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Cryptocurrency investing takes a lot of Passion, Courage, and Determination and these 3 will determine if your crypto career is going to be a success. Cryptocurrency seems to be an easy and a take-money home business, but it's not that simple if you lack the skill. Of course, it's all about buying and selling cryptocurrencies but certain things determine where you will be in the next few years. There are 3 things involved, either you will be a millionaire or you will be poor, or maybe just an average investor.
Portfolio Diversification
The first thing every investor should do is to diversify his/her portfolio. Remember when we invest we do not know for certain if the investment will bear some fruits, it's all about hopes and faith. There is an African proverb that says "Only the soil knows that the baby mice is sick", so in the Crypto investments, only the developers can tell if it's going to be a success. So we will be just investing in someone's dreams and believing what they promise to do and no investor can tell the outcome, it's all assumptions.
So for that reason, it is wise not to put all your eggs in one basket by diversifying your portfolio so that you spread your risk. This will help if the investment does not come out as planned, you will not lose all but only a portion of your investment. Imagine investing all your money on a single asset and if that asset crumbles then all your dreams are shattered.
Start Small with a Bigger Picture
Always invest money that you do not want to use urgently because if you invest every penny that you have, a minor retracement will emotionally affect you so much because that's all you have. So invest extra money and let the market do what it does and you just take a chill pill. It took Bitcoin 13 years to get where it is today so patience is the key. Those who sold Bitcoin at $300 to $500 are now regretting but for those who kept on holding, they are enjoying the ride. A market has its ups and downs and that should not get you to worry at all, how you react to the bearish markets will determine if you are gonna survive on the roller coaster. Your PatienceEmotions will be a test so you should prove to be BRAVE and not deterred by the ups and downs of the Crypto Market.
I realized that the fast moves in the Crypto Market about 70% of them are fake and might ruin your investment career. You might be a retail crypto trader maybe trading making small profits with consistency then all of a sudden you see another crypto asset skyrocketing and you quickly jump in and put your money at stake and then it falls and starts trading below your trading entry. In the market always know that demand is created and soon after supply will follow. So if you make the mistake of just jumping in with poor timing, the whales will offload their positions on inexperienced traders. As for me, I prefer steady moving assets which does not promise 1000X gains overnight because you might make money but you can also lose big if the tables are turned on you.
The Markets Feasts on the Inexperienced, the Impatient, the Weak and the Greedy.
Does Centralized Exchange Listing determine the Future of a Crypto Asset?
I am in many groups of Crypto investors and I sometimes just laugh at the questions being asked in the groups. The most common question is "When is the centralized exchange listing?". I have seen that some investors believe that a crypto project will be successful if it's listed on a Centralized Exchange. What they don't know is, Centralized Exchange is just a market place and you can not go on the market and start selling an idea of a project that is not yet complete, instead build first when the project is ready then you present it on the market.
Some investors are tired of just buying sound ideas which have nothing to offer, so you should offer something tangible and I believe a good project will sell on its own without much advertising. I think I have never seen a commercial advert for Lamborghini or Bugatti Veyron but those supercars cost a lot and they just market themselves without much effort. That is how a crypto project should be, So as investors Instead of focusing on short-term goals like Centralized Exchange listing focus more on the long-term project goals and their roadmap and see where the project is likely to be in 5 to 10 years going forward.
Long-term goals will always bring good yields and returns. The most important thing it will bring peace of mind, so just make sure you risk extra savings and also compound your profits with intentions of yielding more in the long run. Also never invest in something that you do not know because it will bring a lot of confusion and do not panic sell in times of market crisis because those are just temporary moves. Last but not least, diversify your investment of different Market sectors such as Smart contracts, exchange-based tokens, Metaverse and Gaming, etc,
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