5 Rules Of Investing in Cryptocurrency
As 2017 is coming to a close, we all have many hopes, lots of plans and ideas to execute.
Personally, I am going to be going about my normal business… eCommerce! Then, I will continue trying to break into some other businesses which won’t be requiring more than 2-3 hours of my time per day. I had few successes with some this year, but they are not very concrete yet, so I won’t be talking about them just yet. But I will blog about them much later.
And I will be using a certain percentage of my profits every month on a lot of investments starting with cryptocurrencies. You can’t blame me, since September this year that I have haven constantly started investing in cryptocurrencies, I’ve been getting a lot of ROi… with almost no effort at all.
So, you can trust that I will be doing the recommendations as always. You’re subscribed to my stuff because you believed I can help you make money and I am never going to go silent if I see something that I think can help you do that, especially when it is something I am into myself.
But that said, I don’t think you should ever blindly follow me or anyone for that matter. You should understand that there is no Mr. Know-It-All in the world. And we are all bound to make mistakes.
For this reason, you need to safeguard your own investment against any advice or advices you get from others, even from your financial advisor.
I’ve known this for a very long time and it is one of the things that have been helping me to sail my business ocean without any regrets.
Let me help you with 5 great rules you can use to have a great 2018 investment life. And this doesn’t just apply to cryptocurrencies but to every other type of investments and businesses.
- Do Your Own Research
Yes, don’t just stay on the fact that one Mr. Expert told you to put your money somewhere and see it grow up to 50% every day and go ahead to do that right away. You want to do your very own diligence. Browse everywhere and read everything including reviews from other experts and review from people who have gone through that system before. Only then should you decide whether to go in or not.
- Invest At Your Own Risk
Try to invest what you can lose. Don’t sell your most valuable property, skip rent, children’s school fees in order to make an investment. Especially when it is on something you have zero control over. It’s just too risky and I think the only money you should put in this is one that you can afford to lose.
I have a trick I use on myself before investing in something I don’t control. And I am going to tell you, maybe you will find it valuable too.
I just imagine how I will feel if I had lost the money. I put my mind right where the money has been lost and let the feeling come through. Is the money replaceable? Is something important depending on it?
If you have $1,000 to invest and you put it all on the same platform, then that is so unintelligent. In fact, I will ignore all the promises a single platform is promising me and invest on $100 each on maybe 10 platforms. That way, I have increased my chances of not losing totally.
- Recoup Your Initial Capital First
This is always the first thing I do once an investment pays off. I take my initial capital back, sometimes with a certain percentage of profit and then watch how the project turns out. Well, I am human and sometimes I get greedy and take all my profit and capital at once. But one thing I don’t joke with is my capital; I always want it back ASAP.
- Take Full Responsibility
Whichever way the investment turn (profit or loss), don’t ever blame it on the person who told you about it. Don’t even blame yourself. Just take it as one of those things, learn from it and move on to the next one.
Sincerely, this will help you maintain a high self-esteem and help keep your mind open to some better opportunities which await you.
BONUS: Keep Records
I was guilty of this one until 2 weeks ago when I started listing the crypto projects (ICO and established coins) that I am currently on and then I couldn’t list them all from my head again. So, I picked up a note and put details about each of them down.
If you are investing in established cryptos, you can download BlockFolio app on your mobile phone to monitor them. But still make sure you write them down somewhere.