It was a thrilling turn of events for Bitcoin and other cryptocurrencies in the days following Donald Trump’s victory in the 2024 U.S. elections. The market surged as if a bull charged forward with its horns, driving prices upward.
With the good performance of the market, many investors were attracted to buy and entered the world of cryptocurrency. Yes, buying at the high phase of the market.
But do not worry. All of us committed this mistake.
To comfort you, here are the tips of the #CryptoPH community leaders and members especially for first-time crypto traders.
The advice below was given during the recent BitPinas webcast about the effect of Trump’s victory on the crypto market.
Worth Watching: Check out the webcast here:
For PDAX’s Senior Manager for Brand and Partnerships Harry Santos, $BTC could reach the $100,000 price early next year, but he also emphasized that there is no need to rush into buying crypto. Instead, do a technique called cost averaging.
“Just cost average and you will be okay.”
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Meanwhile, Celo Philippines Representative James Pebenito, shared that for someone who is like him, who is not an experienced crypto trader, learning from the strategies of known crypto traders in this space is a good technique:
“If you want to learn more, follow the trends and strategies, follow the prominent traders like Luis Buenaventura.”
On the other hand, Content Creator John James Genove, also known as The Resistance Trader, said that in buying tokens, examine the project that launched it, as the project’s consistency will influence a token’s price:
“I am not advising you to buy at this phase but you should look at projects. Because in every bull run, you have to look at projects that have utility. We should be bullish on projects more than tokens.”
GCash’s Head for Crypto Luis Buenaventura then emphasized the need to think deeper and always reflect and verify information about the space and the market movement:
“This is the time when your journey as crypto enthusiasts will be quite exciting. I recommend that you spend as much time as you can learning and understanding what is going on.”
According to Trader and Analyst Joseph Lejarde, also known as The WhizKid Trader, awareness about the crypto industry is key to avoid, or at least minimize, committing mistakes:
“If you know what you are doing, you are not prone to scam and manipulation. You know the market cycle, you know the mechanics, you know the space, you know the crypto industry as a whole.”
Lastly, Content Creator Gilbert Lazaro, also known as TitoVlogs, clarified that being in the crypto space is like entering a rabbit hole—traders must be lifelong learners.
“Be very careful. Because in this cycle of the market, many become excited, and that excitement creates FOMO (fear of missing out). And after attracting FOMO, then they will cry. Just be ready for that and do not give up on crypto. Instead, learn about it.”
Beejay Bulosan: “Crypto is not for everyone and for sure, 99% of newbie traders will be buying high and selling low. Please don’t be that person.”
Filipino Astrologer: ”Hold on for dear life.” (This is a famous jargon in crypto known as “HODL.”)
Ken Polancos: “Always take profit!”
Rovi Reio: “It’s not too late yet. Hold lang po and buy more in dip.”
Reynaldo Dela Rosa: “Just HODL and relax my friend.”
Books: Knowledge is Power
KeeeanuReeeves: “97% of traders lose money—just hold and get rich.”
Do’s and Don’ts of Crypto Trading
BitPinas wrote a list of do’s and don’ts if you want to invest in cryptocurrency.
This article is published on BitPinas: Bumili Sa Tuktok: Advice for First-Time Crypto Buyers If You Buy at All-Time High Prices
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