What is DYOR (Do Your Own Research) And Why You Need To
Jump into a forum, facebook group or twitter thread on cryptocurrency...
What do you see?
Everyone, I repeat, everyone is asking which coin they should invest in, what they should buy, when they should sell and etc...
Often times you’ll see “if you had $X which 4 coins would you buy?”
And you know what the problem is?
It doesn’t matter.
These people haven’t used the cardinal rule of investing in anything…
That being “Do Your Own Research.”
DYOR and Its Impact On a Cryptocurrency Portfolio
If you ask most investors what they invested in and what the company does, then you’ll usually get a good response (at least with successful investors).
On the other hand, if you ask most crypto investors that used a poll or popular opinion they will give you the usual spiel.
“It uses blockchain, a revolutionary form and this one is better than bitcoin because X,Y,Z”
Which may or may not be true.
But, ask them a few basic principles about the coin and you will end up with a blank face staring at you and the previous “when moon” look gone to a distant planet.
That’s because this person didn’t follow the DYOR principle.
One that can be easy, but requires work, as does anything that you truly put value into.
See most people think they can hop into cryptocurrency and get rich.
That was 2009-2013.
Now you have to work for it, digging through the scammy ICOs and Shitty altcoins until you find one that meets the criteria for investing.
Yet most people don’t even know what to look for.
The magic of cryptocurrency is that anyone can be an investor regardless of their prior background.
It’s because this is an investment in the future of the world, not necessarily one to become fiat rich, but when we turn to something easier and more global you will have been an early adopter.
Unlike with the stock market where you are at mercy at what the big dogs want to manipulate.
And yes there is manipulation in cryptocurrency.
Although, when you find a few of these leading indicators and really do your research with, you’ll be able to find a coin that, in the long run, can make you a very wealthy person.
What Are The Indicators/Criteria To Look For?
We can’t cover this in detail in this article.
Heck, it takes a long time to actually trudge through all the information in a coin and come out of it knowing what you want to invest and when to take profits (from a non-technical analysis point of view).
Despite that there are a few simple ways to start looking into and doing your research for coins.
- Who started the coin?
- What is its purpose?
- Are there coins like it?
- What is the overall market for this coin like?
Those are just a few out of many questions you could ask about a coin.
Now, for those that are serious investors, this can take 10-20 hours if you know what you are doing to truly research, understand a coin, and invest in it.
Yet, if you don’t know what you are doing then you will be looking out the window for butter flying 😉
That’s why we recently put together a course to teach people how to do their own research.
With the criteria that a coin needs to reach, easy to use checklists and a lot more to help you find solidity in your coin.
And, because most people neglect this very important key to understanding a coin, you will see the weaknesses of what you are investing in.
This is launch week for the course, and as such, we wanted to offer an exclusive discount.
If you are interested please use the link below...
Thanks for reading,
The GCA Team
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