Making a crypto fortune is easy, but here are 5 rules to follow to keep it
Investing in any financial asset can be a tricky exercise, but this is especially true for the fast-paced cryptocurrency market, which comes with its own unique set of pitfalls and challenges.
A popular saying dictates that it takes 10,000 hours to master a skill and become an expert. In cryptoland time, this is measured in market cycles, which subject each trader to a few trips on the roller coaster of volatility as a crash course on navigating the market.
Here are five important lessons every trader should learn when it comes to investing in cryptocurrency bull markets.
Since the early days of crypto, the community has been proud of its “hodl” nature, with the volatility in the price of Bitcoin (BTC) and other tokens haven shaken coins out of paper hands and into those of the true believers who comprise today’s crypto aristocracy.
Few like to bring up the “not your keys, not your crypto” movement anymore, partially due to the fact that liquidity and money velocity are important factors in a healthy functioning market, but also because simply hodling as the market rises and then falls has resulted in fortunes achieved on paper simply fading away with the onset of a bear market.
When a cryptocurrency has made significant gains, especially if the price went parabolic in a near-vertical line on its trading chart, the best move is to take profits and allocate those funds either to stablecoins or different assets whose trading cycles are not exhausted.
The fact of the matter is that nothing keeps going up forever, and in the cryptocurrency market, the fall can often be as fast and as hard as the rise.
If selling a token is difficult due to personal attachments and a bullish long-term outlook, it helps to consider that after a
Read more on cointelegraph.com
