There is only one way leading to sustainable prosperity: wisdom. I believe that multiplication your knowledge by 100 this season will help you x100 or even x1000 your assets next season. In this article, I will present methods to help you go far and quickly with cryptocurrency.
1. Self study
The cryptocurrency market develops at a rapid pace, hence the knowledge of it is too much and constantly updated, which is easy for newcomers to get lost. Here are the ways I learned during self-study:
Take a look at the overview and then focus on the niche
If you are a newbie for the first time, try to read all the basic knowledge to get an overview of the market, from terms, concepts, participants to the other pieces of the market, ... You also need to open up your mind and learn about the blockchain, not just cryptocurrency.
Once you've got a rough idea of the market, pick a niche you're interested in digging into. Continue to break down your chosen part into smaller pieces to study. To make it easier to imagine, think of a tree diagram. I often use miro.com to do this. Doing so helps you to have systematic thinking.
Blockchain Technology Stack - Image: @101blockchain
Along with that, do not forget to learn about the history of the crypto industry and the history of world finance. Looking back at the past shows us the future. History always repeats so there is such a thing called a cycle.
Dig deep into the basics first
Each person will have a research path according to their abilities and interests. However, in general, mastering the basics first will help you go faster with the complex. Before starting with hot trends like nft, layer2, web3 ā¦ you should probably know about btc, eth, bnb and defi first.
Always take notes
Taking notes helps you remember faster and also for review. In the past, I used to write in paper books and take notes on my phone. Later I switched to using evernote.com because I found it very convenient and fully supported my needs.
A basic route I suggest is as follows:
Take a look at all the definitions, terms, and slang.
History of the cryptocurrency market and world financial markets.
Macroeconomic knowledge
Blockchain Knowledge
Composition, structure and operation of the cryptocurrency market
Digging deep into Bitcoin, Ethereum, BNB, DeFi
Then continue to study the areas that you like.
2. Learn from the experienced and the community
In a downtrend like this, there are many quality articles from OG, Researcher, KOLs because only now do they have time to calm down, look back and write. During an uptrend, everything moves too fast, so they are busy making money but have no time to explain to you.
Twitter's "Lists " feature is recommended to add quality accounts for easy following. In addition, if there is a suitable course, you should take the time to participate in. For each of them, just filtering out a few valuable things is also good enough. At the beginning, I follow all courses that can be found, even the livestreams and YouTube channels.
Learn from the best
Gradually, you will be able to filter out which OGs, Researchers, KOLs or communities to follow. It doesn't make sense at all to list the names that you have not experienced.
3. Build a study plan and allocate time
It is undeniable that not everyone can be full-time for crypto since all have other jobs. Hence, making a study plan and allocating time are essential.
How the time is allocated depends on each person, but it is necessary because that means you are considering it as a job to be completed, not something to do at a convenient time. App structured.app can help with time management.
4. Spend a very small amount of capital to participate.
Saying "learning and practice go hand in hand" is not wrong. Even in a downtrend without waves like this, I still spend a very small part of my capital for trading.
There are two purposes for this: one is to practice and the other is to not be distracted from the market. The market at the moment is extremely boring and easy to forget, so "playing" back and forth is a way to keep abreast of the market.
Remember to use just a small portion of your capital to practice and experience. You can read more threads about your capital management experience below: https://www.binance.com/en/feed/post/279708
5. Write a diary
Yes, this is quite important, especially for newbies. When you first enter the market, sometimes you will not understand why you buy this or that. Journaling helps you learn very quickly and avoid the mistakes you made in the past. My trading diary often writes as follows: time/coin/buy zone/sell zone/stop-loss/reason for entry. Keeping a trading journal is also a way to practice self-discipline.
Write a diary
6. Share your knowledge
Do not hesitate to share the knowledge you have learned with the community. What you learn and understand in your head is one thing, but writing it down and sharing it with others is another story.
Responsibility for the shared post requires you to do it properly and have the skills to systematize the problem to convey the most complete content. Like the article you are reading here, these are all things I still do every day, but when I write a sharing article, I still have to research and verify it again to make a complete article. It was also a re-learning for myself. In addition, when you share, you will receive many feedbacks from the community to help you upgrade and improve further.
Learn or Lose
Hope this article will bring value to everyone. If you find it interesting, you can share it with the community.
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