Crypto Compass: Navigate the Wild World of Digital Coins with Confidence!
EMOTIONS LEAD TO BAD INVESTMENT DECISIONS
Making profits is all about the timings, when to buy and exit your holdings.
When people buy a crypto after thorough research and it goes up by sixty percent, they exit. They exit in fear of losing what they have already earned. Eventually also losing the returns they were going to make.
And if it starts to go down they refrain to get out of it and and wait for a rebound, which rarely ever happens and they end up with their money stuck in a miserable investment.
ALWAYS HAVE AN INVESTMENT PLAN
Always question yourself what is your risk appetite regarding a particular coin before buying it. Pre define a threshold to exit it if it goes down a certain limit.
Do not invest all your money in projects with low market cap (like ranked beyond 50), keep some of it in top 10 or other less risky crypto assets.
YOU WOULD LOSE
Don’t panic, it is fine. I have yet to meet a person who have never lose a single trade in his investing career.
There would be times when things would get out of your hands and you would lose. Do not end up getting discouraged or digging your grave by investing whatever you have to cover up your losses.
People have ended up losing everything while trying to cover whatever they have already lost. Do not make investment decisions in an unstable emotional state and with irrational behavior.
Give yourself some time to process your situation and only invest with a calm and rational mindset. If you cannot tolerate 50% loss in your portfolio, you shouldn’t be in crypto.
STAY UPDATED
Keep following the crypto news along with brushing your knowledge about the blockchain and crypto space. And especially stay updated what's happening to the projects you have invested in and where they are headed.
If you will understand and follow just these very fundamental and basic things. I can ensure you that your ride will be smoother and easier with less headaches.
