I originally posted this on the brokerage that i use, and i thought i'd post it here incase anyone needs some advice if they've been burnt by the recent Pump & Dumps.
Friendly advice for those who need it:
A question that keeps popping up is, "should i invest in ADA now or wait for a dip". The answer to that is a 2 fold question, 1 "Why did you wait for ADA to rise before you considered buying it"? and 2: "Why did you wait for ADA to rise before you considered buying it"? This can be applied to any Crypto asset. You need to take a step back, research a bit about the asset you would like to invest in, not just what the Charts & Technical Analysis are saying, but what are the fundamentals with ADA and where is it going? What is its future? If you did a little research, you would've found out that ADA has an update called Goguen which is scheduled for release around March 2021 which will allow ADA to fully utilise Decentralised Smart Contracts & DApps. Many people expect ETHEREUM clients to jump ship too Cardano because ETH 2.0 is still not ready for release, clients that use ADA, will benefit from a much lower cost compared to the gas prices that ETH is charging at the moment. A focus of Cardano ADA is compatibility with other crypto currencies, so ADA is not trying to destroy other cryptos but is actively encouraging cross compatibility. Do your own research into it, if you believe in it and you believe it's going to go well over $1 this year, then invest in it. If you don't believe in it, then invest in something else like XLM XTZ BNB MIOTA LTC ect ect . This bring's me onto the point, should you be asking people on eToro "should i invest in ABC or XYZ", here's my answer to that, No! Why? Because most people on eToro would've told you to invest in BTC when it was at its All Time High of $42K, guess what, its not at $42K anymore. Some would've even told you to invest in Pump & Dumps like XRP when it shot up to $0.75 from $0.24 in 2 days because a Telegram Group was saying they're gonna pump it to the moon, some would've even told you to invest in another Pump & Dump like Dogecoin when it shot up to $0.07 from $0.007 in less then a day. What happened when they got Pumped, they got Dumped & many people got burnt. Don't be greedy if you don't know what your doing! Look for rises that are sustainable, if an asset goes up 10-20% a day, drops 10% back, consolidates a bit, then goes back up another couple of %, you might be onto a winner. An asset rocketing to something like 200% in a day is not sustainable, especially when its only going up because a Telegram group got together and said "we'll pump it up to the moon". Hardly anyone questioned their motives & asked the question "i wonder when or where they're gonna cash out". For XRP that Telegram group cashed out at $0.75 when a lot of people jumped on and sadly got burnt. Ultimately, it's your money, so YOU should be making the conscious decisions about what to do with it, not some joker on eToro or on a WhatsApp or Telegram group. When something goes parabolic, everyone wants a piece, but no one contemplates what will happen if they are the last person holding once the profits have been taken. Be careful, Be smart! I hope this is helpful 🙏
Another bit of friendly advice for new XRP holders who may be stuck with deciding what to do. First off, don't panic. Use this as a learning experience to be learnt from. There is always a way that you can re-coup your loses without closing your trade at a loss. Here are 2 ways:
1: Keep Hodl-ing until the next rise.
2. Do what i did.
I was one of those peeps who bought XRP in 2018 when it was at $3.5 because i didn't know what i was doing back then. It crashed and i was at a -67% loss. For over a year people said it will shoot higher, it never did. Instead of closing my XRP trades at a -67% loss, i transferred all my XRP in to my Binance account, then I exchanged all my XRP for VeChain when VET was at $0.09. It was the best decision i ever made because i have already recouped all my XRP loses and I am now riding the profit train. I hope this is helpful for those who are a bit stuck about what options they have. Peace out 🙏
Friendly advice for those who need it:
A question that keeps popping up is, "should i invest in ADA now or wait for a dip". The answer to that is a 2 fold question, 1 "Why did you wait for ADA to rise before you considered buying it"? and 2: "Why did you wait for ADA to rise before you considered buying it"? This can be applied to any Crypto asset. You need to take a step back, research a bit about the asset you would like to invest in, not just what the Charts & Technical Analysis are saying, but what are the fundamentals with ADA and where is it going? What is its future? If you did a little research, you would've found out that ADA has an update called Goguen which is scheduled for release around March 2021 which will allow ADA to fully utilise Decentralised Smart Contracts & DApps. Many people expect ETHEREUM clients to jump ship too Cardano because ETH 2.0 is still not ready for release, clients that use ADA, will benefit from a much lower cost compared to the gas prices that ETH is charging at the moment. A focus of Cardano ADA is compatibility with other crypto currencies, so ADA is not trying to destroy other cryptos but is actively encouraging cross compatibility. Do your own research into it, if you believe in it and you believe it's going to go well over $1 this year, then invest in it. If you don't believe in it, then invest in something else like XLM XTZ BNB MIOTA LTC ect ect . This bring's me onto the point, should you be asking people on eToro "should i invest in ABC or XYZ", here's my answer to that, No! Why? Because most people on eToro would've told you to invest in BTC when it was at its All Time High of $42K, guess what, its not at $42K anymore. Some would've even told you to invest in Pump & Dumps like XRP when it shot up to $0.75 from $0.24 in 2 days because a Telegram Group was saying they're gonna pump it to the moon, some would've even told you to invest in another Pump & Dump like Dogecoin when it shot up to $0.07 from $0.007 in less then a day. What happened when they got Pumped, they got Dumped & many people got burnt. Don't be greedy if you don't know what your doing! Look for rises that are sustainable, if an asset goes up 10-20% a day, drops 10% back, consolidates a bit, then goes back up another couple of %, you might be onto a winner. An asset rocketing to something like 200% in a day is not sustainable, especially when its only going up because a Telegram group got together and said "we'll pump it up to the moon". Hardly anyone questioned their motives & asked the question "i wonder when or where they're gonna cash out". For XRP that Telegram group cashed out at $0.75 when a lot of people jumped on and sadly got burnt. Ultimately, it's your money, so YOU should be making the conscious decisions about what to do with it, not some joker on eToro or on a WhatsApp or Telegram group. When something goes parabolic, everyone wants a piece, but no one contemplates what will happen if they are the last person holding once the profits have been taken. Be careful, Be smart! I hope this is helpful 🙏
Another bit of friendly advice for new XRP holders who may be stuck with deciding what to do. First off, don't panic. Use this as a learning experience to be learnt from. There is always a way that you can re-coup your loses without closing your trade at a loss. Here are 2 ways:
1: Keep Hodl-ing until the next rise.
2. Do what i did.
I was one of those peeps who bought XRP in 2018 when it was at $3.5 because i didn't know what i was doing back then. It crashed and i was at a -67% loss. For over a year people said it will shoot higher, it never did. Instead of closing my XRP trades at a -67% loss, i transferred all my XRP in to my Binance account, then I exchanged all my XRP for VeChain when VET was at $0.09. It was the best decision i ever made because i have already recouped all my XRP loses and I am now riding the profit train. I hope this is helpful for those who are a bit stuck about what options they have. Peace out 🙏