Cypto is a new investment opportunity that gained popularity in 2020 with the rise of affiliates and influencers promoting it. As more people joined, many began to approach it like traditional forex trading. However, this is not the right strategy because the price of crypto can increase or decrease by 100 times, which is vastly different from forex or stock markets. Most people focused on charts, tracking price fluctuations, and reading countless articles, yet still ended up losing money.
If you think you're smart, remember that there are always smarter players with access to more information. They know when to buy and sell.
For example, I don't know anyone here who has made millions in the crypto market. You need to understand the following:
1. Spot trading is safer - It's less risky compared to other types of trading.
2. Monitor your list of crypto daily - If you own multiple cryptocurrencies, check them regularly because some may lose value rapidly.
3. Don't overconsume information - Too much reading can overwhelm you and turn investing into a game.
4. Small investments won’t make you a millionaire - You need to invest wisely and understand that small amounts alone won’t lead to big profits.
5. Don’t invest all your savings - Only invest what you can afford to lose, especially if you might need the money for essentials like a home or food.
6. No one knows the future - No one can predict which coin will surge or plummet.
7. Avoid following greed - Don’t rush to buy when prices are high, and don’t panic sell when prices drop.
