Long tale brief: time is essential, in the crypto market. You either learn to make a decision quick as well as the act or you will be left. It is not such as any other market you followed in the past. Things are happening quickly below.
Here are some examples:
Today a project sky-rockets to the moon, tomorrow you will wake up and see it went to zero.Elon Musk tweets about Tesla accepting bitcoin. The next thing I see is my grandmother asking me how to buy BTC? Elon tweets again. This time he says Bitcoin is bad for mother earth. Grandma gets crazy and closes all her positions.
China bans crypto for the millionth time. People fear-sell their assets. It turns out that the news was fake. People buy again.
Crypto-whales and institutes such as JP Morgan or Goldman Sachs manipulate the market. Prices pump & dump.
So this indicates that if you want to play in this market, you ought to be completely furnished. You get on a watercraft in the middle of a sea. Tornados will certainly hit you, day and night. You will certainly not have the luxury of seating and also believing excessive. You have to determine and also act fast.
1 — Forget 2009 and move forward
I know a guy. He is so into the tech news. Back in 2013, he introduced me to the Bitcoin world. Since then, each time, I see him, he tells me:
“Bitcoin is too expensive now. It is now too late to enter the market.”
A classic “always follow the news, never buy” story!
It is true these days more people know about blockchain technologies and cryptocurrencies. But if you sit aside and nagging all the time about why you did not buy crypto 10 years ago, then something is wrong.
A Chinese proverb says:
The best time to plant a tree was 20 years ago. The second best time is now.
Research the market, find good projects, and plan your entry. Do not hesitate.
2 — Buy but also sell
As a trader or investor, you probably set some rules for buying:
you dedicate 10–20% of your monthly salary to X.
you buy X when it hits your Y price target.
you dollar cost average (DCA) on X on a weekly or monthly basis.
These methods are very healthy and balanced and also advised. Yet the issue is if you simply consider acquiring stuff without having clear ideas about your leave approaches, the problem is not full.
You most likely listened to great deals of people advising purchasing bitcoin and never market. A number of us believe that Bitcoin is the future gold. We see it much more as a “shop of value” sort of asset. We hope we can retire on it. So we HODL.
This might benefit BTC. However, for the majority of the symbols, it is not a wise technique.
Inspect the top 100 coins from 2013, 2015, and even 2019. The number of names do you recognize? What percentage of those coins are still to life? 80– 90% of those jobs are dead, decreased in rate, or moving sideways.
For altcoins (ETH included), you have to define the stop-loss amount. You better liquidate part (or all) of your positions when prices cross your thresholds. Even if you are not a daily trader, these automatic alerts and actions help you to invest safely.
Do not be too greedy. If you see some great rise in the price of some coins, try to take your profits. For example, suppose you buy $1000 of Doge today. After three months, Elon Musk tweets. Thanks to that, Doge pumps in price and now you have $3000. At this moment, you better cash out around $1500. That way, you take your initial investment out, you will enjoy some profits and of course, you can still be a member of the Doge Community (if it matters).
3 — Buy the dip
Oh, dips … lovely dips!
Let’s face it. Buying coins in the time of the market crash or downtrends are risky. Yet most of the time, the most rewarding investment occurs if you buy at those moments.
If you review the historical charts of bitcoin, you see that 6 or 7 times its price dropped between 20–70%. In 2021, we had China and Elon Musk FUD. In 2020, we had Coronavirus FUD. So on, so forth!
Now what we learned from historical price actions is that strong coins like bitcoin always find their way back to their previous all-time highs (and beyond). This means when the market crashes 60–70%, you have a chance to buy those coins with discounts.
And with some of those crashes, you do not have unlimited time to decide. They just last for some days.
Not financial advice, but the next time you see something like that, you better be greedy.
4 — Be greedy, but not with shitcoins (please)
Don’t get me wrong. Being greedy and buying the dips has nothing to do with trading shitcoins.
If you open your Youtube and type:
“what are the best cryptocurrencies with 1000x potential to buy right now?”
Then you open a random guys’ channel and he advises you:
“Hurry up and buy DOGEMOONSWAPODOT Coin”
Then, you invest $1000 in the coin. The rest of the story is pretty much clear. You see your initial investment goes down and down and down … until it hits 0!
It is completely OK if you are not an expert in trading or investment.
It is OK if you do not know the technical concepts behind blockchains and cryptocurrencies.
It is more than OK if you did not have time to review tokenomics, team, and fundamentals of each project.
But …
It is not OK to follow people blindly.
It is not OK if you understand that you made an error — a bad investment — and you insist on continuing on that path.
Be cautious about this!
Did you purchase a poor token? It happens to everyone. You quit your setting with a 20, 30, 40% loss. This will be a valuable lesson for you in the future. Do not stress. If you learn your lessons, there will certainly be constantly a lot more chances to gain earnings.
If you are new to the field, adhere to the strongest as well as much more well-established projects such as BTC and ETH. As you move on, educate yourself regarding various other projects and expand your profile.
Last Ideas?
Bitcoin in the ins 2014 generally had a 200% yearly increase in cost.
Every day, you become aware of new coins in the marketplace with 10x or 100x rate boosts. People are getting rich overnight. People are obtaining bankrupt overnight.
Stories step rates also. Think of China, SEC, El Salvador, Elon Musk, Coronavirus.
Contrast this with the traditional securities markets. You most likely do not see this amount of tension and also volatility there. Historically, you can get 10– 15% returns every year on your investments in that market. A safe bet to play. Yet, it is kinda boring.
The Crypto market is scooting. If you want to be an excellent gamer in it, you need to move fast too.
I lately released an additional story on Medium. There, I discuss in more information just how you can live your routine life as well as still spend and also gain great earnings in the crypto market. I recommend you to have a look at that tale too.
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