How to make the most out of your investment?
The answer is relatively simple. Buy low, during a bear market. So high during a bull market.
Of course in practice it's not as simple as this. It's easy to detect a bear market or a bull market. But it's hard to tell in which stage of a bear market or bull market we are. So don't expect to buy in at the perfect moment and to cash out at the perfect moment. It's possible to buy in cash out at the perfect moment however it's not likely. It's a possability but not a probability. And that's OK. It's like everything else in life you cannot do it perfectly, but you don't have to to succeed.
In the crypto space there is still a lot of money to be made when you buy us a good moment and sell at a good moment.
If you do your research properly and won't let your emotions get the best of you the probability of making some good money is way higher. Doing proper research is very time-consuming but absolutely necessary.
And you need to know yourself. If you are an emotional or an impulsive person find ways for yourself to not act on this emotion or impulse. For example if the market goes down and you get scared you might think I will sell now and I won't have lost all my money. This is a logical and a normal thought, but not a thought you should act on it is totally created out of fear. And when people get fearful their body tells them you have to act now. So out of fear you will sell directly. Don't. This is an opportunity. This is a opportunity to make a lot of profit. But you have to be strong and able to go against your fear.
Here's a funny way to look at it to make it easier to make the decision to buy when everybody else is panicking and selling. Look at it like your favorite brand has a sale on all of their best products, a huge sale. And all these products will be in huge demand after the sale is over. And you can buy a lot of them. In a month or two or maybe even a year after the sale is over all the consumers want the articles you have bought and they want it so bad that they are willing to pay two, three, four, five, six, seven or maybe even 10 times or more what you have paid for it. So when your favorite crypto goes for sale pick up some extra for everyone who wants it when it's not in sale anymore.
Good advice. I am going to resteem this. I agree that research is essential. I am just fortunate enough to have a son who is wise and loves to research so I listen to him and he's done a great job with investing so far. We are just lucky enough to be involved in the early stages of investment so we have more to gain than people who pay no attention. :)
Yes always trade with a plan and not with your feelings.