Be Mindful of These Tips During the 2020s Bullmarket
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With trading you are likely to fail. Keep this in mind before trying to time the markets.
• No matter if prices seem crazy never sell your whole position.
• If you must trade keep it a small percentage of your crypto assets. Not only are you likely to lose money trading you can lose everything from exit scams or exchange hacks.
• When prices rise to life changing amounts do not continue to gamble for more profits. Have a predetermined plan on how much to sell at each milestone. I for one made this mistake in 2018 and everyday I regret it thinking "I should have", "I wish", "If only". It is especially necessary to sell off in predetermined chucks as prices go parabolic.
• Pay your taxes: Tax man headaches, penalties and fees is not worth it.
• It is always a good idea to set stink bids just encase the market tanks for no reason to low low levels like back in March.
• The other side of the coin is setting high limit sell orders for those moments when the market occasionally goes crazy.
• Keep your finances to yourself. The more you talk about mad gains the more likely criminals will be out looking for you.
• We need newbies to bring more money into the crypto space, be nice and helpful. It is probably best to avoid recommending specific coins but general education is welcome.
Disclosure: I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article. The information provided should NOT be considered advice. The topics discussed are risky and have the potential to lose a substantial amount. I am not an investment professional and therefore do not offer individual financial advice. Please do your own research before investing.
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