This is the third installment in an ongoing series about cryptocurrency investing. You can view Part Two at https://steemit.com/bitcoin/@johnphoenix/the-gordon-gekko-guide-to-crypto-part-two-pick-your-spots
Today's crypto lesson courtesy of Gordon Gekko is:
The mother of all evil is speculation.
- Gordon Gekko
The advice implied by this quote may seem contradictory to some. I mean, all investments require some speculation on the part of the investor. This is true with crypto, right? Maybe not as much as you think.
Speculating on stocks, the forex market, and cryptocurrency is not that different from gambling. The problem with gambling is that it's a lazy approach. The gambler likes action. The successful investor likes making money. Successful crypto investors put in the work required to earn. They do not speculate.
Researching an ICO and the individuals behind it. Studying technical charts. Learning more about blockchains and how they can be used. All of these things are important to success. The more work you put in, the more educated your speculation becomes. The simple act of reading everything about cryptocurrency you can get your hands on is beneficial. I'm talking about stuff written by experts. There are plenty of articles and links to articles here on Steemit. You just have to search them out.
You'll never be able to outguess the cryptocurrency market. Stop trying. It's a pathway to sorrow. Educate yourself and make the best investment choices that you are capable of making.