Investing is simply using your money to make more money. Although it can be a very risky endeavor, it can also make you extremely rich if done well. The higher the risk, the higher the potential reward. So how do you invest well? By having considerable knowledge about what you’re putting your hard-earned money into.
I’m sure you like big rewards, so keep reading as I’m about to share with you the exact tip that immensely improved my investing game.
3 things that helped me get better at investing
I recently realized that when it comes to investing, hope is not a strategy. Investment is not just what you do and start praying for it to yield the required result. And this not to say prayer doesn’t work. It works but there is some major determinants which you must understand. They’re Value, Control, and Patience.
It’s very important you understand value before making any investment(especially in tradeable assets like stocks and cryptocurrency. If what you’re buying is valuable, people might be willing to pay more for it in the nearest future. You should not make the nasty mistake of holding unto something that worth’s nothing.
The owner/creator of the investment makes the most money. For instance, the creators of Smart Contract, ICO, Ponzi Schemes, DEFI projects all cashout big because they own it(are in control). Bitcoin is valuable today because you can hold unto it and nobody can have access to it. It’s the first digital asset that you can truly own. If it was to be on the exchange and it cannot be withdrawn to HODL(be in control of your funds), I doubt if the price will reach this far.
You will make more money if you let time play to your advantage. Nothing is really predictable within a short period of time(especially in cryptocurrency). One news or company could spoil your technical analysis or your trade. But if you have a longer time frame and mindsets, you’ll survive and maybe become profitable.