Bitcoin influencers are everywhere, selling their investment tips to all and sundry. Which one you rely on will make all the difference. There are investors who spent on Bitcoin when they were priced at $10 dollar each! The rest of course is history!
What is surprising however is that there are wise investors who have just concentrated on how to buy online or from a “bitcoin ATM near me”! They haven’t sold any! Despite the astronomical climb in Bitcoin prices, these investors have just filled their coffers with more and more crypto money without leveraging any of these. So, the best thing they have probably done is nothing!
We look at some more of such simple yet perfectly workable tips for cashing in on bitcoin investments big time.
Ditch the FOMO
Although you may get your timing right by finding a perfect sweet spot to sell; perfection can never be achieved. There will always be a scenario where you will repent for entering appreciating coins late and not selling off sinking ones much sooner! So, getting trapped in FOMO is not going to make things any easier. What you need to do is chart a target. So, you should plan to sell about 10% of your coins when it reaches a certain value and another 10% when it appreciates further, and so on.
Tracking your holdings
It is important to track your holdings so as to be able to make strategic decisions. And the best way to do it is by using a spreadsheet. There are many free online tracking tools available for you to choose from. They may also help you compare the different coins you own and check on their performance in comparison to each other.
Do as much research as you possibly can
Before you can even head to a bitcoin ATM in Illinois for investing in cryptocurrency, you must start with a fair bit of research. Make sure you read through crypto publications, follow renowned crypto investors and attempt an understanding of the forces that regulate the market. Read up on new trends in crypto investing; understand more about storing your crypto reserves in complete safety and so on. There is so much to learn and understand. Remember, the market is a largely volatile one. Knowledge is your only anchor here.
Have Portfolio Boundaries
Crypto may seem effortlessly profitable. However, the apparent sheer ease of making money with it may be an alluring trap! What one needs to do is set boundaries, determining a specific percentage of the entire portfolio for crypto. It could be 5%, 10%, or even 15% of the complete investment portfolio at hand. Relying on crypto for the majority portion of your portfolio investing is a mistake owing to the high rate of uncertainty in these markets. Not having set boundaries could mean going haywire with your plans in crypto investment. Most often, over-investing would be the common urge to steer clear of.
Crypto is a great investment when used judiciously. It is important to know what you are doing and not play much on chances alone! Gambling is not what crypto investments are all about, after all!