In today's world earning money is the first priority of almost every individual. We have a lot of projects and fields of work, where we can earn money up to different extents. Living in the digital era, dealing in crypto is evolving very fast, and is getting the intention of the top, middle, and low-level investors and traders.
Cryptocurrency is one of the most profitable businesses in today's world. But it is all associated with risks of losses at the same ratio as we gain profits. While investing in crypto, to minimize the risk of loses we need to follow some rules.
- Selection of Coin:-
The selection of a coin/token is the first and main step to be executed wisely. While investing we need to do healthy research on the coin/token we are gonna invest in. We should to check its background, and the project backing that very token. If you are investing in old age tokens, reading its graphs, ATH and ATL must be done.
- Holding the Coin:-
Once we have selected the coin/token the second most important thing is the capability to hold the crypto. Holding the crypto for the long term is always assuring an accountable profit. So if you have patience, you are favorable and acceptable, and profitable in the crypto world
- Invest the amount you afford to lose:-
To make your hands strong to hold the crypto for the long term you need to invest the amount you manage to lose. Don't invest the amount you can't manage to lose. I am not saying that investing in crypto is the loss of money but having no physical existence and fluctuations in the price sometimes shakes our hands to hold, and here we do not just break the rule no two but also lost our money and belief in crypto.
- Being Active to Market:-
Once you have invested you should be active in the market to know about all the ups and downs frequently. Because we know that there happens a lot of fluctuations associated even with minutes in the crypto market. So activeness will never let you miss a chance to buy or sell your assets at a good rate.
- Trade Your Assets:-
Once you have bought any coin keeping it in your wallet is not a bad decision. I know trading your asset is also associated with risks but they can increase your profit to great extent if traded with good strategies. As according to Jeff Kirdeirkis,
"A boat is safe in harbour, but that's not what boats are for".
So trading is also one of the factor to give a positive outcome of our assets.
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The post is cross posted on Read.cash