Never invest money you need for your living expenses in crypto One of the best ways to distract yourself from sticking to your investment strategy and HODL long enough to make any significant gains is to invest the money that you need to survive. Aside from the fact that if you lose it, you'll be in a very very bad situation, it will not allow you to make any headway with your crypto investment. You will buy a very good coin with solid fundamentals at an early stage, and the next week, you have to sell it with or without profit (sometimes, even at loss) to buy food. Then a few days later, the coin takes off and is pumping hard, but you already cashed out. This is one of the most painful experiences, and it almost hurts more than a rug pull. If you know you will need this cash to take care of your living expenses or you can't afford to keep it away for one or more years, it's probably best to not invest it in crypto. If you have too little spare money and desperately want to invest in crypto, work out a strict budget for yourself and separate your investment money from your living expense money. And make sure you never touch the money you have invested in crypto until you reach your target. #crytocurrency #crypto
Log in to join in Reading is open to everyone. Replying needs an account.
2 comments
Pancake swap seems to be the biggest platform out there operating on Binance. Do you know if they or any other services are thinking of trying smartBCH. It seems like a no brainer to me as Binance is centralised and could be shut down whereas smartBCH is secured by proof of work. At least as a backup if Binance ever got taken down.
A basic rule of thumb for all "investing": only invest what you can afford to lose. If you need that money to survive, then you should not be investing it. Investments take time to mature, and like the OP says, taking your money out early almost always results in, if not a loss, then a much smaller gain.