Step 1 – Pay lots of money and Acquire Cryptocurrency
Step 2 – Watch the price drop
Step 3 – Cry and have anxiety for a while, watch other crypto’s rise in price while yours falls
Step 4 – Trade your crypto for another one
Step 5 – Watch your new crypto start to fall in price while your original begins to rise
Step 6 – Cry again
Step 7 – Come back in 6 months and realise how much money you could have had.
Real talk, I am not an expert on buying or selling cryptos AT ALL.
Infact, literally every single time I have bought or sold, I have made a massive mistake
Here are some times I traded, obviously nobody can time the market but If I hypothetically just waited like a week before making some of these decisions, I could have been up by £30k or more
January – Bought bitcoin at the peak, proceeded to watch it fall 30% over the next week
February – Bought Monero instead of more bitcoin
Summer – Traded bitcoin for Ethereum at it’s peak, Ethereum then dropped in price and bitcoin exploded in price.
Autumn – Traded Monero for Ethereum, Monero proceeds to explode in price whilst Ethereum doesn’t do a whole lot
December – Traded Ethereum for IOTA, Ethereum proceeds to increase by 50% over the next 3 days.
And so, my actual guide? Look into what the coins are, understand how they work, and then make an educated guess on whether it’ll take off or not. Buy some of your chosen coins and then hold on for dear life and be careful about trading or selling. Assume that any money you invest into crypto’s is going to be gone because mentally you’ll be better off that way. I’d also recommend trying not to check the price too much unless you are considering selling or buying more – keeping a close eye on how your bet is doing is a surefire way to just give yourself anxiety.
i’d also advise not doing what I did (on every occasion) and buying during an upward rush.
If the price is exploding, it’s going to come down soon, give it a few days and you’ll (probably) find yourself with better rates.