Majority of the people come in crypto world with a dream of getting rich in short time but more 90% failed to progress and ended their journey with a big loss. Now, the question arise in our mind can crypto currency can make you rich.
Unfortnuately answer is not as simple as yes or No as crypto market is one of most volatile market where pump and dump is part and parcel of the market. In such situation you can't give guranttee of winning all the time. It is a fact that Crypto currency has potential to grow your asset any time but at the same time. It moves in both ways. Beside making you rich, it has tendency to loose all your hard earned money.
Huge risk is involved in crypto market. Majority of people failed to sustain worth in crypto space due to lack of knowledge, skill and no past experience. It is a fact that we learn from the mistake. You can learn from your mistake only when you do your own research before jumping in to project instead of blindly following any influencer. Your own research will help to increase your crypto currency understanding, knowledge and vision of market movement which will help to boost your confidence level.
Other way you can mitigate risk is by doing diversification. Diversification means invest in multiple projects instead on single project. There is no need to place all your eggs in one basket. Your multiple investment will reduce the risk of your loss. If one currency fails to perform other will bear the loss.
Never invest your money in future trading and laverage trading unless you have a firm grip over the subject. Future and laverage trading are high rewarding but the same way it has tendency to eat out all your hard earned money.
Another way of reducing the risk is by applying stop loss on trading. Stop loss reduce the risk involved during dip in market. Stop loss help you to sell your asset with a small loss instead of big loss due to dip in market. You can buy those assets again when a dip observed in market. Always try to invest on those coins which have goo used case.
Another important to point remember that always book your profit and loss. Appreciation in your asset price is useless if you don't sell in time. It may give you big loss. Same way booking loss help you to reduce your loss.
Acting on those advise can help you to achieve sustainable growth in crypto market. What is your opeinion my friends?
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.
No doubt crypto is a great opportunity and if played right it can improve our financial situation.
However it is very volatile and this brings its share of risk.
If we learn to ride the volatility then it can be the best opportunity of our lives.
Thank you for this thoughtful post, and I hope your advice will help others achieve sustainable growth and success in the crypto world. May your crypto journey be filled with opportunities and rewards.
I think if we take a long term approach and incorporate the tips you've mentioned above then there's a good chance of becoming rich with crypto. The more we understand how crypto works, the better at picking good tokens to invest in. We also have to be comfortable with volatility.
I feel booking profits is a very important thing to do if you want to convert your gains into real profits. There are some good points which one can incorporate in our journey of growth
If you have read all about it, about its cycle and all other things, it can surely make one rich. If a person puts money inside without any knowledge case and only loss occurs.
#hive #posh
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