Reddit: Reddit actually has a dedicated community for almost every reputable cryptocurrency on the market. With this list of sub-reddits, you’ll find the latest opinions and developments for each of your investments.
YouTube: Some of the biggest influencers in the crypto world post daily videos via YouTube, with some incredibly useful investment info.
5. Analyze Your Mistakes
With cryptocurrency being a relatively new market, it’s easy to mistakes – in fact, it’s expected! However, it’s how you learn from your mistakes that counts.
It’s really important to evaluate your trades and look at how you can improve. And in the long run, this will make you a better trader.
Once you’ve been investing for a while, look through your previous trade history and analyse:
How did your portfolio perform against the rest of the market?
Did you stick to an investment strategy?
Are you making emotional or logical investment decisions?
Have you hit your profit goals?
6. Learn as Much as you Can
Information is the key when it comes to cryptocurrency: it’s how you’ll stay ahead of the market, discover new opportunities and increase your confidence as an investor.
With the nature of cryptocurrency being so technical, there’s a lot newbie investors who aren’t particularly clued up. So if you put in the extra effort into researching, analysing and reading white-papers, you’ll be way ahead of the pack!
7. Don’t Succumb to FOMO
FOMO stands for the ‘fear of missing out’ – and it’s become infamous with most crypto investors. If a coin suddenly spikes in value, most people’s initial reaction is to feel like they’re missing out.
But when it comes to cryptocurrency, never chase trades! Find the coins you believe in, stay disciplined and stick with them.
8. Avoid Emotional Trading
With the volatility of the crypto market, it’s incredibly easy to make rash, emotional decisions – but don’t fall for this rookie mistake!
Focus on logical investments and take the emotion out of it. One way to do this is by having an investment checklist in place, so that you only invest in coins that fit the bill.
Here’s some key questions to ask yourself before you invest in any cryptocurrency:
- Do they have a strong leadership team?
- Is their development team working on new updates?
- Have you read their white paper?
- Do they have a strong brand/marketing team?
- Are they ambitious as a business?
- If you have a fundamental investment strategy in place, you’re more likely to make better investment decisions in the long run – and that’s exactly how creating a checklist will help you.
Next Steps:
The crypto market carries a lot of risk – and that’s exactly why you need a solid set of ‘golden rules’ when it comes to investing.
The key with crypto investing is to avoid making emotional decisions, stay disciplined and only pick coins with solid foundations. Once you have some strong principles in place, you’ll feel more confident as an investor.
This article was republished with permission from Vintage Value Investing.