We've all done it. We see X coin going up Y percent, and we get excited. We transfer our funds over to our exchange of choice, and buy as many of it as possible. The very instant we click "buy", however, we see a slight dip in price. "It'll be fine, it has been going up all day and surely there is momentum behind it!" Ten minutes goes by, the price has remained steady but hasn't gone back up to the buy in point. So you decide to sleep on it. Wake up the next morning, we check our exchange first thing. Oh no!! There has been a correction in the price and now you are down twenty percent!! So what do you do? You cut your losses and sell. Just for the price to hike back up ten percent over where you originally bought in the next day. So now you are discouraged at best, distraught if you are lucky, or out of a huge chunk of your savings at worse. What's the deal? Do you give up on trading and just chalk it up to being inexperienced? Or was it just bad luck, and you know you'll get it better next time?? Does it really matter?
You see, far too many would-be traders just jump into their new "hobby" far too quickly. What is needed is plenty of research, examination, and possibly even a little bit of help from someone a litte more versed in the art of trading. While the prospect of making a quick buck may be enticing, one must excersize caution and restraint when dealing with crypto. Some can be very volatile, some can be very safe bets if you are willing to wait it out for the long run. But what you don't know CAN hurt you. So instead of seeing green, getting giddy and going all out, why not research how and why the price is rising that day. Join a telegram or group chat of people you trust to discuss the days goings-on. Don't take a leap and fall too far, to where you don't want to or can't trade anymore. There is money to be made, and opportunities to be taken, but you must first make sure that you are prepared.