Five Tips for Working with Cryptos.
Hodium (reviewed here) recently published a lengthy update providing some exceptionally wise advice on cryptocurrency trading and related matters. Most of this advice is general and doesn’t pertain only to Hodium. I felt that the update was very educational and was well worth reading.
Here it is in full:
Crypto Safety Investment Tips
Cryptocurrency trading is one out of many ways of making profit in the crypto world. And considering the recent soar in the price of cryptocurrencies, it’s no doubt that many crypto maniacs especially newbies are already thinking of investing in it.
Investing in crypto trading is a very risky investment. You can make a huge profit and you can also lose all you’ve invested. The crypto market is highly volatile just like Forex. Aside from the fact that it’s not a business you rush into, if you really want to make profit, you need to have the right skill-set to analyze the market — and this takes time to understand.
While there are so many landmines that could hinder you from making your intended profit from trading crypto, here are five ways to safely invest and still make the most of it.
#1 Don’t be susceptible to FOMO:
One of the core reasons why many people lose so much that they run into debt is because of FOMO( fear of missing out). FOMO is that voice that keeps ringing in your head when you hear about the success of other crypto investors. It makes you act without thinking about the side effects.
My friend, Ayo, was a victim of it. In fact, his countenance changed when I asked him how much bitcoin he has in his bitcoin wallet. He replied with a painful look: “I don’t think I can ever do crypto again. I’ve received so much great news about how people became millionaires from investing, so, I invested all I had with the hope to make my first million too. Unfortunately, the market went against me. I lost 80% of what I had invested. Till date, I still regret investing in crypto on November 2017.”
I felt bad for Ayo. His story made me realize how dangerous FOMO is. To safely invest in crypto and still make the most out of it, you need to develop a strong immunity to FOMO. Yes, it’s not easy, but it’s possible with the right determination.
#2 Leverage crypto trading tools or crypto expert.
Making profits in crypto trading is not a simple task. In fact, it requires lots of discipline and learning from mistakes to make worthwhile profits. But, the truth is that many of us traders still find it difficult to keep these things in check. And investing with such an irrational mind-frame might ruin our portfolio.
However, to be on a safe side, it’s advisable to leverage “reliable” crypto experts like Hodium — to minimize your trading risks. Hodium is a leading cryptoasset investment firm focused on professional trading, investing and portfolio management. The platform provides secure access and diversified exposure to the digital currency asset classes by connecting decision makers to a dynamic network of data, people and capital.
Meanwhile, you have to be cautious with whom you trust your trading account with. For there are many scamsters out there claiming to be “expert”– promising what they can’t deliver. In fact, they can go as far as showing you fake successful trade account just to get your attention. Unlike Hodium, their platform provides secure access and diversified exposure to the digital currency asset classes by connecting decision makers to a dynamic network of data, people and capital. More so, you can also leverage reliable ‘crypto tools’ to minimize your risk decisions.
#3 Invest only a portion you can forget about if things go south:
There is no competition when it comes to investing in cryptocoins. In other words, you don’t have to invest what you see others invest. As aforementioned, crypto trading is very complex and risky. Therefore, for safety sake, it’s advisable to invest what you can bear to lose and forget.
Let’s say, you have $1000 and you can only afford to lose 10% which is $100. Invest $100. Don’t go higher than that so that you’d not suffer from some emotional pain.
#4 Don’t invest in new coins you know nothing about
Every day new coins are entering the crypto market. While most of them are not actually what they seem to be, it is crucial you know that cyber thieves are now leveraging this medium to rob people of their money.
Hence be weary of new coins. Advisably, it is safer to trade some bitcoin and some leading altcoin like Ripple, ETH, LTH, BCH, etc.
Note: I’m not saying you shouldn’t invest in new coins. I’m only saying you should do your research properly before you put in your hard-earned $$$ on something you know nothing about. However, If you must, I’d advise you deeply study their whitepapers and ask expert traders what they think about it.
#5 Make sure your computer and data are kept safe:
Cyber threat is real. Hackers are getting more sophisticated daily to steal cryptocoins from investors. To safely invest, you have to be not just sure that the trading platform has top-notch security, you have to ensure that your anti-virus is regularly updated, and more importantly, ensure you’re not giving out your trading account password to someone online especially if you’re storing cryptocurrency online.
Remember, a little weakness from your end is enough for hackers to sweep all your cryptos. So, be smart!
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