I want to start an open discussion on what people believe is the best way to approach the cryptocurrency market. I realize that there is no correct way to play any market but there are ways to play it smart.
Protecting yourself from downside losses is the first thing that come to mind, always have your exit points set and don't make decisions based on feelings.
Never invest more money than you can afford to lose. If everything went to zero you would still be able to pay the bills.
Besides these basic points which everyone should follow what do you believe is the best way to invest in this market.
Is hodling the best method?
HODLing for the longer term has numerous benefit for the average investor. It requires you to buy in and hold for the long term. You don't have to watch the market everyday and price swings shouldn't affect you. This is a long term investment which you believe in 1, 5, 10 years will be worth more than it is today.
Is trading the best method?
Trading crypto is of course going to be a more risky invest choice. With the risk though you also stand to make a greater return. The market for crypto is extremely volatile which sets up a good trader to make money off the volatility. In turn a trader can also loss a lot of money in a short amount of time if they are not always watching the price.
Which approach do you believe is the best way to invest in cryptocurrency?