I know many feel they have missed their opportunity to profit from the crypto market, but the opposite is true. Cryptocurrency is a baby and still has a lot more room to grow. However, before you begin throwing your money into this market it’s important to do the proper research.
Not everyone will agree with me here, but I highly believe the best and SAFEST way to make money is long-term holding. Below are the strategies for long-term investing.
You can’t time the market. No one has ever successfully timed the market consistently over multiple stocks and the crypto market is no different. Stay away from being a day trader and avoid trying to “guess” the highs and lows. Sure, some people have better luck than others but the risk/reward is high in doing this.
Don’t sell/buy on emotions. A quick search in this community and you’ll find story after story of people panic selling when the price drops or buying high because they are afraid of missing out. Don’t make this mistake! If you truly believe in what your investing and you are holding for the long-term then it doesn’t matter what happens from day to day. When the price drops, that is a perfect opportunity to buy more, not sell. If you can’t handle the ups and down of the Crypto Market then you probably shouldn’t invest. Don’t be one of those guys who buys high, sells low.
Invest only what you’re willing to lose. This seems like common sense, but it needs to be said nonetheless. You don’t throw all your retirement money, savings, etc. into the Crypto Market (really, any market) no matter how much you believe in it. If you have so much invested that it’s causing you to have restless nights, affect your health or mood then you’re investing more than what you should. I personally invest 10% of income, 20% if I have no debt. If you are young with no family you may be able to invest more. Use your best judgement!
Diversify your Portfolio. We all heard the saying “Don’t put all your eggs in one basket” and that applies here too. If you want to make it simple, just invest in your top 10 and put a bigger percentage in the safer coins such as Bitcoin an Ethereum. By diversifying your portfolio, you decrease your risk, and that is what we’re all trying to achieve.
This is just the begining, follow the blog for more advices and other stuff about cryptocurrencies.