Crypto as we all know is very a volatile market in which you can make 500% of your investment in a matter of hours and the same time, you can lose 100% of your investment. Technical analysis plays a very trivial role in crypro sphere. To be at the top of your game in crypto, you need to stay informed.
This article contains essential tips in which you must follow in other to be successful in crypto market.
1. Don’t invest more than you can afford to lose; this is a very vital point to be considered before investing in crypto. People hates to hear this because they think their coin is different, common buddy you need to put ON your thinking cap and understand that this is a risk you are taking. No matter the project you invested into, be it Xrp,EOS, Neo, Tron etc, there are 50/50 chance of failure and success on your investment. If you don’t learn this lesson now, you will learn it in future but in a hard way
2. BUY LOW AND SELL HIGH; this concept actually sound simple to everybody but its more complicated than it sounds. For instance, when people get excited about a particular project, and the price keeps going up, your emotion tells toy “OMG I’m going to miss this” trust me this I s a wrong time to buy. Always buy when other people are scared .
3. DIVERSIFY; never have all your investment/holdings on one coin “don’t put all your eggs in one basket. Think about this.
4. NOT ALL CRYPTO ARE CREATED THE SAME; out of the 17,00 cryptos in the market are shitcoins which have no reasons for existence except to make money for the founder. So do your assignment to narrow down to the 15 hundred coins which have real life application, and have a great team behind themb and invest in them
5. PLAN YOUR EXIT FROM THE MARKET; this is a huge mistake that people always make. They think they will figure an exit point along the line, and they will end up making a decision in an emotional space. “it’s going up too fast and I think the price is gonna fall anytime “its going down too low and I don’t think the price is ever gonna go up” decision made at this point are the worst decision. Always pre-plan.
6. LEARN TO TAKE A BREAK: take some time off sm spend it with your family and love ones! Don’t become obsessive with the computer.
image source; google.com
I hope you find this article useful don’t forget to leave your opinion I the comment section.