Trading is good, but most newbies struggle because of lack of experience and skill. The other best option is to Invest. Here are some things you should know
1) Research: There's no way around this because this is a very crucial step that a lot of newbies like to skip because "it's not really easy to do"
When doing your research, it's important to monitor and check the price history of that asset.
The reason for this is that you will start to notice some price patterns that may be helpful in choosing an entry and exit price.
2) One solid project is enough. From your research there's going to be a lot of different projects you think will be good however you don't need to focus on choosing too many coins.
One good coin is okay, because from the research you need to be able to tell that the coin is bear market resistant as that where a lot of crypto projects may fall off.
3) Your initial investment is very important. Having a good sized crypto investment gives the investors an opportunity to make more profits.
Someone on social media recommended that a quick way to start investing in crypto is to have a savings account where you save up a little money and then after a while, there's enough capital to start investing.
According to the writer of that post, he tried to explain that a good sized investment would start from $5,000 to $20k.
4) Buy the Bottom: This is not the easiest thing to do because no one can control how low the price of a crypto asset will be.
Buying the bottom means to buy the dip. Most people do the opposite, they "sell the dip". This is because they notice that the size of their investments keeps reducing during a bear market.
The idea is to not be keep thinking about the bottom but if a certain project has dipped really low about 70-90%, it may not dip lower than that and even if the price goes below that, at least its close to your entry position.
5) Hodl: I can agree this is the hardest part of the equation because this is what separates the winners from others.
You need to try to not sell your assets even when a large percentage of your asset is going down.
A quick idea to help you do that is to stop checking your crypto portfolio very frequently. You can reduce it to maybe three times a week.
But you also need to pay attention to news reports about that asset so that you are aware of big changes surrounding that asset.
