Most of you know me as a businessman and serial digital entrepreneur. A little about my background, in 2010, I graduated from the Punjab University after completing a Bachelor’s degree in Mechanical Engineering. I currently operate with a team in several offices in India including offices in Chandigarh, Gurgaon, Bangalore, Mumbai, and Kolkata.
My current goal is to inspire digital marketing community members to support cryptocurrencies like Ethereum, Litecoin, and Bitcoin. This is particularly essential as the digital marketing industry is powerful enough to play a significant role in sanctioning the usage and adoption of these currencies. Not only can cryptocurrencies play a key role in your marketing strategies and plans, but they are also great to invest in and help grow your business and your income. Below are some of my tips for those looking to invest, whether large or small, into cryptocurrency.
Get Familiar with Cryptocurrency
Cryptocurrency is still an ever-growing industry. There are several online resources that will assist you in getting familiarized with the basic of cryptocurrency. Some of these websites include good lists for beginners. In addition, there are apps that can be downloaded to assist with tracking the value of Bitcoin and other coins, which will allow you to keep abreast of the ever-changing market. The industry has grown tremendously over the last year which makes it extremely exciting.
Resist the Urge to Constantly Check Pricing
Constantly checking the pricing of Ethereum, Bitcoin or other forms of cryptocurrency is not productive or helpful. Constantly checking is compulsive and will do nothing to help in the long run. If you believe the value of a cryptocurrency will increase in the long term, do yourself a favor and resist the urge to stop constantly checking the price.
Be Excessive When Others are Cautious and Cautious When Others are Excessive
This is a rephrasing of Warren Buffet’s quote that holds very true when it comes to cryptocurrency. The “FOMO” or fear of missing can be such a remarkable motivator to potentially take disastrous actions. Most individuals hate being wrong and losing way more than they enjoy winning. When faced with these situations, seasoned business professionals and professional traders typically do the opposite or do absolutely nothing.
Make Planned and Calculated Moves
Use reliable data to create a strategy for yourself and your investments. You should make planned, calculated moves. Do not call an audible because you were swayed in another direction by someone. Others could have a different agenda than yours, so be cautious about the source of your information. Do your own research always, even as a beginner.
Do Not Move Without a Strong Basis
As it relates to investing and trading, doing nothing is normally better than taking actions when you do not have a strong basis. This is particularly true if the decision is entirely based on impulse. Whenever possible, try to catch yourself during those moments as this could save you a lot of money and frustration.
These are just a few of my strategies for investing in cryptocurrency. The crypto-community is unique in the fact that everyone has their own strategies for investing. However, using the above general “rules of thumb” will help you make strong decisions and become a profitable cryptocurrency investor. To learn more about my thoughts on cryptocurrency, check out my interview on CoinReviews.io.