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The original was posted on /r/cryptocurrency by /u/theultimateusername on 2024-04-08 12:24:05.
Going to put this here since we're on the dawn of a new rally, and before everyone gets caught up in the excitement and forgets the basics, here's a few reminders:
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Back up your keys: If you've already lost these, move everything to a new wallet and back it up. Don't email your keys to yourself or keep them anywhere where they can be hacked into. You alone are responsible for your wallets.
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Keep your crypto off exchanges: Unless you're trading it, there really is no reason for you to give up your keys. Even the most 'seemingly safe' exchanges can go poof overnight. Remember FTX, Celsius, etc. That being said, you need to have step 1 in place first.
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Have your targets and prepare to take profits when you reach them. For example in tbe last rally, my targets for BTC were 30% of my stash at 40k, another 30% at 60k, and another 30% at 80k. We didnt get to the last one but I had cashed out more than half of my BTC and bought back in around the 25k range.
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You will not be able to time the exact top, you will not be able to time the exact bottom. Long as you get out higher than you get in, that's the way to do it. If you cash out at a profit and it keeps going up, that's fine. You still made a profit.
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Don't leverage or loan out your crypto unless you have no problem with completely losing it.
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You can help advise your friends and family to buy, but tell them it's their money and they are responsible for it. Don't tell people how much you own.
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Things will get volatile as hell. Don't panic buy and sell, plan your moves. There will be negative news. There will be positive news. Hold on and enjoy the ride.
Feel free to add anything to this list. Once things go parabolic it's good to have a few rules to remember. I did really well last rally and blew a very big chunk of it on leveraged trades, so ita a good reminder.