The Importance Of Doing Your Own Research

in LeoFinancelast month

The moment you spend doing your own research is the moment well spent. Each of us have a choice - do we want to be spoon-fed or are we ready to take actions and turn dreams into reality? Yes, you can listen to internet gurus and invest in stuff that's trendy but until you understand the trend, you won't grow wiser.

Does it make sense? Maybe it doesn't. But at least it makes cents.

How to #DYOR?

This is a question to which there are no right answers. Yes, I can give you guidelines to what I think is important when choosing an investment but, in the end, it is you who is making the final decision. And always remember that! Even if the whole internet is shilling a certain project, hell, especially if the whole internet is telling you to buy, that's where you stay back.

Listening to influencers about investments means that you are already late. What you want is to be invested before everyone starts talking about it. That's why research must be done. Those who arrive first and do their best have a bigger chance to make it than those who arrive after thousands are already in. As simple as that.

How am I doing my own research?

When choosing a project to invest in, I do many things. Here's a small list of what I think are the most important aspects:

  • Is there an active online community?

Most of the successful projects became who they are because of the active community. If there's no online presence to be seen, it's a no for me. For some projects, there are only bots tweeting, for others, there's zero information on social networks.

  • Is the project sexy?

You don't want to invest in something that's not appealing to masses. For example, a coin for dentists. Yes, incredible things happen to shitcoins but that's not what you want to find. I want to invest in a project that I know will be there in the bear market (when one eventually comes).

  • Where is the token listed?

If a token is listed only on Pancakeswap/Uniswap, you must double-check the contract. Whether it's audited or has a mint function on it. There are many ways to pull a rug, the best way is to list on DEX's.

  • What's the liquidity?

Another thing about the token. You must check the liquidity. If it's really small, it will be hard for big investors to join. As important as having a decent liquidity is to have it locked. You can check that too.

  • What's the price?

Last but not least, check the price of the token. If it's already up multiple times this week, it's probably not the right moment to invest. The best strategy is to dollar cost average. Remember that if an opportunity is missed, another one will come. There are always dips to those who are patient. If not, there will always be other tokens.

Let the gains come to you and not the other way around.

Conclusive note

It's easy to buy what others are telling you to buy but that only works for a while. To get the best out of your decisions, you must do your own research. That's how you learn and improve yourself. Yes, you'll make mistakes but it's better to make a mistake when it's you who did it and not an influencer online who you could blame. Educate yourself, gain knowledge, experience, and wisdom, and soon, you'll reach new heights!

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Your bag of income!

Thank you for reading and have an awesome day/night ahead!

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DYOR is still underrated in crypto

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Very True!

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Your content has been voted as a part of Encouragement program. Keep up the good work!

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Truly! Thanks for stopping by!

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This is what I also support
You should do the research yourself and do not rely on anyone's opinions or words
In the end the decision will be yours

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That's right!

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Great message and good advice. I think it will be interesting and useful for many to read this article!

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Thanks! I hope they will take their time to read it!

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Your content has been voted as a part of Encouragement program. Keep up the good work!

Use Ecency daily to boost your growth on platform!

Support Ecency
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Thanks a lot!

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Solid post, we can earn from our investments, but we need to stay away from the scams and robbers. Its a great time to be here on Leofinancing, where we earn for writing posts, reading posts and engaging with others. I am excited about Cubfinance, Project Blank and the Leobridge. I

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That's an intriguing project you got there! I'll probably send some Leo too!

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There is a lot of hype right now in the area of crypto. The points you make are very good ones. Too many people get Rekt, by not knowing what they are doing.

Articles like yours are very good for people to read if they are just getting started in crypto. I have made a number of costly mistakes over the years in purchasing crypto.

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Thank you for sharing your ideas about doing your own research. You have laid out a great template for how to do research and what to look for!