Top 8 most important advices that will help you not lose your money with crypto.
I will start by saying that just like so many people this days, I was also attracted to the idea of investing in crypto.
So I did my own research for a while, I saw tons of youtube videos and read numerous articles about the different types of cryptocurrencies and the best strategies people use.
When I finally understood what cryptocurrencies are and how they work, I decided to invest around 3000£, money I worked for. Let me tell you that this amount is not small for me, it’s not some change that I had in my wallet, I’m not that rich…yet.
After trying most of the strategies out there for a few months, from investing in small cap coins to only trading Bitcoin or Ethereum, from using trading bots or buying even NFT‘s, I tried them all and I will give you 8 precious advices for you not to lose your money if you’re thinking to invest in cryptocurrencies.
And just to make things clear, I am not advising you in any way to invest your money in crypto, these are just some advices that you will find useful if you already decided or you plan on investing in the crypto market.
1. First of all, you must do your own proper research about cryptocurrencies. You really need to learn and understand how everything works before investing any of your money in cryptocurrencies.
It’s important to know what you’re getting yourself into, make sure you understand all the risks, because everybody is talking about how much money you can make from trading crypto but not so many talk about the risks.
2. The second piece of precious information, and none of this so called “experts in cripto” are telling you about is that after you do your research and finally you start investing, most probably you are going to lose a part of the money you invested or in some cases even all of it.
The chances are much higher to lose money when investing in crypto, than to make millions like some people advertise. Try to keep that in mind before investing your hard worked money in something like this.
3. Find a person with experience in the cryptocurrencies world that can teach you how everything works, a mentor if you wish.
You will have more chances to succeed if you are being guided and advised by a more experienced person. This way you will be able to avoid many of the mistakes you usually make when you are just starting something new.
4. The forth advice that I can give you is to be patient and not rush things.
You cannot make money overnight and the people who are actually making money from trading crypto, usually plan their investment on the long term. If you rush and decide to go big and get rich fast, trust me, you are going to lose money. This will become more of a gamble than a serious and well thought investment.
5. Create your own strategy and stick to it, don’t take unnecessary risks.
Taking risks and abandoning your strategy is not the way to do it. Sometimes the price goes up in the crypto market, sometimes it goes down and your emotions will play tricks on you, it’s very difficult to stay focused and not to take risky decisions.
This is when your strategy comes into place and if you stick to the game plan it will be much easier for you to deal with everything.
6. Don’t invest more than your originally planned budget.
Set yourself a limit, a reasonable amount that you can afford to lose. Under no circumstances invest more than your planned budget.
Let’s say you lose the amount you had allocated for investing in crypto due to some bad decisions and you take money from your bank account and try to recover what you’ve lost. Chances are you are going to lose more money by doing this so it’s important to don’t go beyond the limit you set up originally.
7.If you know you are not the patient type or you just don’t deal with your emotions very effectively in general, my advice is to be mindful when investing in cryptocurrencies.
There will be moments when you will need to stay lucid, be patient and wait. This is going to feel very difficult to do at that time and that’s when you could rush things and take some really bad decisions.
8. My final top tip for you, and it’s an important one: In my opinion and from the experience I have until now, the only way you can actually make money without risking too much is investing on the long term.
Do your research, find a coin with potential to grow, could be a new cryptocurrency or a consecrated one, like Bitcoin. Invest only what you can afford losing and wait until the price of that coin goes up so that you can make a nice proffit when you sell it. This could take months or even years.
Anything other than this is just more like gambling because nobody really knows if the price of a coin will go up or down. Nothing good ever results from gambling.
I don’t know anyone that gambled their own money and got rich by doing that.
You can get lucky once or twice but sooner or later you will lose. So my advice to you would be: Don’t gamble, be smart!
I am going put this here just to make it extra clear: I am not a financial expert or advisor and this is not financial advice!
Do your own research before you start investing your own money into cripto. Feel free to take some of my advices or not take any at all. It is your decision.
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