Here are the 5 reasons you should NOT buy cryptocurrency, UNLESS you’re prepared to follow a few strategies that give you the best chance at NOT losing money – Enjoy! Add me on Instagram: GPStephan
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Why you shouldn’t buy Cryptocurrency:
FIRST: IF YOU WANT TO GET RICH QUICK.
Even though – YES – you CAN make a lot of money investing in cryptocurrency – viewing it as a way “GET RICH QUICK” will inevitably lead to the same mentality that buys in while it’s already going up, sells at the slightest moment of weakness, and loses money without the discipline of having a pre-planned entry and exit point.
SECOND: IF YOU’RE NOT PREPARED TO LOSE MONEY
The reality is, pretty much EVERY cryptocurrency out there poses some level of risk…and there’s a high likelihood that you’ll lose a significant portion of your investment at SOME POINT, when you least expect it. I think at this point, it’s pretty safe to assume that we’ll continue to see rather large corrections and sell offs…and if you are NOT prepared to invest your money, and see 90% of it quickly disappear into the abyss…potentially forever…you should NOT be investing your money in cryptocurrency.
THIRD: IF YOU ARE NOT PREPARED TO DIVERSIFY
Right now, there’s over 10,000 different projects and cryptocurrencies on CoinMarketCap that people have the chance to invest in…but how many of them do you think will REALLY be successful, and that will ACTUALLY still be around 10 to 20 years from now?
The point I’m trying to make is that, I have a feeling we’re going to see something similar, today…and these top 10 coins will look DRAMATICALLY different 10 years from now as the market changes. That’s why I would highly recommend DIVERSIFYING your investment across multiple cryptocurrencies, instead of just picking one or two that you think might 100x and make you rich as fast as possible.
FOURTH: IF YOU ARE NOT PREPARED TO DO YOUR OWN RESEARCH
Truth be told, too many people are just buying into whatever they see is getting the slightest glimpse of hype, hoping to ride it as far as possible, without doing any research into what they’re actually buying.
It’s a REALLY expensive lesson to learn, but it’s something that’s EASILY avoidable by instead: waiting 5 days before you invest, and using that time to research as much as you can. You should be able to understand exactly what it is, what problems it’s hoping to solve, how much it should be worth relative to similar options, and whether or not the team behind it has a previous track record. In the big picture, if it’s ACTUALLY something worth investing in….waiting 5 days won’t make ANY difference.
FIFTH: IF YOU FIND YOURSELF GETTING TOO EMOTIONAL OVER PRICE FLUCTUATIONS
This, unfortunately, is one of the most difficult aspects of cryptocurrency right now…and, when emotions are high, it makes it impossible to have a level-headed, logical discussion.
IF you find yourself getting too caught up in the price moments, or too fixated on following the price every moment of the day…that’s a sign that you’re too heavily invested, you should diversify your holdings, and you should make sure you have enough cash on the sidelines to hold you through any periods where things might continue going down. If you can follow that, I PROMISE you will be a more well rounded investor, and you’ll have MUCH better success making money, LONG TERM.
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