All those people who are interested in #crypto are surely have accounts in different exchanges. Some of the crypto users like to trade different crypto coins, while like to invest for swing trade, some people like to invest for long term planning.
In this post I am going to share some important tips about to grow your crypto portfolio. Money is very important when it comes in your wallet this is because this is the fund which will grow your wealth and gives you with regular income.
One of the basic thing you must know about cryptocurrency is risk and reward. Before joining the crypto industry it must be clear that how much risky is cryptocurrency and what is its reward ratio. This is important because it will help you manage your fund accordingly.
Educate yourself about that coin or crypto which you are interested with. Just like you must have information about crypto market, must be informed about the market trend, the coming news and many more which is important for you.
Diversification is another tip to grow your portfolio. This is one of the best tricks which has been a successful one. Diversification will reduce your risk of loss and always manage your portfolio. Its always better to divide your money into 5 different coins to increase your profit ratio.
Set clear investment goals, you must be clear about what you are doing? Either you are trader, swing trader or long term investor. Deciding this is very important because while trading this misconception may lead you towards loss. Its always better to decide with yourself that you are either trader or investor.
The Key to Growing Your Crypto Portfolio
Listen to the news but never react upon and instead its better to conduct a research. You all know that #dogecoin is one of the altcoins which was introduced for the sake of jokes. But people blindly invested without knowing about its reality. There are many fake projects which needs thorough research otherwise you will loose your money.
Crypto market is high volatile and contains high risk. Its better to practice risk management in way to set stoploss and set your profit take. Also invest and trade an amount which you can afford to loose. Never invest all your money at once rather invest in layers.
Always stay updated about crypto market and the news which is related to market. Such as FOMO, FED, Interest rate and other news global news which has relation with crypto market. Whenever you see such news its better to stay out from the market until the situation becomes more clear.
Consider to invest in staking coins which in case if you get stuck it gives you passive income that will help to decrease your loss. HIVE is the best coin for investment as it it gives you 20% APR against staking. Also use secure wallets to give protection to your funds.
The last tip is DCA. Rather than investing a lump sum at once, consider implementing a dollar-cost averaging strategy. This will help decrease your buying average and will benefit once the market goes up..
Thank You!