New to Investing in Cryptocurrencies? Do These 3 Things Right Now
When you're just starting to dabble in cryptocurrency investments, whether you're planning on buying and holding Bitcoin (CRYPTO: BTC) or an exotic memecoin, you'll need to be mentally, financially, and technologically prepared if you want to succeed. So do the following three things right now, and you'll be well on your way to becoming more experienced.
The very first thing a new cryptocurrency investor should do is have a serious conversation with themselves about how much hard-earned cash should be committed to crypto instead of more conservative investments like stocks, bonds, and real estate.
If your portfolio is already adequately diversified, as it should be before approaching anything at all in crypto, the decision is intertwined with your risk tolerance. Cryptocurrencies are highly risky, volatile, and speculative assets, and the more uncomfortable that thought makes you feel, the smaller you should size your portfolio allocation to start. Similarly, picking the most established coins, like Bitcoin, will help to keep your risk exposure lower.
Source Fool.com
