Steemit Crypto Academy | Homework 7 @stream4u|Money Management and Portfolio Management

Money Management

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It is important to know a number of rules about money management. You may think that if you start to earn more money, all your money-related problems will be solved. But higher earnings will definitely not solve your problems until you learn to manage the money you have. Your wrong choices about money management will lead you to the brink of bankruptcy. You may lose all your money in a moment.

Before investing in anything, we need to think carefully about how much we should allocate from our own budget. Once we have decided on this, we should divide the money we will allocate into 3, 4 or 5 parts. Because if we buy a single cryptocurrency with all of our money, with a negative news, the crypto currency price may drop and we may lose most of our money.

We must first thoroughly investigate the crypto money we want to invest. Then we need to open its chart and identify the support and resistance points. We have to give a purchase order from the support point. We should apply the same method in other crypto currencies to choose from.

Portfolio Management.

I only have XRP in my portfolio. I know this is the wrong method. I didn't care about this because the amount in my account was small, actually I should have. There could be some more cryptocurrency in my portfolio. I made this decision without looking at any technical analysis. I bought XRP about a month ago because I thought it was going to be positive in the Ripple court. I bought it at the $ 0.545 level. I also ordered to triple my money. This is a wrong method, even if I am in a little snow right now. I have to change my mind, I have to educate myself.

I also have Steem, Tether under $ 5 in total in my account. My portfolio cannot be called a successful portfolio as its quantities are very small compared to XRP.

XRP has been below its price for a long time. This is why I could not evaluate many cryptocurrencies I was considering purchasing. For example, it was the cryptocurrency I was considering buying ADA. When he was under my watch, his price increased by 50%. However, since all my money is in XRP, I couldn't use it.

XRP is in an upward trend due to the news developing in its favor. It would not be right to sell it by technical analysis because if there is a court-related improvement, XRP can increase 3-4 times with a good pump.

If XRP goes up 3-4 times I will ruin them all. Then I will analyze your technique. I am buying some cryptocurrencies that I follow. I order 20% of my money for XRP to buy from the support zone.

As I said, XRP is in an upward trend. I do not find it right to spoil. The picture above makes up my watch list.

When was the last investment failed and Why? (those who have experienced this can provide views.)

The reason for this failure is again due to XRP. There was some Steem I had before. I sold the steems and bought XRP. XRP has increased by 5% from its purchase price. I regret selling the Steems. Steemin's current price is almost twice the price I am selling. The reason for my mistake here is that I have a lot of trust in XRP. In the first hearing, I thought there would be developments in favor of XRP. Maybe I could sell some of the steems. It was stupid to sell them all.

Conclusion.

This course will lead me to take more professional steps in portfolio management. Because I had shortcomings in portfolio management. I will try to fix them. Now I will be more careful with my choices.

@steemcurator01
@steemcurator02
@stream4u