Simple Lessons in Investing I’ve Learned
Speaking for the highly volatile cryptocurrency space…
Have a Goal and Stick to it
If you don’t establish your goal, your investment style, and trading style, you’ll spread yourself out too thin and go with the wind by following what everybody else does. Building a scope that encompasses the things you’ll try is fine. On the flip side, it’s important to not be too stubborn in your approach and learn from others. Writing down these goals helps mentally establish them.
Vet, Don’t Follow
Use a variety of experienced experts to vet your assumptions rather than blindly following what they invest in. They may have ulterior motives and undercover deals behind the scenes.
Minor, Consistent Profits
Minor, consistent profits put somebody in a greater position than infrequent, greater profits. Diversifying into many “good” investments in my mind is stronger than targeting fewer investments that you dream would be a blowout.
Data over Emotions
As an investor looking to profit from investments, it’s paramount not to have any emotional attachment to your investments, but to understand the economics behind the company and tailor them to your investment style.
Attention to Detail and Due Diligence
Due diligence is everything when it comes to investing. Don’t focus on the time spent on researching a potential investment, but focus on the things you need to know about the investment. Concentrate your focus on the few important things rather than having a general knowledge and not knowing the key specifics.
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Disclaimer: This is not financial advice; you are responsible for your own money. All my resources are to be seen as research and conjecture. I do not claim having done any of it with my personal assets in the past or present.
