1. Do not invest more than you can afford to lose
The cryptocurrency market is highly volatile, and you could lose a significant portion of your capital in a short time.
2. Do your research before buying (DYOR: Do Your Own Research)
Do not rely solely on recommendations or trends, but study the project: the team, technical status, roadmap, and the size of the supporting community.
3. Diversify your investments
Do not put all your money into one currency. Diversification reduces risks and increases profit opportunities.
4. Beware of scam projects
If the offer seems too good to be true, it probably is. Beware of pump and dump projects and exaggerated promises.
5. Use secure and reliable wallets
To store currencies for long periods, use cold wallets to reduce the risk of hacking.
6. Continuously follow news and updates
Markets are significantly affected by news; decisions from central banks, tax regulations, or even a tweet from a celebrity can move the market.
7. Set a clear exit plan
Set profit-taking or stop-loss targets, and do not hesitate to implement them when conditions are met.
8. Learn technical and fundamental analysis
Understanding charts and economic data gives you an advantage in making informed decisions.
9. Do not trade under the influence of emotion
Greed and fear are the biggest enemies of the investor. Be patient and disciplined.
10. Stay informed about regulations and laws in your country