To the new guys trying to figure out where to start go to
mycrypto.guide
Reading this thread from page 1 can be helpful but honestly it's a very inefficient use of your time, at this point. The market has changed so much. Many of us have changed philosophies from when you may have read something from 6 months ago.
My personal suggestion:
-Read the link I posted above
-Get a notebook binder (if you're old school) or note taking app/software then go to
coinmarketcap.com. Start from #1, Bitcoin, and learn about the technology, utility, and community, taking notes as you go along. Do this for the top 30-100 coins, at least.
- Download the Blockfolio app to your phone and put all the coins you took notes on in the app plus any notable coins you come across during your research. This will help with remembering coin prices and also knowing when coins rise and fall. This app also acts as a ledger for you to keep track of the coins you will eventually buy. Eventually, you will be able to look at a coin's price and instantly know you're getting a good deal if you buy right then.
At this point, you should have an idea of several coins that have your interest. Open a Reddit account, or if you already have one, create a new one dedicated to crypto. Then, subscribe to the subreddits of the coins you like. Eventually, you'll want to subscribe to the subreddits of most of those coins you put in Blockfolio, plus every new coin you come across with potential. If you don't know the name of the subreddits, just go to Google and type in "coin name" + "Reddit". Then, you have a sortable database of information that will keep you abreast to the "soul" of the market.
Also, subscribe to ethtrader, cryptomarkets, cryptocurrency, cointrading, altcoin, chinacrypto, and icocrypto subreddits.
At this point, you will be able to track the price movement as well as the news, rumors, and community sentiment of the market.
Now, you will be able to get an idea of what kind of trader you want to be. Overwhelmed by everything and just want to invest and hold without research? Just buy into the big 3 coins on Coinbase and come back in 6 months. Want to find obscure yet risky coins that can give you 50x returns? Roll up your sleeves and go to bitcointalk.com or icoalert. Want a portfolio mix of the two? Ingratiate yourself with the crypto community on Youtube, join Facebook and Telegram groups, for starters.
Before you invest your money on an exchange:
-Learn the difference between a currency, platform, and a token. (Mycrypto.guide)
-Know how a coin's supply affects price movement (just ask us)
-Know how volume affects your ability to buy and sell (low volume=low liquidity=harder to buy/sell)
-Don't chase coins that are approaching an all-time high, or 24 hour high (You will still do this but I had to make note)
Bitcoin= gold Ethereum=oil. No matter what, always try to accumulate these two long term. They are the backbone of the market and will be here long term. Put a little bit in a paper wallet or cold storage and buy more over time for retirement, higher education, paying off debts, etc.
I wrote this off 10 hours of sleep the past 3 days so excuse anything I missed. Just ask questions.
