Rules which may help you to achieve something big in crypto world
Hello lovely people of Hive community. Hopefully you will be enjoying your life with good health and spirit. Crypto market is one of the most volatile market of the world. Majority of new comers ended up the journey with massive loss. One of the main reason of failure is lack of knowledge and skill. There are few rules which may help to turn your loss into profit.
Stop switching your portfolio. We often observe during dip in market people switch their portfolio and instead of holding their asset they switch their investment into another coin. This is not a wise move as there is a possibility that your new investment may also suffer loss.
Set target of selling price before buying: Setting a target is very important. One of the main reason of setting target for before buying is that it abstain you from geed. Greed is an important factor during trade. soaring price increase greed and easily distract you from your target. This type of greed may often experience you big loss. Just consider the dip in BTC worth, people who bought BTC at higher price $50,000 or higher already in big dip.
Book your profit: Booking profit is important for your asset growth. Remember, bird in hand is better than two in the bush. Booking profit help you to develop your portfolio. Profit is useless if you can't book in time. Your profit many turn into loss with a dip in coin worth. People who sold BTC at $68,000 have much relax than people who held their BTC asset. Just looking booking profit something booking loss is must. It may help you from big loss. One thing is clear, leave emotion aside while dealing with crypto trading. Love of coin will never help you to earn big profit. BTC all time high worth of $68,000 is nothing for the people who didn't sell their coin at higher price.
Diversify your portfolio. Never put all your investment in single coin. If the coin fail to perform it will give you massive dip. Diversification help to save you. Incase, if one coin dip other may fulfill the loss.
6). Never invest on coins which has not a good use case.
7). Increase your financial literacy: we are lucky to have leofinance platform which is sharing financial related news, events and crypto related project. It is a good source of enhancing your financial literacy which may help you to boost your skill.
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.