For most crypto traders the first bull run will always be remembered for all the silly mistakes they’ve done.
I’ve just graduated 🎓 my first run and I’m ready to tell you what NOT to do in yours.
- Don’t add FIAT during a bull run — Every few months of a bull run followed by at least a year of a bear market when prices of ALL coins will fall at least 40%.
- Don’t invest too much in a coin you haven’t researched — ” Don’t be fooled by the rocks that I got ”, it can be a scam, it can be hype and it can be an organized bump. You can put a few bucks but don’t exaggerate.
- Notice transfer fees — You may what to transfer coins between 2 dexes to get better APY on savings. Please notice the fees of the transfer, it may cost you more than you’d earn.
- Don’t mine without the right tools and reduced energy fees — If you don’t have GPU miners and/or live in a country with cheap electricity or something just avoid it, if you’d profit it’ll be pennies.
- Don’t keep coins liquid when not trading — Most Dexes have investing options like staking or locking, let your coins make coins.
- Don’t put all the eggs in one basket — The Crypto world is cruel, this one coin you super believe it may and probably crush someday.
- Don’t be optimistic about winning crypto by gaming — Even if you somehow do, the fees to get it out of the wallet game are enormous.
- Don’t trust Dexes too much — It’s not your insurance company or your bank, just another website, don’t count on their support if you’ve made a mistake or if something happened to your coins.
- Don’t be afraid of the bear — It’ll end, I promise, don’t cash out when you’re in the red.
- Don’t panic, what comes around goes around — There will always be another bull run and your coins WILL worth more.
- Don’t participate in organized bumps — It’s a great opportunity to lose a lot really fast, don’t get in unless you’re a real pro trader.
- Be careful with airdrops — Those are often made by new organizations you don’t know a lot about, be careful with keys and passwords, and don’t be positive you’ll receive your reward.
- Don’t trade too much, be patient — Trading to win a dollar here and a dollar there on a bull run is cute but when you see all the coins get 40% drop for the first time you understand how useless it is.