In today's blog we are going to cover a topic I'm sure many of my crypto newbies want to know more about. Or perhaps you are already a crypto veteran and are just interested in learning more strategies you can use on your own. Whatever it is I hope you learn something new and useful from this blog article. Now before we get in I just want to state that none of this is financial advice so please don't take it as such. With all that being stated and out the way we can now get into the actual article.
Now, this is perhaps the most important part of any investing strategy whether it's crypto or stocks it doesn't matter. Conducting your own research allows you to gather information from a nonbias perspective as when you usually watch a YouTube video or take a friend's advice they tend to be more biased than say if you just had conducted your own research. Now when it comes to researching crypto you will be gathering most of your information directly from the source which is the cryptocurrency itself. Now you can still use YouTube videos and other blog posts as part of your research. But if you plan on buying and investing in a coin then you need to read the whitepaper of the crypto and its website. Along with any other sources of information they provide you like articles, videos, and podcasts. You should also check their social media accounts and if you can try to check the blockchain of the crypto to try to get more insider information that isn't typically put out there in the public.
Now, this is the second most important part when it comes to my investing strategy and that is how do I invest my money into the market. Some basic tips you should already know as an investor are you want to buy low and sell high. But there is a strategy to this and that is you want to buy near the floor of the bear run and then sell at the top of the bull run. Now there are many ways of knowing a bear and bull run. some of the best tips I can give you is to use technical analysis and on-chain analysis to determine where we are in the market. Now one of the most important tips I can give you is dollar-cost averaging your investments. What this means is to buy slowly instead of buying all at once especially if you plan on investing a lot of money. This helps you off balance some risk that comes with the market especially since the crypto market is so volatile. Another great tip is always to keep some stable coins on hand especially for the weekends and the holidays when the market likes to dump and the banks are closed so you can't no money into your crypto account.
One of the best things you can do with your crypto is starting making passive income and money from it besides from trading it. Now there are many ways to go about doing this. You can start staking your cryptos if possible but if you can't do that there is still an alternative to making passive income from your cryptos. Which are you can either start lending your crypto to people and organizations or start getting interest on your money. Or you can start farming your cryptos to make crazy APY rates which a typical bank can't even compete with. If you want to learn more about this topic you can read my previous blog article on how to make passive income from your cryptos.
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I myself use DCA but when buying stocks. I have been putting the same amount into the market every month for over 2 years now. But I am slowly shifting all my attention from stocks to cryptos - but I don't find DCA that attractive in case of crypto because of high volatility.
Do you do it manually or is it set up automatically?
I do it manually I typically dca when its a bear run because its harder to predict when it will end compared to a bull run
But it doesn't matter that much if it is an absolute bottom. If you buy regularly. Thank you for the answer.
The most interesting part in crypto today is the passive income. I thank Atomic Wallet team for bringing staking to door step. My AWC token staking has been a big eye opener. More info concerning staking - https://atomicwallet.io/staking