DYOR stands for “Do Your Own Research” and means it’s pretty straightforward. This means that you do your research before investing yourself. Because everyone’s investment reasons are not the same. Decisions are made based on many factors, and choosing to believe in one person’s reasons may not be enough. and can lead you to losses easily Therefore, information providers should you DYOR on investment products. You can also do DYOR by looking at how cryptocurrency works for beginners.
DYOR by knowing the product you are going to invest in
It is very important to research or know the product you are investing in. products will have value only when they can create value for people.
DYOR through product introduction or your preferred cryptocurrency coin can be created by:
• Study the white paper. Each coin must be issued on its website. Or it can be searched on the Internet, where the information on the white paper indicates the purpose for which the coin was created.
• See the product road map, how will it be? Was it possible in the past?
• Check who is the developer If the coin owner opens the page for you to know.
• Check credit through various communities especially on social media like Telegram, Facebook, Twitter or Reddit. We can search by product name to see what people are talking about.
Just like we invest in stocks. For that, we must know the company we choose to buy shares. Read profit and loss statements on cryptocurrencies. It can be done by the method above which we suggest. The more you seek more information, the better you understand the product. and understand what the product is made for. Is it really useful?
DYOR on technical charts
In the world of Cryptocurrency, There are tools to support people who can read technical charts. candlestick charts and can use a variety of indicator tools that will show you what the current price is.
Technical charts are tools to help explain the feelings of investors as reflected in the price of a particular coin. Today, if we learn to look at charts and then can find reasons to support a buy or understand it Why is the market price like that? events or news These are often reflected in prices on technical charts.