What I’ve Learned From the Cryptocurrency Market Over the Years
Lessons you can apply to help you navigate this uncertain market.
If you’re just beginning to invest in cryptocurrency, be prepared to take a trip you’ll believe. This market is unlike every other market you’ve seen however, some markets come close.
When I began investing, I knew some of the fundamentals of the market, but there are some things that took a bit more time to grasp. Sometimes, there are tough lessons you need to learn to be able to appreciate the market.
Some cost me only a few hundred and some resulted in thousands I’ll never be able to recover.
If you’re in the long run it is possible to recover losses. It is possible that you’ve made a loss recently in this market.
So, I have put together the lessons I’ve learned that may assist you. Here are some fundamental ideas to aid you.
There is no secret formula to make 10X or 100X return below. These will let you save funds instead of making costly mistakes.
1. Follow the top players in the crypto space.
2. Don’t invest and don’t speculate (gamble)
3. Learn the most you can about it
4. Bitcoin mining isn’t the best option for you – there are lessons regardless of whether the mining is air (lease) or purchase your own mining rig
5. Don’t get greedy — Know when it’s the right time to cash in your gains
6. Even 2022, it’s in the Wild Wild West
7. Keep track of your investments
8. Make sure you hire a certified tax accountant Don’t make a guess as to your crypto tax
9. Do not buy penny cryptos unless they are a part of what they are doing
10. Don’t place too many bets on the crypto killers – they don’t all meet the hype.
11. Don’t be a skeptic about any kind of exchange
12. Get a wallet made of hardware
13. You can only invest what you are able to risk losing
14. Make your investments regularly with a dollar-cost-average; don’t be concerned about the cost of crypto. The concept is to accumulate assets, regardless of cost.
15. Purchase when sellers are buying, and buy when buyers are
16. Make use of this Bitcoin Fear and Greed index to guide you.
17. Don’t try to justify every move made in the market
18. If you’re not able to hold onto crypto over a period of 10 years it’s probably not worth it
19. Even the best investors can be wrong at times
20. Purchase when news isn’t good
21. Sell when the news is not good because prices could be more expensive than they were before
22. There is risk everywhere from real estate, stocks, and precious metals
23. Don’t attempt to predict the market, as you’ll be incorrect 90% of the time.
24. Be wary of cryptos, especially when there is bad news about them. Their penny cryptos look nice but will not make you rich.
25. You will require a lot of patience to invest in this market.
Have any suggestions you could give us?
This article is provided for solely informational use. It should not be regarded as legal or financial advice. The information may not be true. Get advice from a financial expert prior to making any major financial decision.