What do we traders mean by DYOR?
What do we traders mean by DYOR? How can it benefit you? What should I look for in crypto space before I buy?
Well this is what I will cover in this short article. Don't forget to follow me for insightful information. DYOR in crypto means "Do Your Own Research". It is a phrase that encourages crypto investors and traders to conduct their own due diligence before investing in any project or token. It also implies that crypto investors and traders should not blindly trust any advice, claim, or recommendation from others, but rather verify the facts and data for themselves. It's important because the crypto market is often volatile, complex, and unpredictable. There are many factors that can affect the value and performance of a crypto project or token, such as its use cases, adoption, innovation, team, vision, roadmap, market capitalization, trading volume, liquidity, network activity, transactions, fees, hash rate, mining difficulty, and network value. It help traders like (You and me) to make informed and rational decisions based on data and evidence, and to avoid falling victim to misinformation, hype, or FOMO (fear of missing out)
MY DYOR
1. Analyzing the market size, demand, growth, and competition of the project or token, and comparing it with similar or alternative projects or tokens. Check 4 hours, 12 hours, 1 day, 1 week and even 1 month candlelight to be sure.
2. Monitoring the price, volume, liquidity, and volatility of the token, and identifying the support and resistance levels, the trend lines, and the trading signals
3. Following the news, events, updates, and announcements of the project or token, and assessing their impact and implications on the market and the community
4. Verify their Twitter account either blue or yellow tick ✔️.
5. Read their whitepaper, website, blog, and social media of the project or token, and understanding its vision, mission, goals, and roadmap
I hope every average trader can check this to avoid losing money . Thanks for reading. Merry Christmas.
