Step 1 — Create a Safe Starting Point
- Open an account at a trusted exchange: Binance or Poloniex.
- Complete KYC and enable 2FA.
- Add your payment method (card or bank transfer).
Goal: be ready to buy, sell, and withdraw securely.
Step 2 — Fund Your Account (Small First)
- Start with an amount you can afford to learn with.
- If you're brand new, use USD/USDT → SHIB pairs for simplicity.
Tip: Keep a little balance in stablecoins; it makes buying dips faster.
Step 3 — Choose Your Core Strategy
Pick one as your main engine to make money, and stick to it:
A) Dollar-Cost Averaging (DCA) — Low Stress
- Buy a fixed amount of SHIB on a fixed schedule (e.g., weekly).
- Benefits: reduces timing risk, perfect for beginners.
- Action: set calendar reminders; never chase price spikes.
B) Swing Trading — Higher Effort
- Aim to buy pullbacks and sell bounces.
- Rules: define entry, take-profit (e.g., +8–15%), and stop-loss (e.g., −5–8%) before buying.
- Keep a simple journal: date, price, reason, exit result.
C) Earn/Staking — Passive Yield
- After buying, place part of your SHIB in Earn/Staking products on your exchange (when available) to get yield.
- Keep an unlocked portion liquid for opportunities.
Step 4 — Build a Risk Plan (Protect Capital First)
- Allocation cap: Don’t put more than a set % of your crypto funds in SHIB (e.g., 10–25%).
- Emergency rule: Never invest rent, debt, or emergency savings.
- Stop-loss discipline: Decide the maximum loss per trade (e.g., 1–2% of portfolio).
- Security: 2FA, unique passwords, phishing awareness. For long holds, consider a noncustodial wallet.
Step 5 — Execute Your First Purchase
- On the Buy page, select SHIB.
- Choose your card/balance, confirm the amount.
- After execution, screenshot or note your average cost.
Quick win: split your first buy into 2–3 parts over a few days; it smooths your entry.
Step 6 — Automate Good Habits
- DCA automation: schedule recurring buys if your exchange supports it.
- Price alerts: set alerts for buy zones and take-profit targets.
- Portfolio rules: e.g., take 10–20% profit on strong spikes; always keep a small core position if you believe long-term.
Step 7 — Add Yield (Optional but Powerful)
- Allocate a portion of SHIB to Earn/Staking products to compound.
- Keep some liquidity un-staked to buy dips or rebalance.
Step 8 — Rebalance and Take Profits
- On big rallies, trim a slice (5–20%) and move to stablecoins.
- On deep dips (with the same thesis), DCA add modestly.
- Monthly review: winners, losers, and plan for the next month.
Step 9 — Track, Learn, Improve
- Keep a simple log: buys, sells, reasons, outcomes.
- Identify patterns (impulse buys? Ignoring stops?).
- Improve one rule at a time—consistency beats luck.
Common Pitfalls to Avoid
- FOMO buys at new highs; panic sells on red days.
- Overexposure to one coin; ignoring fees and slippage.
- Leaving all funds on an exchange long-term without 2FA.
- Chasing “guaranteed” signals or unknown platforms.
Quick Start ChecklistOpen Binance or Poloniex
- Enable 2FA + complete KYC
- Choose DCA or Swing as your main strategy
- Make first buy, set alerts, and log your plan
- Add Earn/Staking for passive yield (optional)
- Rebalance on rallies; DCA on dips; protect capital
Tags
Binance