Four year back i had enough money and was living a happy life. It was the time when i had thousands of dollars in cryptocurrency. The most of the money came from the crypto arbitrage trading. I bought a bike and built a beautiful house even installed two AC from those earnings. Things were going very good but then a few mistakes were made and i lost almost all the remaining dollars into the wrong trades.
I invested a significant amount of usdt into few cryptocurrencies without proper knowledge and research which lead to huge loss. Since then my bad days started and i am still struggling in my life. Perhaps i wanted to get rich quick which caused huge loss. Greed is a curse.
Well, I have learned lesson and would like to discuss few things that may help to the crypto newbies. I made few mistakes that i think you all should know so you dont do the same stupidity that i did.
Firstly, if you want to invest into crypto coin then only invest a little percentage of your capital, dont invest all amount at once. This will help you to avoid big lose incase if your investment turns to zero, you still have 90% of your money.
Secondly , make sure that the crypto project you are going to invest in is not a random memecoin. It should have a solid usecase and a strong team behind it backed by good partners. Investing in memecoins carry huge risk as they aim to eat investment from various users and turning rich to a few people. Memecoins are not safe as it can turn you money go zero in the blink of an eye. So its better to stay away from memecoins.
Thirdly, you should not put all your eggs in one basket, means do not invest all your money in one crypto, spread it across multiple projects so you have a healthy investment and lower chances of loss. Putting all your investment in one crypto will lead a big loss incase if the project does not succeeds.
In the end , it is necessary to keep in mind that you should invest only what you can afford to lose. Make sure you have savings so that you dont have to regret later. The amount you want to invest must be spare so you dont have to panic when the markets go for correction.
Hopefully these tips will help you when you want to invest in a crypto project.
Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.
About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.