1 – Prepare For Volatility
It’s basically a given for cryptocurrencies that they are going to be extremely volatile. One minute the price is sitting at 5 digits, and the next it’s at 4 or even 3 digits! It’s absolutely unpredictable, and if you don’t take its volatility seriously, you could get in a lot of trouble. You could panic and sell off your crypto so you can minimize your loss.
However, if you’ve braced yourself for scenarios like this, then you’d probably just shut down your computer, or turn off your TV, and lie down and sleep off your doubts. Tomorrow is a different day, the price could go back up, and all will be fine with the world. Being prepared for volatility is tough, but it’s definitely doable.
2 – Proceed With Caution
Do your research before you start investing in bitcoins and other cryptocurrencies. When you’re dealing with hard-earned money, you don’t want to lose everything in one day. You’re investing to make a profit sometime in the future. Don’t go all in without studying what you’re putting your money into.
