a long time ago profits seem to be way higher when you work and volume up on an investment long term.
Hello, Sflaherty, thank you for your advices. Shame no more ppl attended this discussion. Would could have much more angles of view. :)