in

10 Crypto Commandments for Newbs AND Common Crypto Currency Terms

I have a couple of solid resources, that have been very useful. I hope these resources shed light on building solid foundations for interest in projects for newcomers and expand knowledge on some common terms used within the Crypto Currency Community. Enjoy.

​

## Commandment 1: “Not your keys, not your coins”

If you don’t own the keys to your coins then you do not own your coins. Whoever has access to your keys owns the coins. This means, the coins you keep on the exchange are not yours.

## Commandment 2: What goes up, comes down; what goes up fast, comes down faster

Did your crypto shoot up 50% in a day. Don’t chase it. Anything that goes up that fast comes crashing down. This is especially true for Crypto. If you have a favorite project in mind that you know in and out about, have an entry price in mind and wait.Read Commandment 4.

## Commandment 3:  FOMO burns, FUD kills

If you FOMO (Fear of Missing Out) – you will burn your hands. If you FUD (Fear Uncertainty and Doubt) you will kill your chances of good timed trade.  

## Commandment 4: You cannot time the market

Have a strategy on your entry and exit price points. Play according to those without heeding to the markets temporary volatility.  Do not change the strategy unless you become aware of some new information. Remember – you cannot time the market but you can always formulate a strategy and stick to it. Don’t cry if you lose on a big move later as long as it is as per your entry and exit strategy. This will help build your trading acumen and confidence.

## Commandment 5: Be a Contrarian 

When everyone says it’s time for the moon, probably it’s the opposite. Focus on fundamentals not hype cycles. If you believe in a project with strong fundamentals and a real use case it will catch up at some point. It may not have double digit shoots in a day, but it might have a gradual uptrend which could be more meaningful and stronger compared to sudden ups and downs of unreliable coins.

## Commandment 6: Influencers will dump their bags on you

Thinking about buying a crypto because your favorite YouTuber said it’s going to the moon? It is probably going to the moon for that YouTuber not you. It is highly probable that your favorite influencer loaded up the bags first before talking about the project and simply looking to dump them on clueless suckers. They always hedge with stablecoins while they pump talk shit coins.  

Learn from everyone but never let others make your financial decisions.

## Commandment 7: It is a zero sum game

For you to win, someone has to lose in this trading business. For example, when people were selling XRP for $3 there were people who were buying it at that price. What happened to them now that XRP is at 20 cents? They got burned because they acted with FOMO (remember commandment 3)

## Commandment 8: You cannot catch all the waves

There will be a lot of buying and selling opportunities that will pass you by.  Let them. If you keep chasing every wave – you will never learn to surf. There are 100 shitty projects for every one good project, even with that count, you are looking at over 50+ good projects. You can pick a few of these good projects and learn about them deeply to make the right moves. If you try to chase all 5500 you end up getting buried with information overload.  

## Commandment 9: Pour your heart into your favorite projects but trade with head

There will be projects that you will relate to. It could be because of the problem it solves or the person behind the project or the potential for social change, whatever it is don’t hold yourself back.  Pour your heart into the project, support them however you can and be the voice for the project. But when you sit to trade – always use your head, never your heart. Ignoring this rule could bring peril.

## Commandment 10: DYOR, DYOR, DYOR, DYOR

Do not listen to these commandments, do not listen to some influencer, do not listen to the hype and certainly do not listen to the mainstream media. If you have to listen, listen, but take action only after you Do Your Own Research (DYOR).  

Source: [https://cryptotapas.com/10-crypto-commandments/](https://cryptotapas.com/10-crypto-commandments/)

​

## Popular Terms every cryptocurrency day traders must know:

**1. FOMO**

***Fear of missing out.*** It means the fear of missing out on the profit which might result from an investment or a decision.

[The Wiki definition](https://en.wikipedia.org/wiki/Fear_of_missing_out) – *A pervasive apprehension that others might be having rewarding experiences from which one is absent.*

**2. ATH**

***All time high.*** This means that the price of a certain cryptocurrency or coin has broken all of its past records and is trading at the highest price it has ever achieved.

**3. BEAR**

This is a term borrowed from the Wall Street people. This means a trader/investor who believes the prices of a particular cryptocurrency or market will fall and wants to profit from that fall.

**4. WHALE** 

This is a term borrowed from gambling people. It means a trader with a fat account, usually one who is bullish (one who thinks the market will rise) on the price of any specific cryptocurrency. These people are also referred to as *bullish whales.*

**5. BEARWHALE**

This means a trader with a fat account who is bearish on the price of a cryptocurrency.

**6. BAGHODLER**

This is an investor or a trader who has been holding *(or hodling)* for too long on a particular cryptocurrency and now has to face the consequences of that decision.

**7. REKT**

This is a misspelling of “wrecked”. This term refers to a trader or investor who is utterly ruined and destroyed with losses from the current downfall of a price.

**8. TO THE MOON** 

This refers to a crypto’s upward momentum as it keeps climbing in price, as in, *“The price of this coin will one day go to the moon!”*

**9. ADDY**

This refers to a cryptocurrency public address (or key). For example: *“Tell me your ADDY, please.”*

**10. FUD**

***Fear, uncertainty, and doubt.*** This term usually refers to investors who are unsure of the potential of a situation.

**11. CHOYNA**

A deliberately distorted way of referring to China. As China is a country which is immensely influential in the Bitcoin space, it has largely dominated mining and trading activities.

**12. ALTCOIN** = Any cryptocurrency other than bitcoin.**13. ASHDRAKED** = A situation where you lost all your money.**14. BTFD** = Buy The Fucking Dip (an indication to buy a coin when it has dumped so hard)**15. DILDO** = Long green or red candles**16. DUMP** = To Sell off a coin**17. DUMPING** = Downward price movement**18. DYOR** = Do Your Own Research**19. FA** = Fundamental Analysis**20. JOMO** = Joy Of Missing Out**21. LONG** = Margin bull position**22. MCAP** = Market Capitalization**23. OTC** = Over The Counter**24. PUMP** = Upward price movement**25. SHITCOIN** = A coin with no potential value or use**26. SHORT** = Margin bear position**27. SWING** = Zig zag price movement (Upwards and downwards)**28. TA** = Technical Analysis**29. REVERSE INDICATOR** = Someone who is always wrong predicting price movements.

Source: [https://coinsutra.com/hodl-popular-cryptocurrency-terms/](https://coinsutra.com/hodl-popular-cryptocurrency-terms/)

***References:*** [*Coinsutra*](https://coinsutra.com/hodl-popular-cryptocurrency-terms/)*,* [*Cryptotapas*](https://cryptotapas.com/10-crypto-commandments/)



View Reddit by C5_XenialView Source

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

15 Comments

  1. I basically feel like we could pin this. Really great and informative post for newer users, who feel like it is hard to get into crypto and has a hard time understanding all the terms and best practice for investing

  2. Tokenomics has got to be in there somewhere.

    The amount of people—new to this space—who think the ‘penny stock’ concept also translates to crypto markets is too damn high

  3. I witnessed commandment 2 in the fastest real time example I’ve ever seen yesterday watching ETC go from around €90 to over €120 in about 5 minutes, and back down to €90 in about 1. Then in the following 5 minutes it Jumped back to €110 and again back down to below €90 lol. It maybe did that one more time to a smaller extent before leveling out. Minute charts can be wild.

    Which makes me wonder, where is “When in doubt, zoom out” on this list?

Loading…

0

What do you think?

Cryptopolitan

Implications of Lack of Liquidity of a Crypto Exchange

“The Federal Reserve Payment Proposal” This is incredibly important news. For the first time, the FDIC is removed from the damn blocking role it has played with the FED and Bitcoin and conversion to dollars. Damn. POMP and CAITLIN LONG…