Many of you have been writing into us to ask a huge number of questions regarding crypto investment. This is of course a very to topic at the moment given the sheer number of people who are interested in adding crypto to their portfolio. The recent bull run in the crypto market has been incredible and it is this which is inspiring more and more people to invest. Experts like Robert Testagrossa have been vocal of late, with warnings and pieces of advice for those first time investors, and rightfully so.
In light of this, we are going to cover a little today about how you can manage your crypto investments.
Understanding What You Want
The first step of investing in crypto is the same as investing in anything, and that is to first ascertain what exactly you are looking to get out of this. There are some who are looking to make a quick buck, there are others who want to ride it out and see what happens and there are some who are happy to sit on this investment over the long term. Knowing what you are looking to get out of this is the perfect way to understand how to operate and manage your portfolio. This is a very volatile market and just because you are up today, doesn’t mean that you will be tomorrow.
One of the best ways in which you can make some short term cash is through the investment of alt coins. These are coins which have small market caps and which are usually released alongside an exciting new product. There is absolutely nothing wrong with adding some alt coins to your portfolio. It should be noted however that these are short term investments and so you need to know when to get out.
from the moment that you invest it is going to be absolutely critical that you have a secure wallet in which to store your crypto. The best advice is in fact to get a hardware wallet, which is a USB where you will store your crypto. Sadly hacks can happen and the fact that this currency is decentralized means that there is no bank to bail you out should it go wrong. Make sure that you have several copies of all of your backup keys and your recovery information.
By all means take information from experts but always ensure that you are not buying and selling based on what you read on social media. There is always a lot of fear when it comes to crypto and so many think that the market is going to crash completely, just about every day. Trust in your research and the knowledge that you have and make decisions based on what you wish to do with your crypto investments.
Be careful, read a lot and always approach with care when you are investing in this market.