Re:Ask HN: What would you advise to a beginner investing int...
by mikewarot on Thursday October 21, 2021 @11:18PM
(#28953373)
1. Consider any money you spend as lost, with a chance of being recovered when it's converted back into your local currency. The ongoing Tether scam is a huge risk, especially in the less than 10 year time frame. There are many ways to lose everything, as this is a new thing society isn't used to.
2. Dollar cost averaging, don't jump in at the market rate, unless you're just making lots of small bets. You can place orders that get filled when the price drops below a certain point... you effectively have money waiting to buy a dip in that case. You can also do the reverse, sell at a certain point. Learn all the different transaction types.
3. Start small... do some small trades to see how things work, and make sure everything is as expected.
4. There is a very strong element of Ponzi scheme in the crypto space... if you can, watch the inflows and outflows in the meta.
5. Never panic sell, or buy because of fear of missing out. Play it for the long term. In the stock market, emotions lose money, the same is true in crypto.
2. Dollar cost averaging, don't jump in at the market rate, unless you're just making lots of small bets. You can place orders that get filled when the price drops below a certain point... you effectively have money waiting to buy a dip in that case. You can also do the reverse, sell at a certain point. Learn all the different transaction types.
3. Start small... do some small trades to see how things work, and make sure everything is as expected.
4. There is a very strong element of Ponzi scheme in the crypto space... if you can, watch the inflows and outflows in the meta.
5. Never panic sell, or buy because of fear of missing out. Play it for the long term. In the stock market, emotions lose money, the same is true in crypto.