Greetings to all ladies of hive. For this week contest, I will will be answering the first question.
1️⃣ Whether a newbie or veteran blogger, it would be good to have financial goals and a plan. Have you considered diversifying into other cryptocurrencies or tokens in your plans? If so, which ones would/did you choose and why.
Crypto investment is not a get rich quick business although it is something that can double our balance in folds. Many have this fear of investing in crypto with the mindset of losing all their funds. There is no argument on if someone could lose all his funds investing in crypto but it depends on the type of crypto investment you dive into.
For me, I didn't know that there was anything like digital currency until 2020 when my friend took me to an intensive crypto class. These classes opened my eyes to see the value of investment. He told me the difference between shitcoins and potential coins, spot trading and future trading and how to conduct technical analysis on a coin before diving in.
With these classes, I had an idea which coins to risk much and which to risk low. So, after the classes, with the knowledge of long term and short time investment. I decided to have two wallets, one for short and one for long term.
I decided to diversify the money into different coins as I don't know the one that will surprise me. So, after doing technical analysis on SOLANA, ETH, TRON, TWT DGT, ADA, BNB and ONE.
I bought 2 SOLs when the price was $50, during the bullish run, it ran to $100 per SOL. I was advised by a friend to take some profit but I was thinking it will remain so forever even with my little knowledge. It Dawn on me when the price returned to $50 during the last heavy dip.
I bought Harmony (ONE) worth $20 but it went down drastically during the dip but I know when one invests in a potential coin, the price might go down but the value remains.
When the crypto market looked very unstable,I left my spot wallet and visited my future wallet. This future trading is more like forex where you conduct an analysis, then take a trade. Depending on the kind of trader you are. When I am in much need of urgent cash, I dive into future trading, sometimes I encounter loss while some I make profit.
Then, during this dip too, I used the opportunity to add more coins to my wallet, I bought more ETH, Lite Coin, Shiba, Doge, etc. Finally, leaving emotions aside during the dip is a needed thing in crypto. Some people once it gets to bearish period, they get so emotional that they sell off their coins in loss and prefer to buy back when the market is bullish. This kind of mentality will make a crypto investor incur nothing but losses. It is always advisable to buy the dip and sell it at a profit.