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If you want to invest in cryptocurrencies, you might want to follow colorful influencers on Youtube, TikTok or Twitter and promise huge overnight gains. Sadly, cryptocurrencies and life in general are not that simple. There are no shortcuts to success and you run the real risk of losing your investment. But by taking a smart, realistic, and patient approach, you can give yourself a better chance at success and stay sane, which can be summed up in these five crypto investing tips.
We have to start with two basic crypto investing tips – do your own research and don’t invest in losses you can’t afford. These pressures cannot be overstated, especially given that this was posted when the market was trading sideways, with the potential to shift from bullish to bearish sentiment.
If you selectively follow certain coins and recent price history, you can easily convince yourself that crypto investing is as easy as fishing in a bucket. You might even want to follow random advice by borrowing money or using other assets as collateral for short-term gains in the game. Don’t do any of these things.
Cryptocurrencies are very volatile (see our specific recommendations further down) and while some established tokens have returned profits in the long run, past performance is no guarantee of future success. Many of the coins that saw massive price increases during the 2017 bull market are sinking without a trace.
