6 Notes To A Crypto Newbie
You opened a Binance account today. You’ve finally made the decision to be part of this “crypto thing.” You no wan carry last. You want to chill with the big boys. That is good. But before you start your crypto journey, there are certain things we want you to know.
1: There is Nothing Wrong About Being a Newbie
Many people have jumped the gun because they are ashamed of being new to the crypto space. They want to claim they’ve been in the space for a long time. They want to make tweets announcing their earnings. They want to post screenshots of their Binance Futures account. They want to post images of their technical analysis. They want to be teachers. They want their WhatsApp status to have posts like, “If you bought TWD last week when I told you to, you should be in profit by now. Congratulations to those that bought.”
You can be all of this, but follow the process first. There is no shame in learning, in being an amateur. Because today’s newbie will be tomorrow’s veteran provided he sticks with the process.
2: A Dose of Doubt is Good For You
You came into this space because you’ve seen its potential. You’ve seen crypto turn many into millionaires. You believe in crypto. It is good to believe in the industry but do not believe everything you see in it. And we will tell you why.
When Satoshi Nakamoto invented bitcoin, he wanted to create a financial system, that will give power and control to the average person. Over a decade later, we’ve all seen that his invention is a success. However, the control the average crypto user has does not extend to checking who comes into the crypto space. As long as you have a phone/laptop and internet connectivity, you can become a crypto user. It is that easy.
But this ease of entry has also made the crypto space to be flooded with corrupt players. People who want to take advantage of a newbie like you. People who would present opportunities that they claim would make you rich quickly. This is where your dose of doubt comes in: take everything you hear/see with a pinch of salt. Learn to find out the truth for yourself. But how can you recognize the truth when you don’t know what it is? The answer lies in one word: learning.
3: Before You Earn, Learn
A medical doctor goes through years of learning before making money from his craft. The same goes for an architect, a pharmacist, an accountant, an engineer, and even a linguist. So how come many just want to jump into earning from crypto without first understanding how the industry works? How come some people attach “Investor” to their name just one week after having a Trust wallet? How come they have signal rooms or crypto companies within one month of being in the industry?
Dear Newbie, it isn’t bad to have any of these but understand the space first. And understanding a dynamic and ever-evolving industry like the crypto industry takes a great deal of time and experience.
To begin your learning journey, we have an opportunity for you. Click here to find out.
4: Place Logic Before Emotions
If traditional investments can mess with your emotions, trust crypto to mess with it even more because of its volatility. This is why you need discipline. Don’t invest based on emotions. Don’t be too greedy that you’d pour your entire savings or house rent into a coin. On the other hand, do not be too afraid and impatient that you sell off your crypto just because it isn’t performing as you wanted it to. Investments are seeds that need time to grow and mature.
5: Ignore the “Noise”
The crypto space is a noisy place. On one hand are the critics who claim that cryptocurrency is nothing more than a fad, an over-hyped speculation, or even a scam. On the other hand are the crypto enthusiasts and evangelists who continuously propagate the crypto gospel. Both sides speak loudly. So loudly.
To be a successful investor in this arena, you should invest in what you believe. Know when to go with the crowd. Don’t allow the noise to distract you from making sound investment decisions.
6: Have the Right Strategy
Newbies in the crypto space frequently make the mistake of joining "pump and dump" groups. (Hello Telegram!). Certain self-proclaimed crypto experts may even offer investment advice on Twitter — posting screenshots of charts accompanied with technical analysis jargon and punctuated with the hashtag, #WAGMI.
Please, do not listen to these guys. Avoid them at all costs. Most people who have followed them have travelled a crypto journey of no return.
On a Final Note…
Don't put too much pressure on yourself to become a crypto expert. Be patient. Learn. Expertise will meet you at the point of learning and practice.
Also, do not forget to check out the learning opportunity we’ve got for you. Click here again to see.