How to overcome your losses 📢📢
💰 Manage your money! 💰
Oh my goodness, how many people have you seen lose a lot of money just because they don't know how to manage their money and take too much risk? You've probably already heard the expression, "Don't put all your eggs in one basket." 🥚🧺 Well, thanks for the advice John, but what exactly should I do? People love to give advice that they themselves don't follow and can't even concretely explain how to implement it, so that's why I'm going to do it.
Managing your money well, and managing your risks well, is simply investing in different assets so that, in the event of a complete collapse of one asset, you will not be affected as much.
Let's take an example: You have $10,000 to invest in cryptocurrencies. To diversify your investment portfolio, it is recommended to invest in several cryptocurrencies. In general, in investing, it is often recommended not to exceed 10% of the total capital in one position. So, in this case, with an investment of $10,000, you can invest in 10 different cryptocurrencies. Now imagine one of these cryptocurrencies crashes and hits a very low price: that's okay, you will have only lost 10% of your total portfolio, which is completely recoverable along with the rest of your portfolio.
How many beginners do I see that fall into the trap of only buying two or three different cryptocurrencies? In particular, new cryptocurrencies