Still Losing Money Via Cryptos? You Should Know This.
Crypto seems synonymous to losing money these days and I'm kinda wondering so many still have this perspective about cryptos as "something that could make you lose all your money". Well, besides the anyone who invested in bull market and day traders, I'm just kinda curious to meet anyone who's currently losing money to cryptos.
The fact is almost everyone if not everyone currently dealing in cryptos have lost money via cryptos, the beautiful thing about this is that most of them never left the space because at some point you'd realise losing money was as a result of some of your actions (sometimes you really aren't the cause like in the case of Rug Pulls and Luna Terra crash).
People lose money everyday via cryptos which is also why I realised losing money isn't a newbie thing. It happens to even the best of us, but not as frequent as some newbies in this space.
So how do you not lose money?
Well, I can't tell you for sure how to not lose money here since our view of what money is in the cryptoverse is quite different. I'd rather say, "how to not lose cryptos" since we're actually dealing with the units if cryptos owned and that's is unchanging.
So First, I believe it is best to stick to solid projects. Do your research and stay with the projects that can't let you down no matter what. They may appear slow, but they're worth the time at the end of the day.
Also read more and learn about any step before taking it. This involves making transactions, storing money on an exchange, exploring NFTs, clicking of links for freebies etc. These are well known ways quite alot of us have lost money around here and some of still do.
Finally, take risks but calculated ones. Life is full of risks and taking risks could create a massive opportunity for us. But, we could also be at the losing end when we take risks without calculating and making sure our chances of success are high. Risks like FOMO and buying shitcoins. These two areas have created millionaires, but have also caused more havoc than you can imagine. Unfortunately, people still do them, but if you'd ever consider them which I don't advice, please do your calculations well and May the forces be with you. (NOT A FINANCIAL ADVICE)
In that department, research well, invest little, and take back the initial investment quickly is my strategy :)
That's an awesome strategy. Not to get greedy and just take profit when the opportunity presents itself
Exactly, then whatever of the coin you were interested in is free crypto basically, and you have the original amount back to do it again with something else :) ... It's not a fast way to earn, but it's safer and does allow for some good progress if you are lucky enough to choose a couple of good ones.
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We can play this game in the opposite direction, too... You can't EARN money if you don't TAKE ACTION... It's the same thing with losing money... Yes, you can lose money in crypto if you make a wrong decision, but if you pick a solid (and real) project to invest in, it's really hard to lose money...
You are losing money if you buy in FOMO and sell in FUD... You lose money if you save in fiat currencies! That's probably the surest thing that you will lose value by saving fiat as inflation all around the world is more than 10% or much more in certain countries...
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Yeah, with the current global inflation,saving fiat is definitely a bad idea. Cryptos on the other hand is probably the best thing to invest in right now due to the fact that it's units don't change regardless of the inflation and prices would most definitely go up in the future. Well, this space is really just full of risks and those who don't take risks lose the most
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