We all know the potential of the crypto market and the opportunity it brings to all of us.
It’s not surprisingly the hottest investment of the century so far.
The opportunity it brings comes with the risk, and if you are not able to properly manage the risk, you can quickly lose your entire investment.
To welcome you to the crypto world, here is the list of things you should be doing and also things you should be avoiding.
Enjoy the rest of the article.
The process of finding an opportunity in the market will be the topic of another article.
This time we will help you understand what is required to do after you’ve found an opportunity in the market.
Never marry the coin you buy.
You are buying coins to make a profit not to hold them forever.
Take this as a business; you are here to multiply the money you have.
The money you are investing is not the money you won in the lottery but the money you were working for very hard.
Do not throw it away by investing in coins without a certain, specific target.
Even if the coin goes in profit, not selling the coins at some point will make you lose the profit you’ve achieved. (How to manage winning trades?)
Secure yourself with strong passwords and 2FA
If someone hacks into your account, the potential your investment has is gone.
The process of securing your account is very easy and straight forward. (How to protect yourself on crypto exchanges?)
The first thing we recommend is creating an email address which you will use ONLY for that purpose and you will not share it with anyone.
When you are creating an e-mail, don’t use your name or anything predictable.
We recommend using an email address like this: [email protected]
and choose a strong minimum 16 character password.
We highly recommend generating a strong password with this tool: https://passwordsgenerator.net
Be patient and focus on long run
Do not expect
There will be some of them that will make you profit very fast but also some of them will require you to be extra patient.
You should hold your investment until the target is reached or until you are invalidated.
The system you have has to include the pattern that will invalidate your initial setup.
Not all investments will reach the target, and that’s why you need an exit plan in case of the price going against you.
Holding a losing position is the quickest way to end up in a
When your initial investment setup is invalidated, you have to cut the loss.
As long as it is still following your initial setup, you have to stay patient and let it reach the predefined targets.
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Milos is an independent trader, with a background in journalism and publishing. Nomadic by nature, he’s lived in four different countries this decade. He’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives. Milos got into Bitcoin while completing his degree and hasn’t looked back since, writing about anything crypto-related. He is the co-founder of the Cryptoaims and he has a strong passion to educate people about this revolutionary technology.