Hi folks ! i hope you have a good day. in this article i want to share my knowledge about investing in any kind of trade,markets or stocks.
FOLLOWING ARE THE CONTENT HEADINGS WITH NUMBERS.
1.COMMON MISTAKES TO AVOID BEFORE INVESTING
2.RULE 1
3.RULE 2
4.RULE 3
5.PERSONAL EXPERIENCE
1.COMMON MISTAKES :
Most People like me may not have ever invested in any kind of market When they heard of crypto boom. I myself had 0 experience of Stocks, intra day trading , swing trading or crypto tradding. i just watched random , algorithmically driven videos showcasing How i became millionare in 2020 by buying this coin. by investing in crypto, in NFTs and Especially BITCOIN.so i was charmed by this Millionare opportunity and did not wanted to lose this ( I thought) Golden Opportunity.
i invested some borrowed money from my senior in University which I LOST .OKAY LETS CUT THE CRAP AND NOTE DOWN THE RULES I WILL EXPLAIN THE WHOLE LIST OF MISTAKES IN MY NEXT ARTICLE. I AM HAVING A LONG LIST OF MISTAKES HOVERING IN MY BRAIN CORTEX.
2.RULE 1:
NEVER EVER BORROW OR TAKE LOAN TO INVEST IN ANY MARKET.
BROTHER AND SISTER JUST TRUST ME ON THIS YOU CANT GET RICH JUST BECAUSE YOU HAVE A LOT OF INVESTMENT. And how can you be sure before investing that the particular stock or crypto will get you in profit and you will get to pay your loan or debt easily. why you want to take short paths rather then keep grinding for your goals. lets suppose you become rich Have you not Heard of People who Won millions of dollars by winning lotteries . Search them . Where are they now. They are again back to 0 where thay started..i watched a video yesterday about a man winning a lottery who used to be a garbbage picker but Now EVEN AFTER winning a million dollar lottery He is again working oon the same garbbage shop. Differnece is just of few years. He spent All his Money on Drugs and prostitutes .
I am not saying everyone got bankrupt but the point is HE never valued his Easy earned money. Do you expect to achieve 1 million subs on Your youtube channel . DEFINETLY YES. WHO WONT. BUt you will miss the Journey and experience and its value..
you are betting your life on this one market and if it doesnot get hit you will spend rest of your life paying Your Debt.
okay YOu want Example . Go CHECK ELON MUSKS TWEETS COMMENT YOU will see how people got Homeless Just because of these loans to get Crypto benefits.
And this Advice is for everyone Who wants to trade in ANY MARKET ...ANY WORLDY MARKET.
3.RULE 2:
CLOSE YOUR TRADE EVEN IF YOU ARE IN PROFIT OF A SINGLE DOLLAR.
SO DO I NEED TO TELL YOU ABOUT COMPOUNDING EFFECT GIVEN BY EINSTEIN?
OR THE MODERN CASH FLOW TECHNIQUE THEY TEACH IN CA CLASSES?
HOPE NOT.
4.RULE 3
ALWAYS KEEP YOUR GREED IN CHECK OR AN ENTRY MUST HAVE A EXIT PLAN
Always make sure to book your profit whenever you enter a trade .
every coin will not always stay on MOON. And dont say let it go up further further...i did it once on SAFE MOON and now i am totally stuck in it .BUt i will sell it on BREAK even.