As more and more people are investing in Cryptocurrencies, it's important to learn from what others have experienced with investing.
Investing involves risk, and it behooves us all to learn as much as possible in order to make the most sound financial decisions.
Below are my favorite tips for investing. I hope they help you in your journey!
Zig When Others Zag
One of my favorite tips for investing and also for business in general. If the market is moving in one direction and everyone is selling, it might be the best time to buy. Vice versa is true. If you follow the pack in life, you'll be part of the crowd. But if you break out, you'll either experience tremendously more or less success. It's all about differentiating yourself and doing your research and choosing when the right time is to break away from the norm.
Invest in What You KNOW
Warren Buffet has been on record talking about this. There is a lot of hype about cryptocurrencies and people are pushing different ICOs and coins left and right. Don't get pulled into a rash buying situation. Do your research, and invest in the company, coin, team, industry, or technology that you know or believe in most. If you don't have an interest in the gaming/casino industry, maybe FUN isn't the coin for you!
High Risk, High Reward
A lot of us know this one but it still needs to be expounded on. If something seems to be offering a high reward and a very low risk, it might be a scam. Generally speaking, the more risk the higher the potential reward. Find out your risk aversion and pay attention to point #4.
Don't Invest With Anything You Can't Afford to Lose
Just like gambling, don't throw money into the pot unless you can live with losing it all. The crypto market is extremely volatile. More volatile than the stock market. And millions of people lost a lot of money in 2008 on the stock market. At any moment, new regulations or stories can lead to a crash. Conversely, at any moment the market could spike on a bull run. Understanding that risk is important.
You Can't Score if You Don't Shoot
I'm a big sports fan. Especially soccer. If my team doesn't take a shot all game, they won't score. Same with investing. A lot of people spend days and weeks researching about a new project, business oppty, building a website, etc. and never take action because they want everything to be perfect. Do your research, but don't let research paralyze you from taking action. Just like with Steemit, I didn't have it all figured out but I knew I wanted to share crypto advice so I joined. If you want something, go get it.
Hope you enjoyed!
Small ask- I'm just getting started and would appreciate any upvotes and/or comments if you found this article useful :)
Legal Disclaimer: This is only my opinion, make of it what you wish. This means that it's not advice or a recommendation to either buy or sell anything! It's only meant for use for entertainment purposes. Do your own research!