𝗧𝗛𝗘 𝗧𝗘𝗡 𝗖𝗢𝗠𝗠𝗔𝗡𝗗𝗠𝗘𝗡𝗧𝗦 𝗢𝗙 𝗖𝗥𝗬𝗣𝗧𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗜𝗡𝗚
𝟭. 𝗧𝗵𝗼𝘂 𝗦𝗵𝗮𝗹𝗹 𝗗𝗼 𝗧𝗵𝘆 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 (𝗗𝗬𝗢𝗥): Before investing, thoroughly research the cryptocurrency, its technology, team, and community.Don’t just jump on the bandwagon because everyone’s talking about a certain coin. Take the time to learn about the project, the team behind it, and the tech that powers it. Knowledge is power, yo!
𝟮. 𝗧𝗵𝗼𝘂 𝗦𝗵𝗮𝗹𝗹 𝗗𝗶𝘃𝗲𝗿𝘀𝗶𝗳𝘆 𝗧𝗵𝘆 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼: Avoid putting all your investments into one cryptocurrency. Diversification spreads risk and can help preserve your capital.
Buy Bitcoin and Ethereum first then spread your investments out over a variety of different coins. This way, if one coin doesn’t perform well it won’t sink your whole ship you’ll have other coins doing so well the ones that didn’t perform won’t affect your capital nor profit.
𝟯. 𝗧𝗵𝗼𝘂 𝗦𝗵𝗮𝗹𝗹 𝗜𝗻𝘃𝗲𝘀𝘁 𝗢𝗻𝗹𝘆 𝗪𝗵𝗮𝘁 𝗧𝗵𝗼𝘂 𝗖𝗮𝗻 𝗔𝗳𝗳𝗼𝗿𝗱 𝘁𝗼 𝗟𝗼𝘀𝗲: Cryptocurrency markets can be highly volatile. Never invest money that you cannot afford to lose without financial hardship.
The crypto market and assets in general are wild and unpredictable. Don’t invest money that you need for rent, food, or other essential expenses.
𝟰. 𝗧𝗵𝗼𝘂 𝗦𝗵𝗮𝗹𝗹 𝗛𝗼𝗱𝗹 𝗮𝗻𝗱 𝗕𝗲 𝗣𝗮𝘁𝗶𝗲𝗻𝘁: In the face of market volatility, “hodl” your investments and exercise patience. Impulsive decisions can lead to losses.
Don’t panic sell if the market takes a dip. The crypto market is volatile, but it’s also cyclical. Prices will go up and down, but over the long term, they tend to trend upwards.
𝟱. 𝗧𝗵𝗼𝘂 𝗦𝗵𝗮𝗹𝗹 𝗦𝗮𝗳𝗲𝗴𝘂𝗮𝗿𝗱 𝗧𝗵𝘆 𝗔𝘀𝘀𝗲𝘁𝘀: Store your cryptocurrencies in secure wallets. Hardware wallets, paper wallets, or trusted software wallets offer better security than exchanges.
𝟲. 𝗧𝗵𝗼𝘂 𝗦𝗵𝗮𝗹𝗹 𝗕𝗲𝘄𝗮𝗿𝗲 𝗼𝗳 𝗦𝗰𝗮𝗺𝘀: Guard against scams, Ponzi schemes, and fraudulent projects. Always be skeptical and verify the legitimacy of any investment opportunity.
Don’t leave them on centralized exchange or wallet. Use a decentralized wallet or get yourself a hardware wallet or a paper wallet.
These are much more secure than keeping your coins on an exchange or a centralized wallet.
𝟳. 𝗧𝗵𝗼𝘂 𝗦𝗵𝗮𝗹𝗹 𝗦𝘁𝗮𝘆 𝗜𝗻𝗳𝗼𝗿𝗺𝗲𝗱: Stay updated on cryptocurrency news and developments. In this fast-moving space, being well-informed is essential for wise investment decisions.
The crypto space is constantly evolving. Make sure you’re staying up-to-date on the latest news and developments.
I’ll insist you are a member of the Smart Investors Lodge Discord community, join our Premium group and don’t miss our MARKET WATCH segments on Twitter.
𝟴. 𝗧𝗵𝗼𝘂 𝗦𝗵𝗮𝗹𝗹 𝗦𝗲𝘁 𝗥𝗲𝗮𝗹𝗶𝘀𝘁𝗶𝗰 𝗚𝗼𝗮𝗹𝘀: Define your investment goals and time horizons. Are you looking for short-term gains, or are you in it for the long run? Setting realistic goals is key.
𝟵. 𝗧𝗵𝗼𝘂 𝗦𝗵𝗮𝗹𝗹 𝗛𝗮𝘃𝗲 𝗮𝗻 𝗘𝘅𝗶𝘁 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆: Determine when and why you will sell your investments, whether for profit-taking or risk management. Emotional decisions can lead to losses.
Have an exit strategy. Know when you’re going to sell your investments. Are you holding for the long term, or are you looking to take profits sooner?
𝟵. 𝗧𝗵𝗼𝘂 𝗦𝗵𝗮𝗹𝗹 𝗛𝗮𝘃𝗲 𝗮𝗻 𝗘𝘅𝗶𝘁 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆: If uncertain or new tot cryptocurrency investing, consider consulting a financial advisor with cryptocurrency expertise.
If you’re not sure, ask for help. if you if you desire to make life changing profit with the cryptocurrency market, we are ready and happy to help you learn.
These Ten Commandments provide valuable guidance for navigating the cryptocurrency market responsibly and with caution. Remember that no investment is without risk, and the cryptocurrency market is especially volatile.
So there you have it, the Ten Commandments of Crypto Investing. Follow these rules and you’ll be well on your way to becoming a successful crypto investor.
Stay safe my friends and if you must invest or trade the cryptocurrency market make sure you invest and trade smartly.