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When we enter a new investment market, surely we enter, because someone told me that it was profitable, because you hear that a lot of
people become millionaires, etc, etc ...
But the reality is that, at first it is something unknown and you have to find out first where we put our money.
We must bear in mind that we must invest in a responsible way, otherwise we run much more risk of losing.
On the contrary, if we act wisely, we can become very successful in this market where not everyone wins.
Here I leave you, what in my opinion are, the 10 key commandments of the investor in cryptoeconomics.
1.-INVEST THE MONEY YOU CAN ALLOW TO LOSE.
Never use the money you need to pay your rent, your mortgage, electricity, food, ... and invest it in crypto.
Only invest that money that if it were lost by chance, it would not affect your daily life.
2.-INVESTIGATE ON YOUR OWN IN THE PROJECTS WHERE YOU INVEST.
Even if someone has told you that investing in a crypto asset is very profitable; Please do your own research before investing your money in something you don't know about.
3.-DO NOT LEAVE YOUR MONEY IN AN EXCHANGE.
Once you decide which currency to invest your money in, make sure you have it safe.
Exchanges are usually "safe", but at any moment they could not be and your money depends on whether they are active again or not.
External hardware wallets are the best solution to keep your investment safe.
I am not saying that you cannot trade with your money, but if you decide to do so, get what is just and necessary from your external wallet to perform that operation.
4.-PURCHASE CRYPTO LONG TERM. HOLD.
You will always get higher profits and less hassle if you look at your long-term crypto investments.
5.-BUY AT LOW PRICES AND SELL AT HIGH PRICES.
It may seem obvious, but when our investment enters a bear market it is possible that we get nervous and sell for fear of losing everything.
6.-ACCEPT THAT THE CRYPT MARKET IS HIGH RISK.
And for the previous point to be anchored, we need to keep in mind and accept that we are investing in a market that is considered high risk.
That volatility is present in our day to day and we must remain calm.
7.-WITHDRAW YOUR INITIAL INVESTMENT AS SOON AS POSSIBLE.
When benefits have been obtained it is important and necessary to recover our investment, to safeguard our economy, including to be able to continue making other investments and thus diversify.
8.-SET SHORT AND MEDIUM-TERM OBJECTIVES OR GOALS.
Establishing objectives and / or goals in the short and medium term will allow us to keep track of our investments and know what situation we are in at all times. And so knowing when we have we can withdraw that initial investment that allows us to secure our capital and thus continue investing.
9.-BE PATIENT AND NEVER, NEVER, NEVER LOOK 15 MIN CHART.
At some point in our investment process we are tempted to trade and I am not saying it is wrong. Performing technical analysis of the cryptos in which we want to invest, help us to operate more easily and get a purchase at a lower price and a sale at a higher price. As indicated by commandment number 5.
But trading with the 15 min chart analysis is because we want to get quick money and that would be too much speculation. We can do a good job, but in the end we make mistakes.
10.-CREATE AN INVESTMENT AND EXIT PLAN.
And finally (although perhaps it should be the first) we must create an entry plan and an exit plan when we make an investment. A point in the future in which we know that it is profitable to start an investment and another point in which we think that this investment can no longer advance or with which we feel satisfied.
Thus, progressively our capital will grow and will allow us to continue advancing in search of a freedom that allows us not to have to think about money.
Remember that I am not your financial advisor and this article is merely informative, which is part of the philosophy of this blog, which is none other than trying to help in your growth process in this crypto world.
