4 Lessons From Winning and Losing $12 Million in Crypto
Crypto-currency is slowly and revolutionizing the finance industry. The investment landscape will never be the same again with the introduction of crypto-coins like bitcoins and Ethereum with their game-changing block-chain technology. But investments with virtual money in the form of altcoins come fraught with its own share of risks such as high price volatility and extreme value fluctuations. So, it is important to treat crypto-investments with as much care as your other commodity or money-based investments. Here are a few guidelines that might help you to be cautious and invest wisely.
Don’t be too patient
This may sound like bad advice at first but trust me the game is changing rapidly, and new rules hold ground. While sitting on your money in the hope of a market in more profitable conditions seem like the safest option, it won’t help you to eke out most of the profits. Due to the market fluctuating a lot, it is futile to just wait around for it to settle down. It is key to analyze the market and find patterns. This will help you to pin-point the correct time at which to pull or push your crypto-currency
Crypto-currency may have particularly strong safety features, but it also comes with the possibility of flying out of your wallet for a variety of technical reasons if you don’t continuously and regularly check where they are. It is important to make sure the crypto-currency you have is recorded properly so that they are not lost when transactions are closed down, or the official guidelines changed. Since the investment-pool is already so prone to twists and turns, you need to keep track of all your altcoins.
It is important to know when to quit the game. This is one of the golden rules of investments and is sometimes the linchpin to one’s financial success. It is important to dole out a comprehensive and thorough strategy that carefully executes all the actions needed for a clean cut. Such a strategy would include alternate plans to move into other trades and commodities. Be sure to plan out such a strategy well-ahead of your move to get out of the game. Procrastination in investments is a sure- shot way to flush your crypto-currencies down the electric drain.
While many may see crypto-currency as the proverbial pot of gold that anyone can lay claims to, it requires serious strength of gut and a presence of mind to fulfil your dream of being a successful investor. It requires a diligent and assiduous knowledge of the procedure and a penchant of finding out patterns in an ever-fluctuating market. It is also highly recommended to not be an over-enthusiastic investor who is too eager to see the problems. It is also very important to know when not to lie low and be a little courageous with your dealings. Learn to know which is which to considerably increase your wealth
Have a little fun
While money is nothing to play with, crypto-currency investment is still a new avenue and can be enjoyed with its highs and lows. It is advisable to only invest when you have that extra money and learn to be a little optimistic in your venture. Being afraid won’t serve your needs at all and being scared of the market’s high points and low points is not recommended. Rather it is okay to enjoy the process and the happiness that comes with a successful investment and a profitable venture. After all, investments don’t always have to be something to worry about.