I've started Crypto investment for a few years now but it wasn't until a few hours ago I realized I skipped some important steps to investing. Even though I can still cope and get the most out of my investments, I still think it would have been much easier and rewarding if I had not missed those steps.
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And I was wondering if I'm alone in this, did you also missed those steps but are still doing well in the crypto verse? While following procedure in getting things done is placed on high importance, there are just sometimes we tend to skip it all and still get it all right.
It isn't advisable to skip important steps or not follow procedure provided and that is why I'm writing this after realising I made that mistake. What are those steps you should consider before investing in Cryptocurrency?
There are questions that should be asked
The number one step to asking those important questions to an expert is asking yourself if you're ready for the roller coaster that crypto investment puts you in. I mean, there's hardly anyone who doesn't know how uncertain and full of heartbreaks crypto is... You should know if you're ready for that because I do have a aunt who will never be ready for such a ride, she would always say... Buying and selling goods is my calling π
I have three important questions I think should be asked before investing in Cryptocurrency and here are they...
Why do I want to buy Crypto?
Many buy crypto for the long term investment rewards but a few in countries where crypto is accepted buy crypto to have them as currency. Which do you want to buy crypto for? I don't think I totally skipped this step as I knew enough to buy some tokens back then... I wanted and I still want to make it big with crypto.
Some people don't ask themselves or tell experts the reason for buying Cryptocurrency and these are the people who sell off even before the rise of the coin. They get anxious easily and tend to buy at smaller sizes than those who give themselves reasons to buy and invest.
It's hard for anyone to tell you that there are lots of risks involved in crypto investment. The next step to take before you invest should be you asking if you can tolerate whatever may come. I've seen a lot unlucky cases where their first ever investment turned out to be their last because it had a great loss and as well, I've seen some who go big after just one investment.
Where and how do I plan to buy cryptocurrency?
You can't go to the bank to say you want to buy Cryptocurrency especially not in this country I am in, except you want to be asked a billion questions and end up not investing. Researches will help you find out exchanges to buy and sell your cryptocurrency.
Crypto exchanges like Coinbase, binance and some others are good exchanges to get and store your cryptocurrency. Guides are found easily too on how to buy and store them safely in your digital wallets. Of course, there are risks of losing keys but like it had been said, crypto investment isn't for the weak hehe.
What cryptocurrencies do I buy?
This one is mostly up to you but it is wiser to ask experts who have been investing in crypto for a while or doing a very good research to know which you should be staking your money to. Even with experts approval, anything could happen in bear markets and reduce your tokens to zero but vice versa could be the case.
I can't say I totally skipped these steps but I did to an extent and that is because I just follow the crowd, investing in what a lot of other persons are investing in without considering the possibility of losing my money.
What about you? Did you skip these steps or you followed through?
