This entire cryptocurrency sector is a speculative and unregulated market and there is a lot of hype and excitement around it because many people have transformed their lives and made a lot of money and fast which has brought a wave of young and old into the sector looking for the same returns.
The issue is many are young and inexperienced and they have been investing money that they were not willing to lose based on the risk.
Trading and investment is about research and confidence in the company or project you are investing in.
This should be your first rule.
Know what you are getting yourself into.
If you are looking for fast money, make sure you know that speculation is rewarding and also devastating at the same time.
You have to accept that prices will fluctuate and there will always be uptrends and down trends through the life of a stock, crypto or any speculative asset.
This is the energy of economics.
It is alive.
Simple rules:
- Research
- Invest only what you are willing to lose or risk
- Buy low, stack on dips and hold long is normally a better strategy.
- Never trade emotionally.
- If the price drops considerably and you are still holding the best option is to consider improving your position by buying more and stacking it based on your confidence in your initial trade.
- Wealth is an accumulated store of value based on your choices, choose wisely and be patient.
- 2 to 7 year cycles of trade are generally a good idea especially with a new entity as it must have time to evolve and find true market value.
- Always realise some profit and be happy with what you get.
- Learn market cycles however beware that cryptos don’t have any history apart from a massive bull market with huge speculative swings.
- Diversify your portfolio
- Buy early rather than after the news, laggers are always late and all good things come to an end.
- Seek to buy good techs at their youngest maturity so you can buy larger positions in a stock and hold long term to allow the best return and growth.
- Take responsibility for all your decisions.
Please let me know how you feel about emotional trading below in the comments? Have you made a few bloopers?
Follow Sebastian – @sebastianjago
Have a great day!
~Sebastian
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He has a passion for creation and believes strongly in process, self awareness, and diligent planning and is here to make an impact in your life.
Sebastian is the Founder and CEO of 6 startup companies and has travelled to over 24 countries with the aim of self exploration.
He has also dedicated his most recent stage in life to coaching people towards better lives via coaching & gym network.
He has played world cups for his country and is discovering more about himself each day via the diversity of information available to him.
Sebastian now seeks to guide and support more people towards better living and high states of awareness.
"A movement towards a #betterLIFE" ~ Sebastian