MYTHS ABOUT CRYPTOCURRENCY AND THE MAIN RULES OF THE CRYPTOCURRENCY MARKET
Before setting goals in the cryptocurrency business, first let’s go through some common misconceptions around cryptocurrency.
CRYPTOCURRENCY MYTHS
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I frankly admit that I also almost got infected with skepticism towards cryptocurrency at the beginning of my journey, as many people scared me by telling me that cryptocurrency is a wildcat venture, financial pyramid, or the like. Such false beliefs often fence many people off from possible success. Only a small number of sticklers verify such statements about cryptocurrency instead of just blindly believing them.
I am sure that you have also heard allegations that no country will ever recognize cryptocurrency so cryptocurrency has no future. To refute this, it is enough to recall the recent increase in the value of cryptocurrency. Some countries have already recognized cryptocurrency as means of payment. Thus, this so-called “entertainment for geeks” has evolved into very real business for investment bankers and various corporations.
Therefore, if you, personally, still do not earn money in cryptocurrency, it is most likely because of the large number of the aforementioned statements, which you may have heard from pseudo-experts.
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Let's enumerate the statements that stop many people halfway:
1. It's too risky. What if I invest money and cryptocurrency is banned worldwide the next day?
2. I do not have any financial education so I wouldn’t know what I was doing;
3. My friend/brother/neighbor invested money in cryptocurrency and lost everything;
4. The topic of cryptocurrency is too new and difficult to understand as it is so I'd better wait a couple of years when everything becomes clear.
All these statements are merely excuses for your inaction. While you come up with additional excuses, people all over the world have already built a business
in the cryptocurrency market and are making a profit. Ask yourself: what makes me worse than these people? If you realize that you are not worse than your
friend/brother/neighbor, who already earns money in the cryptocurrency market, then ask yourself the following question: why should I enter the world of cryptocurrency business right now?
WHY YOU SHOULD ENTER THE CRYPTOCURRENCY BUSINESS WORLD NOW
So I will answer this question point by point. Each of the arguments will begin with the words right now so that you better understand why you should do this right now.
First, right now there is very little competition in the market. Are you surprised?
It’s true. Yes, the interest in this topic constantly grows, but in general, the competition is still very low. This market is still quite "wild" and unmastered.
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The reason for this is that most people tend not to trust new trends and ventures, as we have already mentioned above.
Second, right now you can reap high returns on this market. Cryptocurrency prices are at the stage of growth and development, but even so, you can earn a decent sum of money. As long as you manage your risks wisely, you can make profits in time.
Third, right now there are a lot of freeloaders in the market. They come to the cryptocurrency market to make a quick buck without delving into the subject.
Usually, such people come from the pyramid schemes led by so-called "experts" who teach people without having any real experience in the topic themselves. I must admit that the market encouraged such people in the beginning, when they had a chance to make lots of money then. However, nowadays, if you want to achieve something like this in the cryptocurrency market, you will have to make
real efforts.
Fourth, right now there are low risks in the market. Five years ago, most people waited for the day when cryptocurrency would be officially banned. These days, many countries around the world have already recognized the relevance of cryptocurrency. Cryptocurrency has gained such momentum that no one can simply press the stop button now. Do you really think that this fact does not prove you can invest your money without fear of various prohibitions and restrictions?
Finally, before moving on to the rules of the game in the cryptocurrency market, I suggest considering the future of cryptocurrency through the example of the Tesla company. Currently, the cost of a Tesla is estimated in the amount that, according to the expert forecasts, it will not be able to make back its expense in 300 years. Why do smart experts rate Teslas so highly then? Let's puzzle it out.
These days, an electric car is beautiful and stylish but expensive and not a very practical vehicle. However, experts are not concerned about today. They visualize a future that can become a reality in 20 or 30 years. It is difficult to imagine in years to come the ordinary cars we see daily in the streets now. You may imagine your old beloved car in the future, but personally, I picture some kind of semi-flying vehicles with solar panels or something even more sophisticated. Therefore, it is the electric vehicle that will have a bright and successful future, and Tesla is likely to occupy a leading position in the market.
It turns out that, by and large, no one knows for certain whether Tesla will hold its position in the market for the next 20-30 years. However, many people strongly believe it will, and this belief makes them invest in the company.Therefore, personally, I can easily believe that Tesla will hold a monopoly in the entire automotive manufacturing sector in 20 years.
How is this example linked to the future of cryptocurrency? Nowadays, some people view cryptocurrency (like an electric vehicle) as meaningless a fashionable, interesting and technically curious trend. But a trend, nonetheless.
However, this tiny drop now is likely to grow into a large dominant sea in the future.
SETTING GOALS AND IDENTIFYING THE MAIN RULES OF THE MARKET
Before breaking new ground, real professionals learn the rules of the game and set goals, determining what kind of result they want to achieve. Since we are professionals, we will first deal with this task.
The following points must surely be among the cryptocurrency trading goals you will set for yourself:
Define the specific sum of money or percent of your income you will invest monthly in the area of cryptocurrency;
Define the degree of your readiness for risks;
Define your specific goals in the short and long-term.
Having set the goals, it is important to understand what is needed for a successful and fast startup in the cryptocurrency market. You will be surprised, but the theory is the least important thing in this field. Many people say they lack the information and knowledge for doing this type of business. However, most of the strategies I will tell you about do not require deep knowledge of the cryptocurrency business world. It will be enough for you to have a grip on basic principles of the cryptocurrency economy.Then what's the problem? You need practice. Only practice, not a book (not even mine), will help you to understand where to buy, where to sell, how to store, and how to transfer cryptocurrency.
You will also need:
Several ready-made strategies with low risk to enter the market Ability to filter content and information around you Communication with more experienced traders of the cryptocurrency market and "spying" on their actions Risk management
An audit from an experienced curator.
And now we proceed to the statement you must remember once and for all: making any investment in the cryptocurrency market IS A RISK. If you are not ready to accept this, don’t bother trying. Any opinion or forecast for the development of a particular coin, the reliability of ICO (this will be discussed later) is only a biased stance. There is not a single person across the globe who could give you an iron-clad guarantee for further developments. There are absolutely no right decisions and 100% guarantees. I or someone else can only give you a piece of advice, not guarantees.
The cryptocurrency market is alive and constantly changing. Therefore, when dealing with cryptocurrency trading, one must learn to take personal responsibility for making decisions and always remember that no gains can be made without taking risks. Yes, there are less risky strategies, but risks exist in any case. Invest just the sum you are willing to lose without much regret.
And right now, lay the book aside and write down the two rules you should never break:
1. Do not invest to the last penny.
2. Have a stash of cash to take advantage of opportunities.
And finally, beginners should learn several safety points:
When trading on the exchange, protect your account with two factor authentication and keep your code name private.
Your password should have at least 26 characters; a special password generator may help you come up with one.
Never keep all your money on one exchange or in one wallet.
Trade only on tried-and-true exchanges.
Do not use public access points to trade in the cryptocurrency market.
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