Cryptocurrencies are taking over a ton of attention around the world when it comes to investing — even more than the stock markets.
So many new investors (including my girlfriend and I) dumped in a good chunk of change into these altcoins and new forms of crypto in hopes of making back decent returns and it’s hurting us in the short term.
But the key isn’t to look at your downed portfolio as a failure. Look at it as an opportunity to buy more if anything.
Some of the coins that my girlfriend and I are bullish on include the following:
- Gamer (GMR)
- Cardano (ADA)
- BitTorrent (BTT)
- Safemoon (MOON)
- NFTArt Finance
- And many more.
With a downed portfolio, we aren’t losing sleep. We have the long-term perspective that is necessary to succeed and walk away with more than we put in.
Cryptocurrency is one of the most looked down upon investments as far as risks go because your $1,000 investment could be down $600 on any given day and you have to walk the line.
Stocks are the same thing, but they don’t have as much upside as crypto. To purchase a coin that’s worth 0.000000001 and own billions of tokens is insane to me.
Clearly, not every coin is going to pop off as Dogecoin did, but who really knows 10–20 years down the line.
It’s easy for you to beat yourself up for not getting in sooner. Just invest and have some skin in the game. There are so many more opportunities that pop up every day. You just have to know where to look.
Due diligence is the name of the game. Don’t get burnt by the hype. Make smart plays. Put your money into investments you will take to the grave. Avoid being too greedy and knowing what your goals are.
Paper hands won’t win in crypto. For context, here’s what happened with Bitcoin throughout the years.
- 2013 it fell 70%
- Aug 2016 it fell 40%
- Jun 2017 it fell 40%
- Sep 2017 it fell 40%
- Apr 2017 it fell 35%
- Nov 2017 it fell 30%
- Dec 2017 it fell 25%
These cryptocurrency markets are cyclical and Bitcoins dip from $60,000 to $32,000 recently is proof of that. The paper hands investors or traders think it’s going to crash.
But the hype will return like it always does.
In this day in age, it’s dumb to walk away from an investment anything less than break even.
High conviction plays and smart exit strategies are going to be crucial to your success as a crypto trader. Best of luck!