The crypto exchange world has taken the world by storm. What once was a niche hobby for programmers is now a booming industry with new coins, ICOs, and cryptocurrencies being created all the time. In this post we’ll share some tips on how to get started in cryptos without succumbing to guilt or worry.
1. Don’t Buy on a Huge Pump & Dump
There’s an old saying in the investing world… buy low, sell high.
It’s good advice. If you want to make money then you should invest in something that is on a downswing or has been hit with a recent set back and wait for the rebound. By doing this, you allow yourself time to do research into the project and see just how stable it is before making your investment. You’ll be able to see the long term potential of the coin, rather than cutting profits short because a coin spiked early on and then dropped afterwards.
If it looks too good to be true, then it probably is. If you’re investing in cryptocurrencies, and you’re still holding them after all these months, then you seem to not be taking advice from this very blog.
2. Don’t Invest in Something You Don’t Know
Cryptos are a wild west. There are no rules. You can do anything you want, and there’s very little regulation. The only caveat is this… just because you know how to program a coin doesn’t mean that you can create your own currency and expect it to gain value over time. If you don’t have experience in creating or trading stock on the stock market, then don’t try to start your own cryptocurrency exchange.
The crypto field is new, exciting and has the potential for massive growth -but it all comes down to what you can bring to the table, your concept, and if people will invest in it. If you can’t make your own coin profitable, then don’t try News approved site is here.
3. Don’t Buy into Schemes
Scams are fairly prominent in the crypto world. People want to be the next big thing, and so they will do anything to get investors. This includes using pictures of celebrities who have nothing to do with the project, or creating fake websites that look like ICOs (initial coin offerings) in order to get people’s money.
4. Don’t Panic
Crypto is a volatile market. You can make money and lose money over night, so it’s important to know when to stop investing. If you’re in for the long haul, then you should be able to predict when certain coins will drop and know that it’s time to cut your losses and move on.
If you don’t have the ability to see through pump & dump schemes or other scams then it’s very easy to get carried away and lose your entire investment. Don’t give in to panic without doing your research first.
5. Buy When You’re Able To Buy
The best advice we can give you is to buy when you can. If you’re going to be investing in cryptocurrencies then it’s a good idea to invest for the long term instead of buying assets that are only around for a short time. The reason for this is simple… if something goes up too high then people will panic and sell their coin at any price. If they do this, and they do it quickly, then there’s an extremely high chance that their coin will lose its value very quickly and stop gaining momentum altogether. You don’t want your investment in cryptos to do this, so don’t buy them when you can’t commit to the long term future of the off page seo asset.
6. Don’t Panic Sell
If you’ve been following some tips on this page then you should know that it is incredibly important to not panic and sell when prices are down. If you can stick with a coin while it’s price is low and it starts to recover then you’re in for a major profit.
This is important because when people start panicking and selling, the price will drop faster than ever, so if you can wait for the price to go back up then you could make money dozens of times over by not selling your coins at the bottom of the dip, but waiting for them to go back up.
7. Don’t Invest What You Can’t Afford to Lose
This is another piece of advice that might sound like common sense, but it’s more important than you might think. If you invest all of your money into a cryptocurrency then you have no room for error. If the price drops and your investment is down by 50% in a day then you’ll have to wait for it to recover or sell off everything. This means that if the price never recovers, then there’s a good chance that you’ll lose everything.
We strongly suggest not going above 20% of your total net worth when investing in cryptos and NFT. Get started early with some cryptos and see how they work out for you before increasing your total investment amount.