What is unit bias and why you should avoid it 🧮

👉 Unit bias is a psychological phenomenon where investors perceive the value of an investment based on the unit price rather than its overall market capitalization

People often ignore the market capitalization of assets when choosing which coin to buy, but market capitalization is the only thing that matters.

You've probably heard things like "Shiba Inu will pump to $1" which is what people who have no idea how to calculate market value say. In reality, this coin would be valued at $589 trillion if its price rose to $1 🤪

The sad reality of irrational psychology is that it is much easier to imagine something worth $0.01 increasing in value a hundred times than something worth $10,000 🤷‍♀️

It is also much more satisfying to own a million coins, hoping the price of a token will rise to $1 than to buy 1/100th of a whole bitcoin.

But in reality, those who can't use a calculator are destined to part with their money sooner or later 💸

#crypto_tips

Best tools to manage your crypto wallets 💰

Keeping track of your crypto in a decentralized wallet can be a headache. Monitoring all your tokens, NFTs and DeFi positions is a challenge, especially if you have multiple wallets. But fear not! Meet crypto portfolio trackers 👝

Here are some of the best crypto wallet trackers 👇

🔹 DeBank. This platform is free. Enter your wallet address in the search bar to track your wallet balance, DeFi activity, NFTs, transaction history, and more.

🔹 Nansen Portfolio. This app gives you the same tools as DeBank but also provides additional analysis tools.

🔹 Zapper. This is also a tool for tracking EVM crypto wallets, but it also allows you to do token swaps and bridges within an app.

🔹 Zerion. This app allows you to not only analyze wallets but also swap, send and bridge tokens, and it also has a mobile app.

📌 Save this list for later and share it with a friend

#crypto_tips

Every loss is a lesson if you are willing to learn 📚

Many successful investors and traders have lost a significant portion of their capital on their way to riches. Anyone who has read a book like "Reminiscences of a Stock Operator" knows about these wild swings.

But it is important to remember that while losses are not to be feared, they are to be avoided while taking risks. It is better to learn from the mistakes of others for "free" 🎓

There is a very thin line between someone who is destined for success because they are not afraid to make mistakes and continue on their path of learning and someone who is an untrainable idiot 🤦‍♀️

#crypto_tips

Seven Bull Market Tips 🐮

📍 Don’t ignore memecoins, or other coins that are fundamentally useless. They usually outperform when FOMO directs liquidity flow.

📍 Don't look at the charts too much, or you'll be tempted to make decisions you may regret later.

📍 Don’t try to sell to buy back a little bit lower, this rarely works out.

📍 Never fully close your spot position, always leave a little "moonbag".

📍 Don't Fomo-buy after big green candles, buy the red and sell the green, not the other way around.

📍 You should always take profits at a pre-determined level, stick to your strategy, and write it down if you can't.

📍 Don't leave too much money staked in tokens or liquidity pools with high APY. If you start thinking about retiring based on the yield you're earning, it's almost always a sell signal.

📌 Save for later

#crypto_tips #TrendingTopic #FOMOisReal