I just lead you through the proper process of buying your first cryptocurrency. If you followed that process, you should be able to buy your coins and store them safely in your wallet.
Once you buy your first coin, it’s the beginning of the never-ending journey. You should continue to educate yourself about this technology and stay on top of what is happening in the crypto world.
However, A lot is happening in crypto every day and the majority of things are not important for long term investors and will only fill your head with unnecessary information. We live in an information age and you must be very selective about what kind of information are you letting in your mind.
I suggest that you subscribe to an Off the Chain with Anthony Pompliano Newsletter this will be more than enough weekly information about the crypto world.
There are also a few things not to do after investing in Bitcoin. I will give you a few of the most important.
1. Don’t leave Bitcoin on an Exchange.
By now you should definitely know that you shouldn’t leave your coins on an exchange. Hackers are constantly trying to compromise their security because they have enormous amounts of coins in their system.
Move your coins to your wallet and don’t expose yourself to unnecessary risks.
2. Don’t monitor Bitcoin’s price daily.
Treat your Bitcoin investment like any other investment; monitor the price, but not so frequently that it becomes an obsession. Many people get into Bitcoin thinking that hey will get-rich-quick which can be true due to its high volatility.
However, this volatility also means that the price could go down significantly in a day or two. This may make you panic and sell your bitcoins. This is actually one of the biggest mistakes that one can make. Moreover, monitoring prices regularly will create anxiety and you will lose a lot of focus on your regular tasks.
3) Don’t Read and watch financial media too much
Various media sites across the globe call out Bitcoin dead 380 times https://99bitcoins.com/bitcoin-obituaries/. Their main goal is to attract more viewers and readers because that brings them more profit. Because of that, they will try with any type of clickbait just to attract more traffic and attention.
It’s good to stay up-to-date on the markets, economy, and your investments. You can take a look at what’s happening in the world but I would suggest forums rather than financial media. My favorite forum is Reddit and for crypto the most important is Bitcoin subreddit.
The advantage of forums is that content is posted by other investors. The fake news are called out instantly and you can read the other side of the story. It helps you build your own opinion after observing both sides.
Forums are a great place for many insider information, great pieces of content to read and watch.
Financial media is often designed to stir up the emotional parts of your brain to keep you interested, rather than help you make better investing decisions. Because of that, my choice is forums and mostly, it is Reddit.
4) Don’t have unrealistic Expectation
I love this quote from Nicholas Vardy:
“The average investor only wants one thing: the right stock pick, one that will go up forever, starting immediately.”
Unfortunately, that is not how investing works.
As he said,
“I can recommend the right pick, I can suggest that you set the correct exits and I can helo you to take the right position size to match your personal risk appetite. However, none of this matters if you do not have the discipline to implement and to stick with the strategy.”
Two things you need to know, nothing happens overnight and you can’t turn a few bucks into millions.
Setting unrealistic expectations will keep you in a negative mental environment. Even if you make a profit someone else would consider as a great result, you will be unsatisfied.
Set big long term goals and separate them on smaller ones that will serve as milestones to the main goal. Investors that are hyper-focused on the short term tend to struggle to perform well because they are always trying to earn big profits right away.
Unfortunately, that’s not how investing works.
5. Don’t start trading Bitcoin until you are profitable demo.
This is how the majority of people who invest in crypto lose money. They buy some Bitcoins and then they think they will multiply them by trading on a leveraged exchange.
This is exactly how you will sign your death sentence and you will probably be out of crypto in a month or two. Trading seems easy, but it is not easy for beginners. Trading becomes easy after a few years of learning. So First you must learn and see if trading is even for you.
If you figure out that you want to start trading, start with very small money. Not more than a few % of your crypto portfolio and only after a year or two of experiences you can increase the risk. It takes time to become good at anything.
In the end, get the right mentors and surround yourself with the right community.
If you want to have our team as mentors, get 40+ videos of our top content packed with our tips and tactics, private access to our VIP Facebook group together with all of our other members and much more, feel free to check our Bitcoin Investing PRO course.