There is something about the crypto world that’s, alluring, enticing, and exciting. Sounds great doesn’t it? So does that lovely Lambo you just can’t keep your eyes off. But it’s not always a great idea to buy a sports car, when you’re a sloth.
And, just like the dangers of a sloth driving an R8 million sports car, these same dangers exist in crypto: the danger of getting rekt*. Don’t be foolhardy, but know that – at some point – you might get rekt. These good ideas and bad ideas, listed below, should help you negate the level of rektness you may experience:
Bad Idea: Trade with leverage out the gates. Even experienced traders clench their jaws when trading with leverage. Remember, the crypto world moves 10 times faster than normal markets.
Good Idea: Always take profit. Always.
Bad Idea: Greed is good. I love Gordon Gekko and being a dirty capitalist at heart, I’d usually place this one under good idea. But in crypto, it’s a bad idea. You’ll miss your trades, hodl coins for too long, and then ultimately find yourself questioning the meaning of life while you check your Blockfolio.
Good Idea: Be patient. Crypto may move fast, but patience will help you keep your sanity.
Bad Idea: Use money you cant afford to lose. You might find the idea of driving a Lambo exciting, but remember the sloth! Don’t take out loans, max out your credit cards, or re-mortgage your house. You will get rekt, just like Sloth in The Goonies.
Good Idea: Always keep a backup of your wallets’ restore seed somewhere safe. Not the laptop you use every day, not your PC, not your phone, and not your underwear. A safe, or even a safety deposit box, will be fine. This isn’t Oceans Eleven, but by not taking precautions you are asking for trouble.
Bad Idea: Presale Masternodes are glorified scam ICOs. Stay away from massive ROI Masternodes. They will exit scam you, you will hate yourself, and end up again questioning the meaning of life.
Those are just a few of my big pointers, to avoid getting rekt when you’re getting started in cryptocurrency. I guarantee if you follow the above your crypto journey will be a lot easier, and enjoyable.
Until next time, don’t get rekt!
*REKT: To lose a significant amount of money in a bad trade/s.