How to Start Investing Money in Cryptocurrency – Know Yourself

How to Start Investing Money in Cryptocurrency – Know Yourself

Knowing yourself is critically important

Please note: this article may contain affiliate links where I receive a small compensation for referral at no charge to yourself.  

It's important to KNOW YOURSELF – your RISK TOLERANCE and the GOALS you have when setting up your portfolio and crypto growth opportunities. If you don't know what your goals and natural investing tendencies are, then you simply won't achieve what you want from your portfolio.

Once you understand yourself, your risk tolerance and goals you can maximise your profits by having a plan in place for both establishing the portfolio, as well as consistently adding to it in a way that suits you. Consistency and research is key.

Decide

Decide how much of your portfolio you want invested in platforms and how much you wish to start with for your alt portfolio.

I believe everyone should buy Cryptocurrency for approximately 3 months and have a portfolio of at least $500 before venturing into Platforms or more obscure coins. Many people I work with will start building up a Bitcoin only portfolio while they research options.

If you are new to purchasing Cryptocurrency please check out my blog post How to Buy Crypto and download my free PowerPoint presentation Getting Started. Before getting started in platforms I recommend reading my blog Signs of Online Scams and How to invest with Cryptocurrency.

Research

Next choose the coins you would like to add to your portfolio. It is good to focus on a small portfolio to start with. Check out my blog post Choosing Coins for tips on researching, and Creating a Portfolio here.

Start with researching and choosing two large cap, two medium cap and two small cap coins. (Large cap is the top 5 on coinmarketcap, medium cap is the top 30 and small cap top 70.) From your selection of core coins these are the coins you see the greatest future lying LONG TERM. The idea here is if you do the research and have a consistent plan on how you add to each position, you will only have to review the portfolio every 6 months and otherwise forget about it.

RESEARCH here is CRITICAL!

Security

Keeping your Cryptocurrency secure is critical. Do it right, right from the beginning to save yourself from potential heartbreak. Check out my blog on Security here for more detailed information and options on security and storage.

***If you won't be able to stop yourself from looking and stressing over dips, then store your coins in a way you don't have easy access to viewing it. Make it a set and forget.***

Commit – Act!

Remember, profits are made in the buying, so don't overthink. Make sure you act, even if it is just buying Bitcoin while you research. If you would like to have access to an excellent trading course that helps with long term coins purchases (not just the short term perspective), trading and education to confidently double down, then check out Learning Crypto here.

Every person is unique and has different factors, needs and desires that influence their perspective. If you are overwhelmed and wanting to have a done for you plan, then check out my 3 month customised portfolio plans here

Decide what kind of natural risk tolerance you have.

  • Do you naturally prefer high risk, high reward ventures?
  • Do you prefer slower, long term passive gains?
  • How old/close to retirement are you?
  • How long can you put the funds away for?
  • Will you need to have access to your funds in case of emergency?
  • Do you have a stable income, good health?
  • Do you have short term goals or more long term?
  • Are you happy to monitor the platforms frequently or prefer a more hands free approach?
  • Are you prepared to re-evaluate frequently?

Once you know some of those answers you are in a stronger position to determine which types of platforms suit your needs, which withdrawal strategies will work for you and how best to structure your portfolio.

Final thoughts

Click on Freebies to access some helpful PowerPoint presentations and get you started.

If you'd like to join my Facebook group Crypto All in All please click here.

If you would like to have a customised report with recommendations based on your unique situation, check out my paid service here

Click on Shop to access some helpful PowerPoint presentations (Getting Started, Creating an Alt Portfolio and Platforms for CryptoGrowth) to learn more about portfolios and platforms.

 

What to do if you’ve been scammed online

What to do if you’ve been scammed online

Scammed? What next?

Being scammed is a horrible feeling. Unfortunately in Cryptocurrency space there are many people willing to do what it takes to relieve you of your Cryptocurrency. And as it is a minor market, emerging technology, irretrievable and not monitored or regulated, there is very little recourse for compensation. Everyone has to take responsibility for their own coins and wallets (check out my blog post on Security and Storing Cryptocurrencies to help stay safe).

Common types of scams are listed in my blog post Scams here. Tips before investing in a platform (to help with Due Diligence) is found in my blog post Signs of Online Scams here.

Steps to take

There are steps you can take to report crimes and to alert people. The chances of having financial compensation is very low although you may be able to claim it on your tax return. At least this goes some way to alerting the authorities to the extent that people are being affected by scams and can prevent others being similarly scammed.
  • Report to an official agency (or several)
  • Post your experiences online
  • Use social media
  • Contact mutual connections or people thinking of investing with them
  • Report to Scam listing websites/social media platforms/groups or forums

Agencies to report a scam to

Below is a list of agencies where you can report cybercrime. You can report to multiple agencies. Always report to the first, econsumer, since they liaise with many agencies worldwide. If you are able to report to all or many of the agencies listed below this is even better.

Agency contact details

International https://www.econsumer.gov/en/Home/FileAComplaint/1#crnt International Consumer Protection link ******************* Europe – links for every European country here ****************** British https://www.fca.org.uk/consum…/report-scam-unauthorised-firm ****************** Canada http://www.rcmp-grc.gc.ca/scams-fraudes/rep-sig-eng.htm ****************** USA FTC link FBI link SEC https://www.ic3.gov/default.aspx https://www.ic3.gov/crimeschemes.aspx https://www.sec.gov/tcr https://www.sec.gov/oiea/Complaint.html SEC California link California direct Maryann.smith@dbo.ca.gov https://csiworld.org/report-cybercrime ****************** Australia https://www.scamwatch.gov.au/report-a-scam ASIC – Financial advice or investment scams including the sale of unregistered securities by unauthorised parties. ACORN – Reporting Cyber Crime. ****************** New Zealand Netsafe – all scams https://www.netsafe.org.nz/report/ SFO What they don’t cover https://www.sfo.govt.nz/other-types-of-fraud-what-we-dont-do ****************** FBI Headquarters 935 Pennsylvania Avenue, NW Washington, D.C. 20535-0001 (202) 324-3000 If you need to report internet scam in the U.K please contact UK’s national fraud and cyber crime reporting center Action Fraud (AF). To report a fraud using your telephone please call: 0300 123 2040 Text phone users:  0300 123 2050 If you need to report an internet scam in Canada please contact Canadian anti fraud Center (CAFC) Toll free number : 1-888-495-8501 Take power back! Help prevent others falling into the same hands. To get further information on scams join my Scam group on Facebook here.   If you do find yourself a victim of a scam learn from it. Educate yourself and share the knowledge you have gained. Know yourself, learn about your risk tolerance here and make sure in the future you have a solid withdrawal strategy. You can learn about strategies here.

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