DYOR simply means “Do Your Own Research”.
The purpose of doing your own research is maximizing profits and minimizing risk. It works by asking the right questions and developing an understanding of potential investment opportunities in order to help you make intelligent investment decisions.
This acronym is quickly growing in popularity as new crypto projects and investment opportunities are being released to the general public. DYOR allows you to stay up-to-date with the latest products, technologies, news, legislation, trends, etc.
In the world of science, “research” denotes a system for investigating a subject in order to eventually form a logical hypothesis. Scientists collect and evaluate data in an effort to find trends or outcomes which can be repeated, either proving or disproving the hypothesis. This system is unbiased and seeks to find objective facts.
The way it’s used nowadays, “research” is information gathering for the purpose of confirmation bias. Deep down we all want to find objective evidence proving what we already believe. This is a common trap many people fall in when doing their own research.
While conducting research we all find ourselves caught in this constant battle between objectivity and confirmation bias.
Continue reading to learn how to correctly DYOR and make intelligent investment decisions.
Practically speaking, to DYOR you should try and prove yourself wrong and be pleasantly surprised if your preconceived notions end up aligning with reality.
It’s important, when you start doing your own research, to understand the fundamentals of any potential investment.
When it comes to cryptocurrencies and blockchain projects specifically, consider the following:
the network where the coin was developed,
the technologies used in the project,
and the potential relevance of such technologies in the future.
Additionally, pay special attention to who is behind the coins. What were their intentions and plans with creating such an asset? What problems are they trying to solve? This is where a given crypto’s true colors shine.
To start Doing Your Own Research follow these 3 steps:
First, gather information from multiple sources, independent of one another, where the majority reach a consensual agreement.
Next, refine and narrow down your search. Now that you have something of a foundation to build off of, you’ll start to see weak points in your understanding. Only you know what you know and, more importantly, what you still need to learn.
Lastly, all you have to do is repeat this process. Over time, you’ll begin to form your own conclusions. Just be sure they’re based on factual reality and not your emotional opinion.
Once you find a few solid potential investments you should join their crypto communities through social media and group forums. This gives you a personal understanding of who is actually investing in these coins. Not only that, it also allows you to receive updates straight from the developers.
The world of crypto is mostly unregulated with very few rules. In some ways, it’s like the wild west. It takes time, especially in the early stages, to build up the basic knowledge you need to make informed decisions with clarity and confidence.
All this is to say: Be careful and conscious when you DYOR.
You need intellectual integrity.
Be real with yourself, not only about what you already believe and have heard, but also about how you pose your questions and study your findings (especially on the internet).
The internet is an amazing tool and also a very terrible weapon. If you look hard enough you can find someone on here who agrees with anything you could possibly come up with. At the same time, you can always find some person or online community to protest even the most well-meaning cause.
When you DYOR you should also be especially cautious of the Dunning-Kruger Effect. This psychological phenomenon shows how inexperienced researchers are more confident in their basic understanding of a topic whereas professionals recognize their limited view because they have seen how deep the rabbit-hole goes.
Just because someone has a loud voice now or got lucky once (or twice) doesn’t mean their view on the matter has any significance. It’s important to learn from time-tested experts. You need to study the best.
How do you know who the best people to listen to are and that they’re not just spouting nonsense?
The main thing to look for is replicability. If they have proven systems in place, are known by the community as legit, and don’t have ulterior motives, you can listen to what they have to say. But, before you form any major conclusions, make sure to find other independent sources with corroborating information.
If they are real experts in your area of research, they will base their information on known and proven principles. When you can find the same key principles from multiple sources, you know you are on to something.
Here are 7 questions you can ask yourself to check if a source is legit:
Is this course well-known?
Do they have evidence for their claims?
What is their background?
If they have been accurate, was it a one-off event or do they have a proven track record?
Do they have a substantial following?
Are they trying to sell you something?
Did they pay for ads to be noticed and get you to click on their article?
There are so many amazing online resources available and crypto meet-ups worldwide you can use to learn more about Bitcoin and Cryptocurrencies. As you start to DYOR you will find plenty of other awesome reputable information databases you can use to expand your knowledge and learn about your next investment.
To help you get started, here are 13 sources you can use to begin Doing Your Own Research:
|Great if you’re a visual learner.
|You can listen to experts speak directly to the creators of new crypto technologies.
|Easy to read and digest because bloggers are genuinely passionate about their subject matter.
|Short-form content is great for staying up to date and gaining new insights.
|Many articles written by people who conduct research into new projects for a living.
|Deep insights into all things crypto
|Great for information on big stories in the crypto community.
|A few major universities offer high quality classes on cryptocurrency and its impact on the world.
|The world’s most referenced website for tracking the price of coins.
|The world’s largest independent cryptocurrency data collector.
|Fantastic resource for understanding the ocean of details and crypto news.
|The origin of a new project or coin.
|This advanced method of looking at the numbers may tell you a lot more than words ever could. Study the charts, candle patterns, indicators. Develop and test trading strategies.
Beware of misinformation and “pump and dump” schemes.
It is the internet after all. Some people are just plain wrong or they say things solely for the purpose of getting your money, views, and clicks.
Once you have collected sufficient information and start jumping to conclusions, try and prove yourself wrong. It’s better to admit your wrongs early-on and continue your pursuit of knowledge with the confidence that you are intelligent and can discern between fact and fiction.
You should also check out the sources the authors use to back up their claims. Look into things and don’t take everyone’s opinion as fact unless you can back it up with rock solid proof which can’t be torn down by opposing opinions.
Just remember: It’s your decision and your money at the end of the day. The more information you can get on a topic, the better!
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