When it comes to crypto investments, keep in mind that it is a very volatile market that overturns the rules of traditional Forex trading. Although it has matured in recent years, the cryptocurrency market is not yet strictly regulated. This means that virtually anyone can launch a token and make a profit from its sale.
This open market character could bring big profits, but there are many investors who suffer big losses. If you intend to join this game, consider a few tips:
-- Do your own research
Before you start buying cryptocurrencies, it is very important to do your own research.
It is advisable to start with the team. Who I am, what experience they have in the field and how much time they give to the project. Another tool is Coinmarketcap where you can get information about the most important projects.
Also, do some research on blockchain network technology. For example, the Blockchain.com site provides a deeper perspective on the Bitcoin network and provides many statistics. All cryptocurrencies have their own blockchain explorer from which valuable information can be obtained.
When it comes to the most appropriate platform to start trading, the largest and most reliable exchanges are Binance and Coinbase.
In general, the basic documentation helps a lot and is not very difficult to do, it requires patience.
-- Be disciplined and have patience when making crypto investments:
Most beginner investors entering the market have read a few success stories on social media and think they can get rich in 24 hours. Of course, these situations existed, but now the market is different.
If you want 5x-10x results (which is still possible) you need discipline and patience. Make a plan and abide by it, give the chosen project time and participate in the community.
-- Invest time in learning the basics:
Most successful crypto investors only play the "HODL" game. HODLING is an expression that means not to sell for a quick profit, but to maintain your long-term investment. This strategy has proven to be the best, but it takes time.
You can use this time to study the fundamentals, which will give you the opportunity to evaluate other interesting currencies.
-- Be responsible:
it's your money on the market A lot of initial investors are entering the crypto markets with the advice of friends who are already there. You have to keep in mind that most investors are pursuing their own interests, so be careful who you get advice from. Money placed on the market is your responsibility and it does not help to blame others for bad investments.
Of course, this does not mean that you do not have to obey the advice of others - but make sure that they are experienced people who do not pursue only personal interest.
Those who are successful in the crypto markets are mostly investors who got into the game early and kept investing for several years. There is still time to catch a slice of this market, but be prepared for a 1 to 5 year wait for significant profits.
Historically speaking, those who enter crypto during this period can be called "Early adopters".
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