Quote:
Originally Posted by moltuae
Having said that, if you're sensible, do your research and gradually build-up a diversified portfolio, you can make huge profits. You can make money by playing the exchanges and buying and selling at the right time but that really is a gamble and takes a lot of skill/luck.
Most people who have been investing in cryptocurrencies for more than a year will tell you to "just hodl (hold)". If you have the nerve to ride the dips, any cryptocurrency that's worth investing in will generally increase in value in the long run, sometimes by more than 100x.
If you're looking to invest, I would start with an amount that you are prepared to lose. Invest and wait. Don't panic or pull out at the first dip. If after a few months you have managed to make a good profit, you could even take out your original investment and continue investing your profits.
|
I think this is good advice that I needed to hear - I started dabbling with £500, it went to £630 and its currently worth £420, I chopped a lot initially and that eroded the capital because I got jitters at the initial drops - it was always a case of when I buy a stock or in this case a coin, it drops straight away lol, but given the crypto volatility I was probably over sensitive to it.
I can afford to lose the £500, thats why it was a small amount. I think the HODL approach is a good one and its what I do with stocks, buy good and wait, I should have approached it the same with Crypto.
This was over 3 weeks BTW!