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RE: Vlog 212: Long term investment advice.

in #life7 years ago

If you don't have a long term perspective investing in crypto then it will only harm your investment and you'll likely lose money.

You need to be in for the long-term, only invest what you're willing to lose, and research strong projects and hold. Don't try to trade often because you only incur more fees.

Diversify (within reason of course).

Dollar cost average all of your investments as much as you can. Never invest ALL of your funds into one project and all right at once. Hold some cash aside for when the prices go down. You can buy in lower and bring down the average price of your investments increasing your odds of seeing a return once it rebounds and goes back up.

Buying low and selling high is easier said than done but if something is hitting all time highs then you likely should not invest in it. Wait for the prices to drop because it's a near certainty that they do. These are the trends of trading anything in an open market.

If you want to make a few speculative moves then find some new projects that are coming out but do your homework first only but into things that feel like they have a bright future and a strong team around them. Focus on major industries where the technology or projects could really make a difference in the world or that could catch on. With new coins you must have a long term perspective though because you will not get rich over night and with new coins you will almost certainly have to weather a few downturns before you start to see them tick upwards.

Sorry I wrote a book here but I hope this helps as many people as possible!

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I am very interested in this paper. by @ismuel