Table of Contents
Educate yourself or acquire knowledge
Knowledge is very
important here, make sure you know at least the basics of cryptocurrency before
going to invest. There is fun in doing what you understand because even if
something goes wrong you can figure out the causes and try not to repeat the
mistake. it can also help you understand the crypto market behavior during
engagement. But if you don’t know what you are doing or you’re just following what
someone is doing, you cannot be successful in the long run even if you are
succeeding currently.
As a beginner, you can
learn everything about cryptocurrency on this blog or you can start asking
questions of what?, when? and how? Google and different sites will answer
your questions, try learning as more as you can if you want to be an expert.
Learn books about
cryptocurrency to gain more knowledge, you will discover the secret that most
of the mentors and YouTube channels don't tell you, you will know everything
about cryptocurrency and the technology behind it which is blockchain. I have
learned a lot of books from different authors about cryptocurrency and
blockchain, and today I am proud of being the best cryptocurrency analyst and
investor. I will post here the best books to read about cryptocurrency and
blockchain
But remember, knowledge itself cannot help you succeed, instead, knowledge that is placed into practical application is more valuable, so get the knowledge skills, and practice to turn your knowledge into real-life application. By doing so, you will become consciously aware and subconsciously experiencing what you’re aware of.
Start Engaging
After acquiring knowledge
it’s time for you to engage in the crypto market by socializing, following
news release sites, registering accounts on crypto exchange sites, interacting
with different people who do the same cryptocurrency business, listening to YouTube
videos about cryptocurrency, analyzing the chart, depositing some money and try
buying, selling, transferring and trading.
By doing all these,
you learn practically what you learned theoretically. When you practice in
reality, you even remember what the theory was saying. By doing this engagement
repetitively you will become naturally experienced and your mind will be part
of the business. This is how people become experts and experienced in a certain
field, they become experts because they have been learning and doing the same
thing for a long time repetitively.
Create a plan
After you have
engaged in the market, and grasped a lot of knowledge and materials about the
market, now is the time to create a plan that works based on who you are, based
on your goals, based on your lifestyle, based on your capital, and based on your
ability to tolerate risk.
You need to plan how you
are going to invest in cryptocurrency, this involves having a strategy that
guides you on how to buy, sell, and trade cryptos, when to buy, sell, and trade, and how
to conduct both fundamental and technical market analysis.
You need to have an investment strategy that works based on your lifestyle conditions. Don’t just
copy other’s strategy and use it because it will not work for you.
For example, a person
who wants to be a Bitcoin day trader by trading BTC/USD with an initial capital of
$2000 and doesn’t have another job to do cannot have the same trading strategy as
a person with an initial capital of $100.
So, before starting to
invest in cryptocurrency conduct individual analysis like capital, environment,
family, and risk-bearing capacity because will help you to prepare a strategy
that fits you.
Be systematic and consistent. Your investment strategy should be simple, easy to understand, and updated.
Back-test your plan
Backtesting is the
process of applying your strategy by looking at the past market price data in
comparison with the present or future data that has been reacting.
Backtesting helps
you to know if your strategy will work as expected when applied in the market.
Through backtesting, you are trading in a real active market and you must
involve your actions as if you are running real trading.
Backtesting is good if you have created a trading strategy.
Have a list of some special mentors, education sites, and news release sites
Have a list of some
special mentors, education sites, and news release sites that you will be
following and guiding you sometimes when you encounter problems and you
need help or when you want to learn about something new that seems to be missing
in your strategy.
These tools are very important because we are not perfect always, we learn every day from different people and from different resources, so do not think you have mastered everything because the market changes every day, so if you don’t change as well with the market you will remain behind and start wondering why the strategy that was making me successfully last year is not working today.
Be positive even in negative situations
Some people become successful from the time they enter the market for the first time, and some people fail when enter the market for the first time.
One philosopher said, “Failure
is a massive part of being successful”. If you are trying your best to do
what your heart desires and you are failing most of the time, you don’t have to
complain or give up on what you do, you just have to keep going, and keep doing
because the more you fail the more you learn and the more you become close to
success.
If you go and ask many people who seem to be successful and experienced investors and traders in forex, crypto, and the stock market, you will find that it took them a lot of failures and struggles to get where they are today. Why they are successful today because they didn’t give up on what they were doing and believed.
Be patient.
When you join the crypto
market learn to be patient because success is not an overnight process. You
need to keep experiencing the market, learn the market behavior, and learn what
drives the crypto market price up and down until you become conscious aware, and subconsciously
experienced.
Cryptocurrency is a good investment market if you believe in the future. It yields a lot of returns on investment, but the problem is the difference in time between the time you invest and the time you get a return. Those who don’t tolerate or don’t have the patience to wait to close their investment earlier before the crypto skyrockets. This is one of the biggest problems with many investors who join the crypto market by believing that it can give profit faster.
Be careful with scammers
When you learn and fully
grasp the knowledge of cryptocurrency, the chances for you to be scammed are
very minimal because you will be doing many things alone with only your mind as
a guide.
There are many people out
there who act themselves to be best traders or investors, they persuade people
to take their money and deposit so that they can trade or invest on behalf them and give higher profit which at the end of the day when you deposit your
money to them they disappear and leave you alone complaining and nowhere you
can report due to the anonymity of cryptocurrency industry and it's
uncontrolled nature.
Do not believe
anyone who comes to you and promises to give a high return on investment, they are
all scammers. A good investor or trader will teach and guide you on how to do and
what to do and do not want you to give money so that can do for you.
Learn to do it yourself or have a mentor who guides you on what to do and how to do it.
Now you’re on the way to go
Start investing, trading,
buying, selling, transferring, earning, learning, and making money online with
cryptocurrency, and enjoy your life as an educated, experienced, and successful
crypto expert
How can you know if a cryptocurrency is good for investing?
Beginner's insight about investing in cryptocurrency
“Invest yourself in knowledge first before you invest your money”
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