Some important tips in a row so that you can start with bitcoin and other cryptocurrencies strategically and sustainably.
You have been wanting to start for a while or have just started trading Bitcoin and other cryptocurrencies. You are interested in digital currency and would like to know how best to build a good portfolio. The past ten years have shown that Bitcoin always moves to a higher price.
1. Make a plan
You must have a plan and look to the long term. This makes you less emotionally involved. Someone who acts out of emotions is more likely to make mistakes than good choices.
You invest in a market with fluctuations so that you will experience red and green numbers. Therefore, make sure you look at a time frame of several years with a clear objective. For example, write down an amount that you would like to achieve with your investment.
To make that happen, point 2 is a good strategy.
2. Buy a little every month
The best time to buy can only be determined in retrospect. It is therefore wise to buy regularly instead of once, buying the average of the market. It is wise to buy on red days. The intended goal is to keep the average price of the investment as low as possible.
Every time you buy below this price, it makes your investment more favourable. So if the market takes a big dip, it’s a sign to buy more. In this way, you build up your portfolio sustainably.
3. Buy Bitcoin and crypto coins in a safe place
Digital coins are offered in countless places on the internet. We advise you to buy from a reliable party that guarantees security for its user. Binance is such a party that meets these requirements but is also characterized by excellent ease of use. That is unique in this market.
The online crypto broker Binance has many pre-selected coins. Of course, Bitcoin and other well-known coins such as Ethereum, Cardano, and the popular meme coin Dogecoin. These coins are easy to purchase, making them ideal for first-time investors.
Binance gives the option to trade both through the site and the app on your phone.
4. Which coins do you buy?
It is wise to invest in crypto coins with a large market cap and a project that you believe in. These coins gradually increase with the growth of the market. As a result, the price will be more stable than with smaller market caps. However, the rule in crypto is that high risk also ensures high results.
Coins that are hyped on the internet have a high level of volatility. This means that – according to crypto terms – they can moon but can also fall sharply if the interest decreases.
You can certainly take a risk with part of your portfolio, but make sure you keep a good mix at all times. Also, don’t be too greedy. If your risky investment is very profitable, cashing out is often a good idea.
5. Stay informed through successful traders on Twitter
Twitter is the place to follow everything about Bitcoin and other cryptocurrencies. Therefore, Twitter founder Jack Dorsey is a big fan of this digital currency and is also publicly speaking about it with statements that Bitcoin can lead to world peace.
Look for a crypto expert on Twitter that provides his followers with the latest updates about the market in a very clear and easy way, approaches the market from technical analysis, looking at entry points based on market movements.