Key point to remember before crypto investment.
The first step is to do your own research before jumping in crypto world. Never follow the influencer blindly. Influencer is a human he may commit mistakes just like the normal user. Another perspective of influencer is that they do paid content which may easily distract your thinking.
Better to learn the art yourself. Never trust on other experience because at the end you are responsible for your profit and loss. Doing your own research will help to build your confidence.
You can start research by checking the present and previous history of crypto currency. You may also check the tokenomics and used case of coint. Read the white paper thoroughly. Try to learn technical analsys. Knowing technical analysis will help to make you good trader.
Crypto investment is risky. It may make or break in just few minutes. This situation demands wise way of investment. Invest only on those funds which you can afford to loose.
Another common mistake new investor do is to keep their all eggs in one basket. It is not a good idea to invest in only one coin. Don't do this type of investment even if the coin has good used case. Investment in one coin make your investment more risky. This situation demands diversifying your investment.
Invest in multiple coins which have good use case. If one coin fail other may bear the loss. Such practice will help to curtail the risk factor.
Crypto market has high volatility. Volatility comes due to some good news or bad news So, it is important to keep close eye on the the present and future event. These events determine the volatility of the market.
We are lucky to have leofinance community available which is very good source for learning about crypto currrency, business and financial related news.
There is no single formula of achieving sucess in crpto iworld. Acting upon these point may help to grow in cryppto world. What is your opinion my friends?
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.
Recently, a good portion of what I've learned about crypto investing is from reading articles on leofinance and Hive in general. Doing one's one research and due deligence is very important. Nobody is responsible for you in the crypto space.
Its important to always diversify your portfolio. Spreading the risks is good advise !
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It's an awesome feeling having a platform like Leofinance around where one can grasp and grab indepth knowledge of what the cryptosphere entails .
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nothing replace doing own research and not putting all eggs in one basket.
Instead we need to have a well researched and diversified portfolio.