Managing cryptocurrency investments requires a lot of patience and planning. Here's a refined breakdown of your strategy:
1. Selling to Minimize Losses: Selling 30% of your coins when you're facing losses is a way to cut losses and free up capital for better opportunities. It’s important to set a stop-loss limit to avoid deeper losses.
2. Buying a Promising Coin: After selling, reinvesting in a coin that has strong potential to rise is a smart move. However, thorough research is key—study the market trends, analyze the coin's performance, and consider its fundamental value before investing.
3. Diversification: Instead of focusing on just one coin, it’s wise to diversify your investments. This reduces risk and ensures that losses in one asset might be offset by gains in another.
4. Long-Term Perspective: Cryptocurrency markets are volatile. If you invest in a coin with good fundamentals, holding it for the long term can sometimes yield better results than trying to time the market.
