The cryptocurrency market is like the Wild West. As an investor, you can lose money quickly if you’re ill-prepared or don’t understand what you’re doing.
Here are nine pieces of advice to consider if you’re thinking about entering the market:
- Never invest more than you’re willing to lose
This is arguably the most important rule of thumb. While your natural tenancy may be to chase high returns, investing more than you can afford to lose is irresponsible.
It can cause your life to start revolving around the performance of your portfolio, which isn’t healthy.
Tip: Ask yourself, “Am I comfortable losing X amount won’t affect my life?”