“Investing in cryptocurrencies is not the same as investing in other assets,” says Karen Mae Wilson
Investing in cryptocurrencies is unlike investing in the traditional stock market. Cryptography and blockchain technology are new and constantly evolving technologies. This creates volatility and uncertainty around the virtual currency. A swing of 25-35% in the coins’ value in a course of days is a normal event. The technology is vulnerable to hacks and bugs. This leads to a drastic change in the values of coins in unanticipated ways.
Amidst all these uncertainties, some crafted strategies will save the newbies from falling prey to cyber scams. Karen Mae Wilson is a Miami-based crypto mentor who owns CryptoTips Academy, a crypto consultancy that is driven to help the emerging crypto enthusiasts with its tailored strategic solutions. Before you begin your quest for a dependable mentor, you have to pave your initial path. A few simple steps are given by Karen Mae Wilson
Start With Research
Coins, tokens, Initial Coin Offering, decentralization, smart contracts, dapps, cryptography etcetera. These are the ABCs of blockchain education. There’s much more to it and you have to learn them all. Research the coins you wish to invest in. Not just for the sake of it but to make sure they meet your financial goals. Research about the company whose coins you consider buying. After all, it’s not just the coins but also the companies’ mission to help you attain your financial goals.
Keep Away From FOMO (Fear Of Missing Out)
Never invest in a currency just because there’s a huge buzz around it. Sometimes, people tend to buy the coins at a very high price just to lose their money later when the value drops suddenly. The reasons could be lack of research and believing the hype created around them. Keep a portion of your income aside for investment. Don’t toss more than 20% of your income into investment. Since the crypto market is highly volatile play it safe. Toss in only the amount you are willing to lose. The more you’re involved, the more you will get acquainted with the new technology. You can consult Karen craft your strategies that will increase your returns steadily. If you observe the cryptocurrency market closely, it is quite fluctuating. It might be daunting to decide which coin to invest in, but considering the proportionality rule if you are planning a long-term investment. Higher the risk higher the return and lower the risk lower the return. You can choose among around 1,500 cryptocurrencies by categorizing them in the above two categories based on the level of risk. Karen Mae Wilson have aided people Earn If you’re seeking a mentor in this field,Karen Mae Wilson is your go-to person.