Checklist These Five Things Before You Invest in Crypto
In writing, more time is invested in preparation than in the actual writing.
Cryptocurrency investment is like writing.
More preparatory works need to be done before the actual investment.
I’ve traded both crypto and fiat (forex) currencies; from my experiences, and the lots I’ve read about trading and investing, you make the most rational decisions before you enter an investment/trade.
Once in, market movements will make your emotions go on overdrive and this can cause you to make moves that are not optimal.
Having walked the crypto track, there are five things I’d write my past self to consider before spending a dollar in crypto; you’ll find them useful too.
The percentage of your portfolio that should be in crypto
Your crypto investment is not a stand-alone investment, but an extension of your overall investment portfolio — which includes other investments like stocks and bonds.
It is standard practice to decide beforehand the amount you’re willing to put into an investment, and while for investments like stocks there’s enough data to determine this, crypto is different.
