DYOR - Do your own research
“It is not just moto, it is not just a rule, it is a lifestyle” – ElliotTrades Crypto. Hearing somebody you trust, know, or just seen somebody on YouTube say something about Bitcoin, Cardano or Polkadot should NOT be the main indicator to purchase a cryptocurrency. Vice versa, doing your own research is key to success, and failing to do so is one step closer to getting wrecked by common crypto mistakes. This does not mean you should ignore others’ opinions at all costs, however, to use it as a way to gather awareness about different cryptocurrencies.
Know what DYOR is? Great, but do you know how should you do it? Let’s take a look of simple steps you can take to start your DYOR journey.
Step #1 - Check Market Activity
Step #2 - Social Media
Step #3 - Reliable News Outlets and Communities
Reading the newspaper in the morning? Good, now dive more into cryptocurrency news to keep yourself always inside the loop to not miss out on important changes in the crypto game.
List of some popular news outlets:
Joining a community might be a better idea instead of getting information from social media platforms. There you will get a chance to interact with different people more in-depth, gain different aspects from other people or simply just want to belong to a community to surround yourself with people with the same interest. Additionally, there are hundreds of signal groups that give out free buying signals and can be utilized in gaining additional information.
Step #4 - Technical analysis
Did you also know?!
DYOR Token was created by the victims of scams to bring together a community to fight against the growing number of rug pulls, honeypots, and fraudulent contracts in the cryptocurrency markets. Joining a community is a great way to keep yourself updated about ongoing scams and involving yourself deeper into cryptocurrencies.
DYOR Token community: https://dyortoken.info/#links
More Mistakes and best practices for a crypto investor
Buy PUMPED/OVER HYPED cryptocurrency
Going ALL-IN on micro-caps
Everything under 100m is considered micro-cap and this should be a small amount of your portfolio due to high risk. Also, as stated before, checking the market cap is a quick way to separate markets from dead markets.