Hello again, I am currently very occupied with buying and selling cryptocurrencies(trading), but I am not excited about prices and money I could pull of of markets each hour everyday, next day too, day in and day out. My principle is to research something, if it sounds good for future or solves a problem, I can be a part of that, then I invest. I am also very interested in how blockchains work under the hood, but on this topic maybe next time.
I have a little story for you all. How do you eat an elephant? You say it is impossible, so you don't eat it(I am assuming you say that). On the other hand I say I cut it to pieces and afterwards eat it. I truelly hope you understand it.
Lets put facts to form and shape and now, here we stand on fresh soil, fresh market - cryptocurrencies. Many people see the oppurtunity to invest and see the money, but too many people step in this market underprepared. I did same thing when I first invested. Now that I have 1 year experience from volatility, ups, downs, made - some, lost - some, I came to conclusion that I need a good strategy.
I firstly research project deep (best to take it easy and go through all details and major things). I really mean it. For me this is ussually 1 hour everyday, untill I am confident I know almost all important things. (If cryptocurrency is simple, yes you can know project from head to toes in 15 minutes - RaiBlocks is an example here). But usually projects in this sphere are more complex, so be patient because it can take a while(EOS, Ethereum) Once you do that, other things are just in your head and imagination I believe. I try to understand how mentioned projects could revolutionize, help or even transform society, financial system as we know it. Try to do it with passion, because it will take time, but at the end you will have a clearer picture of what you stand behind with your resources a.k.a. money. Bonus tip: Take ICO's with grain of salt, try not to expose yourself to too many ICO's if you are not sure about them. Because you are here to make money, you should also consider taking out your personal calculator and start doing estimates, atleast that helped me (kinda) take off from my initial investment in cryptocurrencies. Make an estimates, write them down, then set your plan, write your goals. I have one common minded logic of crypto to tell here. Almost all people know that they are early adopters of cryptocurrencies and are assuming they will make money, but how much of them actually have a plan how /when to cash out? Firstly I did mistakes and I didnt get burned, but I started being more careful now.
If you dont like reading:
- Research deep
-Try to understand use cases
-Do not invest blindly
-Diversification is key
-Do not go all in, on one project, rather put small amount of your capital on project for long term hold, let it run to the moon slowly.
Have fun peeps!
Thanks for reading