Today I'm gonna be talking to you about five things to avoid when investing in Bitcoin and any other cryptocurrencies! I've made plenty of mistakes in my past when it came to cryptocurrency, and I'm gonna share some of my experience that you could apply to your investment strategy. So let's get right into it so the first thing I want to talk about is simply
just not investing. I know when I first got into cryptocurrency or better should I say when I first heard of cryptocurrency I really hesitated for a long time to get into it when I first heard of Bitcoin. Bitcoin was roughly at the price of nine hundred seventy-one dollars and 64 cents. However, I didn't actually start investing in buying cryptocurrency until Bitcoin was like two thousand three hundred or two thousand seven hundred. I could have doubled my money but because I was hesitating I ended up missing out a lot of profit than I could have gotten.
The second thing I want to talk about is following someone else's trading advice now I know there's
an abundance of videos out there and a lot of people do know what they're talking about. BUT, because you are investing your own money that you work for that you make yourself you're putting it into other people's hands in hopes of returns.
Now, what exactly do I mean by this?
Well, for example, let's say I go on bit tricks and I put all my Bitcoin in it and I'm
following this guy on YouTube. I'm not really naming anyone specifically but I'm just saying like I say I follow what they say you know their signals in a sense of hey let's buy now or they sell now. My gut instinct was telling me
to wait just a little bit longer or sell-off right now before it goes down but you listen to someone else and now
you're blaming them when in reality you should have taken full responsibility for your money because again this is your
investment, it's not their investment.
So at least for me, I remember back in 2017 that Litecoin had just hit $100 for the first time and I was ecstatic. I end up selling way too early litecoin at that time was from a hundred to like it went from like a hundred to like 140 in like overnight. I mean it was a huge increase you know in most cases I would agree that you know that is a great return. However, had I not listened to them and just stuck it off for like 24 more hours I would have doubled my money if not more I don't exactly remember what the price was in that amount of time but I think it was around that price point.
But my point is you should take full financial responsibility for your investment actions.
The third mistake I want you guys to avoid is trying to always perfectly time the market.
The truth is you're never probably gonna find that perfect time where to buy in or to sell it almost just doesn't exist
and the amount of time that it's actually there is like that much it's like a five-minute gap to get at the exact point and you're being too picky at that point. If you just if you're just waiting for that perfect time more than likely it just isn't gonna come in you're gonna end up missing out on all that opportunity just like I did which was the first thing which it was not investing for me when I had first heard of Bitcoin.
onto my fourth point which would be getting too attached to a coin I know for me I got way too attached to Ubiq (a small Ethereum fork). I have a decent holding of Ubiq I would say I now hold it in one of my wallets but it's just kind of sitting there. The problem is I could have sold it right back in January 2018 at $7 per coin and geez I would have come out on top. But because I was so emotionally attached to this coin I just couldn't let go and even to the day I still haven't sold those coins now whether it's worth just getting rid of at this point I don't know if it's even worth my time even to do so but nonetheless I held onto the coin for way too long and because of that I missed out on a ton of opportunities to sell for a great profit margin.
Lastly, the last thing I want you guys to end up avoiding in terms of investing in Bitcoin or any other cryptocurrency and
is not storing your crypto in safe wallets. OH MY GOSH have I lost cryptocurrency just by holding it on exchanges lost it by holding in just like crappier wallets that just suck. And for me, I've lost probably thousands now just simply doing that. So make sure you always store your crypto in safe spots. There's tons of things you can do such as buying Hardware wallet backing up on a different hard drive or you know external hard drive or anything like that or at least some of the safest websites that I would consider to be your best bets such as coinbase which is relatively safe speaking which their holdings are offline or so they say. But that pretty much does wrap up this post. Please do help support this post by upvoting and sharing. Click the video for the audio and visual version. Thanks and have a good one!
- Yursa
