I am not working in the finance industry and this is not a professional advice.
Every investment is your own risk.
Story: I was a student, i didn't have much money and my friends and I wanted to get rich every Friday. It was more a joke. But then I shared a german article about Bitcoin to my friends. Title: "Bitcoin is about 100€ - its crazy, but the bubble will burst soon." We all know what happened. And I didn't buy any Bitcoin for invest. I was just curious and shared a bit of Bitcoin with friends and soon lose my interest in it. I got 0.5 Bitcoin when the rise began and I start to think about investing in crypto-currency. So I read a lot, understand a lot and reinvest a lot. I invested a bit of Bitcoin in Ethereum because Ether seems to be the much better Bitcoin, I invest in DASH, because of its anonymity and later I invest in Ant shares (NEO), because of its technology lead. I invested in diverse new other cryptocurrencys and got more or less profit from it. And I also participate in two ICO's (Polybius bank and Trueflip - because I believe in the concept) Today its about 20 000 $ - and still grows.
So this is what i learned:
Crypto-Trading is a lottery, treat it like a lottery. Nobody really knows if this is a mega bubble and it will burst soon or never. You can lose everything you invest. But you can win a lot, when you are lucky. But there are three points crypto trading is better than a lottery. You have a better chance to get rich, you learn a lot and you can influence your luck.
Don't follow the majority. Don't be stupid. When your taxi driver, your barber, and your neigbhor talking about investment in a cryptocurrency - its to late.
Invest when the bubble burst. When the market is going to clean up, wait and look at the market, when the curreny is starting to recover, buy.
Never. NEVER! invest money you don't have. Never take a credit and when you run out of money, don't FOMO and don't buy cryptos.
Learn about blockchain and understand the revolutionary new technology. Why? Because you NEED to understand what you buy. There are a lot of stupid cryptocurrencys in the market going up and down. But all useful currencys are more stable and will stay when the market burst and a lot of others will vanish.
Stay calm. The market goes up and down. The value of my wallet fall 5000 $ 2 weeks ago, but that is the worst time to sell. I wait and the value of my wallet recover. Wait, drink tea and relax. Probably the market will recover - when not you loose a handful dollar and had a party time, learned a lot and got a great story for your grandson from the times, the Blockchain changed the world.
Don't be stupid. When the Value is going over 1000 $ start to think about how safe it is and how to protect. (if you want to know, I write my next article about this! Tell me.)
Use a strategy. You don't have to use my strategy but choose a strategy
My Strategy:
- Start with 100$ to test and understand the system
- Invest no more than 10% of the money you have and no more than a cent of the money you need.
- Invest only in cryptos you understand and believe in. Read a lot and avoid scam. Every ultimate crypto is a lie.
- Buy only while a market cleanup or new Cryptos you believe in
- When you make profit reinvest and diversify in other Cryptos.
- Stay calm
I hope you enjoy this article. Happy investment!
Any questions? Ask me.