Tips for crypto investors and enthusiasts are all over the internet. However, most of them are cookie cutter approaches to investing in general.
In an effort to be different here are 4 little-known crypto tips you should take to heart.
Don’t Just Invest- Set a Motive
Contents
The beauty of cryptocurrency is that there are dozens of coins available, and each has its own features and functions. That said, you should think about what you intend to do with your crypto coins before making an investment.
Most people will want to gain a profit as quickly or as large as they can. If this is the case, you’ll want to draw up a plan so you can make it happen. For making cash quickly you can check the market daily and see if it rises or falls, then when the time is right you can go ahead and cash in.
Make a Plan for Failure
Much like any investment cryptocurrencies have its own share of risks. It’s marked highly volatile since prices can go astronomically high or drop rock-bottom at any moment. That alone should make you think about putting in a large sum.
Any wise investor will have a strategy to go to when things go south. Professional traders have what’s called a ‘stop loss’ where you set a minimum value for your cryptocurrency. At any time the value of the coin drops to this number then you have a fail-safe that takes care of the selling part.
Don’t Rely on Just Your Instinct
There’s a higher risk of your assets going to waste if you don’t have an idea of what you’re doing. In stock trading, most people use an analytics software to predict when a stock will rise in value or when it might fall.
This goes the same with cryptocurrency- you should have at least a reputable site where you can read up on trends, a platform that can do the same and a device that you can check everyday.
It’s recommended that you try yuan pay group website so you can get a headstart in the competition. Register an account, set your goals and the platform will guide on when you should make an action and when you should just stay put.
Wait for ICOs
An ICO, or initial coin offering is where the creator of a cryptocurrency holds a ‘special event’ or a launch, if you will. Here, the coins or tokens are sold at a lower value in order to entice early investors.
You can then play the profit game by selling the tokens once it reaches your desired value. It’s a quick way to gain extra cash and add to your portfolio. Or, if the crypto’s nature and function interests you then you can continue to hold on to those tokens.
One word of advice though, is not all ICOs are legitimate. Some are scams in the making, and it’s up to you whether you want to lose your hard-earned money or not. One way to detect this is to scrutinize what the crypto is all about. If there are any glaring errors or issues then it’s probably not wise to invest.