Crypto-Investment can be tricky! Even the most experienced have made mistakes. Big mistakes! Silly mistakes! It’s all a part of the learning curve no? If you’re new to the crypto-verse and even if you’ve been in it from the beginning, it’s better to jog your memory with the basics. It won’t hurt! We promise!
*Drum rolls please*
Here are the most basic crypto-investments tips you should know and swear by forever:
Profit Is When You Sell
Nothing can compare to the feeling when you see your coins skyrocket in value. It’s a wonderful feeling. A feeling we have no words to describe. It’s as if you’re on the moon. But, the thing is just because the value rises doesn’t mean you’ve made any money! You don’t actually make profit until and unless you move the value of the coin. It’s because of the volatile nature of crypto! If things are going well for you. Don’t just sit back and watch. You need to transform that value in a much more stable for, for instance fiat currency. That’s when you’ll make the real profit.
Don’t Listen To Your Gut
If you’re someone who makes their decisions based on their emotions. Crypto-trading might not be for you. Don’t say we didn’t warn ya! In the crypto-world you need to keep it together. Smart decisions based on the market movements are needed to be made. Not because your gut is telling you to do so! You’ll fall on your face!
If you find yourself in a position where you can make a profit, just simply resist the urge if you’re going to make a bit of cash. The only time you should really sell is when the circumstances allow you to do so. The circumstances could be: your profit goals and any relevant news that can affect the coin’s performance. Just stick to the facts!
Efficiency Is Key
Crypto is still in its infancy stages, right? Which is the practices of moving money aren’t set in stone. You will have to be efficient yourself and find ways to purchase and store coins in the most profitable way possible. Basically, how you purchase coins depends solely on how you want to buy them. Not all exchanges support all types of trades, so you have to find the one that best suits your needs. Some are even unethical and can hold your coins too. That sounds really scary! It’s exactly why everyone should do their own research.
Getting a wallet is super important as well. It’s how you can be safe. In addition that, a wallet allows you to store all the brand new coins in the market that aren’t even on most of the exchanges. If you’re someone who isn’t the day trading type and into occasional selling and buying. Then the best option is get a hardware wallet, something physical. It keeps your coins from getting stolen and the best part is you can’t make impulsive decisions. It’s a win-win!
If you have more crypto-tips everyone needs to swear by forever. Let us know below in the comments section. We’ll be thrilled to know some more tips!