Hello Steemit Community!
This post is inserted in the new created series Introducing: Crypto For The Day blog post series , you can follow all the post in the tag#cryptofortheday
Today im gonna reference this amazing Medium post by Noah Jessop called Poor Richard's Guide to Cryptocurrency.
This post has some good old advices for investors that apply for cryptocurrency, here is my favourite:
- A wise investor must never invest more than is reasonable. What’s reasonable depends on personal liquid capital, ability to handle loss, trading style, etc. (For our purposes today which do not amount to legal investment advice: if you only invest money you can afford to lose entirely, you’ll never experience crippling loss. Traders call this fatal move “blowing up”).
- A wise investor must not leave funds in the exchange communal wallet. They do not get your business mixed up in theirs after their transactions are complete.
- A wise investor must triple confirm wallet IDs before sending money. Villainous sorts will seek to defraud you — registering domains that look like the crypto project you are trying to invest in, posting false messages/addresses to send funds to on message boards. You can use MetaMask plugin for ETH scammers phishing address
- A wise investor must only talk about crypto in public only after they’ve secured themselves. I think everyone does this, buy first then talk about it :D
- A wise investor must know it’s not uncouth to build separate social media profiles for privacy. This is true, i saw alot of youtubers showing all their profits and information and a few weeks later they get hacked.
- A wise investor ought to only discusses entry and exit prices, not amount bought or sold.
- A wise investor must research who is behind an ICO before investing.
- A wise investor must know early risky projects may lead to total loss.
- A wise investor ought to keep paper backups of their wallets.
- A wise investor may seek legal guidance before trading on non-public information.
You notice every setence begins with a wise investor ? Not everyone will profit and succeed in this space so if you want to be part of the group that profit you should follow this wise advices and be a wise investor :D
Credits for Noah Jessop, thanks for this valuable post!
Follow me on Twitter @johnycrypto
If you like this post or have something to say or ask, please upvote, follow and comment :D
