Ways to manage your finances when entering the cryptocurrency market

usekevin

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In comparison with other markets, the cryptocurrency market is relatively new. This is the main reason why there are so many unknown things about the way it works. When investing in digital assets like cryptocurrencies, it is important to follow a strict strategy and focus on understanding the key drivers of a coin's value. If you're a lucky person, you might be able to succeed without any help from outside. If not, a financial counselor could be the key to your success, because they have the skills to assess your goals and build a customized plan for you.

It's essential to deep invest on investment.Without investing on a coin, if you made a investment. It's like a blind luck, the profit is based on the luck. If you have a bad luck, it's sure to lose the money. So it's essential to make a investment after a deep analysis about the project. You can also follow them on a social media, it's easy to get more update about that coin.

Fatunad

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Quote from: duythan1988 on September 19, 2018, 03:34:05 PM

Rule #2: Do not Trust Others

Rule #3: Do not invest in promises

Among those rules then these two would be the best thing for you to focus first but other factors are mainly needed well but you should really mind that
much about this kind of behavior.Never ever trust others on making decisions for you when it comes to investment.Always based up on your own analysis and
dont intend for you to easily believe on what others been suggesting and claiming because you dont know on whats the motive and intention behind those calls.
Just mind that every investor or person into this market doesnt really know on where do prices go.

kenel

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because there are a few rules that need to be followed. the main thing is not to invest credit funds.

Cryptomilz

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Never invest more than you're willing to lose is the golden rule and if people should adhere to this rule, almost everyone will be fine. Should you invest in a project, ensure to follow at their communities and social media platforms for updates. Set a target for yourself and don't throw in money indefinitely.

bitcoinbuyer

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The general rule here is not to put all money in the one project. Other rules are not so significant so I think you can do it how you like and be confident.

BITSPANISH

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Said is much easier than done

. You should know that there are so many investors and traders already knew all these rules but they still fell into trap of the whales and lost so much money

))). I only wanna say that don't join if you guys don't have enough knowledge, don't risk your money if you don't understand about what you're going to invest in.

auliahr

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the most important thing is the product or platform, see how far they can solve the problem and how much interest or response the user has to the product or platform, if everyone is enthusiastic then you can consider it.

mahilchii

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Quote from: SamboNZ on September 26, 2018, 10:57:16 AM

Many investors just want to earn a lot of money in a short time, so they just pick whatever they want to without understanding and without studying it. Most investors who are like that are probably the ones who lost a lot. Some people who have lost a lot are probably spreding bad news and other stuff that would ruin the reputation of crypto.

Yep this is how it creates a bad impression on crypocurrencies be logical if you are investing some money research about the project and how it works and check their white papers then check their previous projects this will help to find out a right coin. Most of them are already spreading false rumours like it's a risky one. People's who took risk are millionaires today. Think about it.

raitsuk

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It's thanks for the sharing, also i had some of my own rules :
* Never put all our wealth to invest on cryptocurrency, spare some as a backup when ever bad things happen.
* Never put investment in a single project, just in case the project isn't going well.

SamboNZ

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Many investors just want to earn a lot of money in a short time, so they just pick whatever they want to without understanding and without studying it. Most investors who are like that are probably the ones who lost a lot. Some people who have lost a lot are probably spreding bad news and other stuff that would ruin the reputation of crypto.

ranman09

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Maybe I can suggest adding, check the companies financials. If the companies financials show that they can manage the funds carefully and put it on the right things. There is a big chance of the company at least surviving the market.

Tanya12356

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Quote from: NewBet on September 26, 2018, 07:26:28 AM

Yep that is the one rule I make sure to follow. Some people are coming into the market thinking that the coins are going to make them rich overnight, they bring all of their savings even loans to invest without doing any proper research. Then the market true to its form starts going downwards after that, you see them talking about losing money. As long as you are investing with money that you are willing to lose then you have nothing to worry about.

Yes, it is a sad experience of people who must accept both experience. And in the future, do not commit such mistakes.

chandrarahmadewa

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a little extra
Use a cold budget, to reduce risk because it affects your psychological and emotional conditions in investing. If so, it is possible that people act rashly in deciding and ultimately lead to losses.

NewBet

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Yep that is the one rule I make sure to follow. Some people are coming into the market thinking that the coins are going to make them rich overnight, they bring all of their savings even loans to invest without doing any proper research. Then the market true to its form starts going downwards after that, you see them talking about losing money. As long as you are investing with money that you are willing to lose then you have nothing to worry about.

Rahees

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I suppose that the main rule here is not to put all money in the one project or coin even if it seems to be the most reliable and profitable for you, risk always takes place.

TravelMug

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Quote from: prikitiw on September 25, 2018, 06:22:00 AM

To manage finances in investing in cryptocurrency, I think it makes no difference from investing in fiat currency, that is, don't invest your money in just one investment, try dividing your money into several investments that have a good future, even though investing in your view is very convincing.

Obviously there's a lot of similarities, but the thing with crypto though is that it went crazy in the last 2 years or so and people started to jump on the bandwagon and thinks that its going to be a easy ride for them to make money here. They don't understand it, they quickly invested on scam ICO's and other stuff that makes them lose money in the market and blame it on crypto.

But upon closer look, you will notice one thing, they don't follow one of the OP's advise:
Rule #1: Invest when you understand it.
We can't really reiterate it. Everything in investment started on your understanding on how it works. If you are not ready then by all means, don't throw your money in the market.

Red-Apple

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Quote from: leonix007 on September 23, 2018, 10:52:25 AM

Quote from: duythan1988 on September 19, 2018, 04:20:53 PM

Quote from: smoolae on September 19, 2018, 03:52:01 PM

To be honest there is only one rule to be followed with every brain cell when making decisions around the crypto sphere. And the rule is - Only "play" with the money you are willing to lose.

And that's basically it, one easy rule.

Of course, in my investment, I always take it seriously. invest idle money, accept losing it if bad happens. Thanks for your very helpful comments. This is something that newcomers should pay attention to

Its a start up principle

basically the amount you afford to lose is not the amount you want to have in profits

invest what you can afford to lose until you have your confidence to aim higher

If you already gain confidence and skills, you shouldn't now worried to lose and start investing higher

it is always easier said than done.
the amount you invest depends on a lot of factors that will determine how much you can afford to lose. and it is not always a fixed number. it can go up and down depending on those factors.
for instance one factor is your financial situation. a rich guy can afford to invest a lot more than a poor person!or someone in his teens compared to a old guy investing his retiring funds!
then it is the market that will determine the amount. at times when market is performing well and is more predictable (it can be dumping and be predictable so you short) you can afford to invest more than when it is less predictable and more manipulated.

prikitiw

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To manage finances in investing in cryptocurrency, I think it makes no difference from investing in fiat currency, that is, don't invest your money in just one investment, try dividing your money into several investments that have a good future, even though investing in your view is very convincing.

Stavri

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thank you for the post. it is very useful for everybody. and they are all 100 percent correct. we supposed to be sure about what to buy before deciding to invest. it should be decided in the beginning and if you dont you can start with a very wrong decision and loose so much.

leonix007

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Quote from: duythan1988 on September 19, 2018, 04:20:53 PM

Quote from: smoolae on September 19, 2018, 03:52:01 PM

To be honest there is only one rule to be followed with every brain cell when making decisions around the crypto sphere. And the rule is - Only "play" with the money you are willing to lose.

And that's basically it, one easy rule.

Of course, in my investment, I always take it seriously. invest idle money, accept losing it if bad happens. Thanks for your very helpful comments. This is something that newcomers should pay attention to

Its a start up principle

basically the amount you afford to lose is not the amount you want to have in profits

invest what you can afford to lose until you have your confidence to aim higher

If you already gain confidence and skills, you shouldn't now worried to lose and start investing higher

Topic: Ways to manage your finances when entering the cryptocurrency market (Read 405 times)