There is only one path to sustainable prosperity and that is wisdom. I believe that x100 knowledge this season will help you x100 x1000 assets next season. In this article, I will present methods to help you advance far and quickly in the cryptocurrency field.
1. Self-study
The #cryptocurrency market develops at breakneck speed, too much knowledge and constant updating makes it easy for newcomers to get lost. Below are the ways I learned during the self-study process:
Browse the overview and then select a niche
If it's #newbies at first, try to read all the basic knowledge to get an overview of the market, terms, concepts, participants, pieces of the market, … You also need to expand your knowledge about #blockchain , don't stop at cryptocurrency. I will attach some quality websites at the end of the article.
After you have a brief understanding of the market, choose a small area that you are interested in to dig deeper. Continue to break down the area you have chosen into smaller parts for research. To make it easier to visualize, think of a tree diagram. I often use#miroto do this. Doing so helps you think systematically.
Along with that, don't forget to learn about the history of the crypto industry and world financial history. Looking into the past gives us a clear view of the future. History always repeats itself, so it forms something called a cycle.
Dig into the basics first
Each person will have a research path depending on their abilities and interests. But in general, mastering the basics first will help you move faster with complex things. Before starting with hot trends like #nft, #layer2, #web3... you should probably grasp #btc, #eth, #bnb,#defifirst.
Always record knowledge
Taking notes helps you remember faster and also helps you review. In the past, I wrote notes in paper notebooks and notes on my phone, but later I switched to using#evernotebecause I found it very convenient and fully supported my needs.
A basic route I suggest is as follows:
Get an overview of all the definitions, terms, and slang.
History of the cryptocurrency market and world financial markets.
Macroeconomic knowledge
Blockchain knowledge
Composition, structure and movement of the cryptocurrency market
Deepen Bitcoin, Ethereum, BNB, DeFi
Then continue to dig deeper into the areas you like.
2. Learn from experienced people and the community
In a downtrend like this, there are many quality articles from OGs, Researchers, and KOLs. Because now they have time to calmly reflect and write. Uptrend everything moves so fast, they are busy making money and don't have time to explain to you.
You should use Twitter's "Lists" feature to add quality twitters for easy monitoring. In addition, if there is a suitable course, you should take the time to participate. For each course, you can filter out a few valuable things and that's fine. Remember the time it started, I took every course, including livestreams and YouTube channels, I watched them all.
Gradually over time you will be able to filter out which OG, Researcher, KOL, community you should follow, but now listing names if you don't have experience doesn't make much sense.
3. Develop a study plan and allocate time
I know not everyone can work full-time on crypto, everyone has other jobs. It is necessary to plan your studies and allocate time.
How to allocate it depends on each person, but you definitely need to schedule time for it, because then you are considering it as a job that needs to be completed, not a convenient time to study. App#structuredcan help with time management.
4. Spend a very small amount of capital to participate
The elders said, "learning must go hand in hand with practice" cannot be wrong. Even in a downtrend without waves like this, I still spend a very small part of my capital to play.
There are two purposes for this: one is to practice and the other is to not get distracted from the market. You know, the market at this stage is extremely boring and easy to forget, so "trading arts" back and forth is a way to keep abreast of the market.
Remember to use a small amount of capital to practice and experience. You can read more threads about my capital management experience below: https://twitter.com/KudoDefi/status/1604759141024923649
5. Write a diary
Yes, this is quite important, especially for newbies. When you first enter the market, sometimes you won't understand why you buy this or that product. Writing a diary helps you learn from experience quickly, avoiding past mistakes.
In my trading diary I usually write the following: time/coin/buying zone/selling zone/stop loss zone/reason for entering the order. Writing a trading diary is also a way to discipline yourself.
6. Share what you have learned
Don't hesitate to share the knowledge you've learned with the community. It's one thing to learn and understand in your head, but to write it down and share it with others is another story.
Responsibility for sharing requires you to be thorough and have the skills to systematize issues to convey the most complete content. Like the article you are reading here, these are things I still do every day, but when writing a sharing article, I still have to research more and verify it to make it a complete article. It was also a re-learning for myself. In addition, when sharing, you will receive a lot of feedback from the community to help you upgrade to further improve.
Hope this article will bring value to everyone. If you find it interesting, you can share the article with the community.
The Apps I mentioned in the article
Time management: structured.app
Notes: evernote.com
Draw mindmap: miro.com
Some websites newbie should start to learn
Coin98 Insight: coin98.net
Coin68: coin68.com
Algorithm: tienthuattoan.com
Binance Research: research.binance.com
Messari: messari.io
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Link3: https://link3.to/hoangdefi
