Initially, it seems like crypto's soaring price looks so appealing. But, you got to know that once you invest in this crypto currency, it will not be easy to gain profit. So I would like to share my mistakes which you can avoid.
1) Do not invest too much:
I invested around 600 USD into crypto but now i just earned around 100 USD for 6 months. It will take time to make profit. If you do not have enough experience to step in this crypto trading, only invest a small amount of money which you can afford to lose.
2) Do your own research well:
There will be enough information flows, youtuber, and crypto traders. But, sometimes you need to be very careful on their advice because some you tuber and crypto trader might be promoting cryptos with mutual interest. I mean some traders want to pump the price of cryptos and others could promote some cryptos on purpose.
3) Create your portfolio wisely:
It is one of the most important things to remember. I believe a quote that "it is always right to buy BTC".The BTC is a father of all crypto currency. So I tried to make 50% of my portfolio as BTC and the other half was ALT coin. By the way, this is just an example.
I always check the BTC dominance chart. It shows how BTC market cap increases or decreases in the market. It implies that as BTC dominance increases, people buy more BTC. On the other hand, as BTC above 50%, it is a sign of a BULL market.
As BTC dominance increases, I buy more ALT coins. If it decreases, I sell my ALT coins and buy BTC.
To sum up, you can gain experience in crypto with a small amount of money. Do not play with money which can affect your life.
Listen to other experts' opinions, but make a decision by yourself. It is your responsibility and your money.
Do not buy the PUMPing ALT coins, and follow FOMO of new listed coins. Create your own portfolio wisely.
I hope that my article liked you. So please comment below.