Many people are now interested in cryptoinvestments. The cryptomarket was bleeding due to a pandemic and quarantine. As well as the portfolios of many people who invest.
If you’re also on this side, what you should do to get “back in the saddle”?
How to manage your cryptoinvestments
Of course, the goal is to be successful and earn money. Whether we are talking about cryptocurrencies or another investment tool. Investing in cryptocurrencies is not a science, but you still need to be careful about certain risks.
The more experience you have, the better you can estimate the situation. At the same time, you need to learn to read in charts and have the necessary, business intuition.
However, here are some tips on how to stay in the saddle:
1. Do not worry
All cryptoinvestments are risky. The advice is, be aggressive. It may sound counterproductive, but in these times, luck needs to be met.
It has been said many times that investing and trading are about emotions. You can’t control the market, but you can control yourself. Just embrace the fact you need to stay calm even when the price is falling down.
3. Piece by piece
Shop for tokens at different intervals. This will give you a better price for longer time than shopping in units and looking for the best time to sell. It is better to divide your investment into several cryptocurrencies than to guard one and hope that the price will rise.
4. Don’t play clairvoyant
Always rely on what is tangible. Your data, price history, information from the company. Don’t guess the future price. False assumptions are a sign of enormous risk.
5. When to run away
The status quo is to buy cheaply and sell expensively. If your portfolio is moving in the wrong direction, it is better to step out than to hope that the price will correct itself. Knowing when to “run away” is a great wisdom in trading cryptocurrencies. It is also good to know about how to use stop loss.
Trading is still a good way to make money. If you master the knowledge of trading, you can be sure that you will find treasure in your hands. However, let us remind you again of the golden rule of any investment – invest only as much as you can afford to lose.