Knowing yourself is critically important
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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.
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.
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!
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.
Click on Freebies to access some helpful PowerPoint presentations and get you started.
If you would like to have a customised report with recommendations based on your unique situation, check out my paid service here.