March 2019
Intermediate to advanced
352 pages
8h 24m
English
Content preview from Cryptocurrency Investing For Dummies
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Chapter 22
Ten Considerations Before Getting Started with Cryptocurrencies
IN THIS CHAPTER
Getting into the right mindset and preparing your strategy
Discovering things you may need along the way
Are you ready to try cryptocurrency investing? In this chapter, I highlight some of the most important things to think about before starting your crypto investing journey, many of which I explain in detail in earlier chapters.
Don’t Get Too Excited
Starting to explore a whole new world is always exciting. Starting early can also sometimes get you ahead of the crowd. However, just like any type of investment avenue, cryptocurrency investing requires discipline, risk management, and a whole lot of patience. You shouldn’t treat crypto investing as a get-rich-quick scheme. Even though your hopes may be up, especially since the market saw jaw-dropping returns in 2017, the likelihood of seeing such gains in such a short amount of time again is pretty low. The reason is simple: The bubble has burst. Investors are becoming more educated about the whole market, making more calculated investment decisions. So should you!
Measure Your Risk Tolerance
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.