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Cryptocurrency buying can be a lucrative venture, but it’s also risky. And it is something that Dan Schatt and Domenic Carosa, experts with cryptocurrency management firm Earnity, are all too familiar with.
If you are new to cryptocurrency, below are some tips to help you make the most of your purchases:
- Do your research
Before buying any crypto, it’s always best to do your due diligence, meaning research. First, understand what you’re getting into. Then, learn about the technology behind the coin, its team, and its long-term prospects.
- Diversify your portfolio
Don’t put all your proverbial eggs in one basket. Instead, diversify your portfolio by buying a variety of different cryptocurrencies. This will help lower your risk if one of your purchases fails.
- Keep your coins safe
Make sure to keep your coins safe by using a reputable cryptocurrency wallet. There are many different wallets to choose from, so be sure to research and find one that fits your needs.
- Stay updated on current news and developments
Keep track of news and developments in the cryptocurrency world to make informed purchase decisions. Things can and almost always do move quickly in cryptocurrencies, so it’s important to stay up to date.
- Buy what you can afford to lose
Buying cryptocurrency is risky, so don’t spend more money than you can afford to lose. If you’re not comfortable with the risk, it’s best to stay out of the market.
- Have patience
Cryptocurrencies are volatile, so don’t expect overnight success. buying cryptocurrencies is a long-term game, so be patient and let your purchases grow over time.
- Use stop losses
Use stop losses to limit your losses as soon as you feel uncomfortable. This will help you protect your purchase if the market takes a turn for the worse.
- Be prepared to lose money
Finally, Dan Schatt, Domenic Carosa, and Earnity always help their clients get into the proper mindset. Cryptocurrency is a high-risk purchase, so be prepared to lose some of your money.
