What an exciting time we are in this 2018 year! We have just gone through a few years of a major learning curve. Some have gained an exponential amount through crypto investing as well as others who have lost massive amounts in a very short period of time. So what have we learned through these past few years that we can apply to 2018?
The Ponzi schemes.
Coins only created for "guaranteed returns of investments" are doomed. Can you make money investing in these coins, of course, at the expense of the newbies that toss their money in at these too good to be true claims as well. Just do not get so proud, we are all newbies, and these coins have an extremely high risk factor. These investment based coins are not a good investment and we should steer clear. Recently we heard this concern brought up at the SEC hearing. These are the coins that are giving crypto currency a bad name, and if we truly support the rise of blockchain technology and decentralized money systems we should not try to make a quick buck in something that is hindering this movement.
What are you investing in?
Do not jump in just because you have a fear of missing out (AKA FOMO) if it is a good coin the rising will not cease in the grand scheme of things. Check out the website, what is the mission of this coin? How much competition do they have and if there is any what makes them different or better? Who is partnered with them and what does the team present themselves like? Dont forget, the team is who you are investing in.
Buy Low Sell High.
This seems like a no brainer but it will never stop happening, the price starts to go up substantially and people get that FOMO and start jumping in. Also you will see when a price goes dipping in the red we have a line of panic sellers right behind it. We all know the buy low, sell high, but we rarely follow it because we get our emotions so wound up in the investment we start the "what ifs". If I see a coin start surging it does grab my attention and that is when I know I need to educate myself on this coin and keep an eye on it if my findings are good. One of the worst times to invest is at a peak in the price of a coin because it is sure to have some correction. At the time of the correction, if you feel the coin has a promising future due to its purpose and team behind it, that is the time you go in.
Teach yourself blockchain until you can explain it.
Can you explain blockchain technology to your neighbor? If the answer is no it is time to do some studying and I am planning a blog post on the explanation in my own words. I think the mere understanding of what we are dealing with will help you greatly make better investment decisions. So many of us jumped into cryptocurrency at the shot to make some money with out even understanding what we were putting our money into. This is the year we become more knowledgeable and it will separate those investing on get rich schemes and the technology investors.
This is a great opportunity for the world right now, a shifting of wealth. If you can take this opportunity seriously for what it is, congratulations, we haven't seen a shot like this to financial freedom in a very, very long time.
-LK
I agree the opportunity right now is incredible! It is not often that one has a chance to be part of a movement as big as crypto is! Left you a follow for this great post!
right on, you got a follower in me as well. Exciting times my friend.
It's all I can ever think about anymore!