When i got into the world of crypto i felt that i could make millions in just months by puting some percentage of my monthly income into buying crypto currencies as a student.
I already had a fixed amount to invest every month, and yes i did make some profits but not the millions i imagined ill be getting. During my first trade i lost almost 30%of my investments because i really didn't understand what it was exactly and many of us are still making that mistake till date.
So today i would be sharing with the community the 5 things uyou should know and have in mind when you decide to trade crypto.
Source
(1) Thinking its a get rich quick scheme: As disappointing as that may sound ,it is actually the truth. You can only get rich quick if u are a huge investor . for example 1 btc is presently at $9,384.66 and i invest $84 and Mr Mike invests over $28,153.98(over 3btc) and the charts starts rising and 1 btc gets to 15,384, who do you think would have huge benefits? Mr Mike of for sure. me as a small investor may only get a couple of extra dollar to my investments. This is because btc as it is now is the most popular and most accepted crypto in the market right now, so its price but it wasn't that price in 2009. Now that brings us to number
(2) Getting the coins young: Most of us ignore airdrops and we dont realize that one little coin could change your life WS hen u list expected it to. Now what do i mean by getting the coins young,i mean investing when its still extra cheap and affordable cause you have no idea how huge that coin would be in a few years time(btc thought us the hard way) . Now you have missed out of the big coins and cant really afford to buy in bulk , why not turn to the cheaper ones and invest , as i said you cant tell how huge it would be tomorrow ,it might just surprise you.
Source
(3) Think of it as an insurance : It might sound funny to some but i see my btc as an insurance policy since i really cant afford much right now or more like a savings account and the other altcoins are my life insurance so i participate in airdrops, i purchase really cheap coins that i feel have a higher probability of doing well in the future. You don't get the money attached to your car insurance till your car needs to be replaced , so thats exactly how you should see your growing altcoins. Just imagine if 1hive is equals to 300 dollars in a years time and you have been able to gather over 1000hives(do the maths).
Source
(4) You have to master the art of Patience: You have to know that surely your hard work would pay off one day. While doing these, you have to know what coins you have and the different wallets they have been stored plus your pass codes and keep same email u opened them with. You should kill any form of fear in you and trust the process .
Source
(5) Take the risk: most of us are always scared of trying out new things and new opportunities, everything seems like a scam to us. Once you have such a mindset you cant go far in life. You need to leave your comfort zoon and try new things, new ideas, flow with the change. You have to use money to get money thats what some of us fail to understand ,you have to take risks because just that one thing may change your life forever. Ill use myself as an example, when etherum came out and free airdrops where been distributed,a friend of mine kept telling me to hop in that he felt it would blow up very soon and i wasn't buying the idea. He did the airdrops back then and acumilated over 200eth(note that it wasn't even listed as a coin yet) and now look at the price of ether in the market. Just that one risk ,just that one coin changed his life for the better and guess who ended up in regret ! Yeah that's right it was me. so don't be afraid to get out of your comfort zone,you might just get lucky who knows? You might even have a coin that would be worth millions in a fee years time right now in your wallet.
Lastly, don't be discouraged it surely pays of at the end trust me. Crypto is the future and its best to jump in now than later.
Do share what you think and add your own ideas, we learn everyday. Ill be sharing with you for wise investments and investment platforms you should be into so stay tuned