If you are new in this market, I am pretty sure that most of you don’t have specific plan for your portfolio. That’s why you easy being controlled by this market. So today I want to share you some tips that I gained during the time in this amazing market.
The most important thing in this market is believe. So if you have choose the coin/token that you believe in it, don’t be affected by others. This distraction may come from news, other players, …
So, how can we believe in that project? The answer is knowledge, you must know what kind of work that project doing, do you thing that necessary? Who is the backer of this project? History and fame?
You must clarify all this question before believing any project because there are a lot of scammer in this market.
This is money game and you will lose everything if you don’t understand anything about this crypto field.
This is very potential market but you must have high responsibility with your money.
Winning 3 - 5 times doesn’t mean you master this market. One time all in can cost you everything, so please respect your money.
So after you picked the coin, what would you do? And what strategy you have for stop loss/take profit? The market is never wrong, you is the one who wrong.
Dollar Cost Average (DCA) is a great way to get entry. For this you will decide how much money you will put in that and separate it into 2-4 times to entry. Hence, if the price go up you still have income and if go down you still have money to buy at better price. This also happen to stop loss/take profit matter.
Note: This more suitable for long term investment, usually on top coin.
To minimize the risk, you should have a plan for money allocation. Trust me, never all in, a lot of consequences will come after.
The higher value of assets should put into high ranking coin such as Bitcoin, Ethereum, Cardano, Solana, … You may get lower benefit but you will reduce the risk of losing money. I usually spend 60-75% of my assets in this.
For the next 20%, I will choose some low-cap coin/token with high potential to grow. Of course I have to believe in this coin/token as mention in reason 1.
The rest 5-20% should be USDT, this may help you a lot while you want to “fast buy, fast sell” or cover a position in margin/future/option or have a opportunity to join IDO/ICO event.
Last but not least, you must control your emotion.
You don’t need to check your assets all the time, just relax. You can never give the right choice when you are too happy, anger, or sad.
Be patient with the coin you believe in, your time will come. Don’t just see anyone buy a coin and get income and you sell every assets and buy that one.
Don’t be over expected, because if you get loss at too hype stage, it will knock you down and make you no longer believe in this market.
Good luck to all
-Solareum team -