Sometimes you have to learn things the hard way. And sometimes the hard way really hurts. That’s how I currently feel as I’m writing this article. I hope to share one piece of important advice that will hopefully save you the pain that I had to go through.
When I first got into crypto, I was swept up into the hype and thought that nothing could go wrong. Initial Coin Offerings (ICOs) were really hot and were sure to go 100x by the end of the year. This is the type of thinking that ended up causing me so much trouble.
I decided to leverage money that I technically didn’t have in order to buy into an ICO that I was sure would bring me huge profits. When the ICO ended, the initial price of the token did shoot way up. In fact, let’s just say that if I would have sold then I would have been very, very happy.
But I didn’t. Because, again, I was sure that was a drop in the bucket compared to what would happen by the end of the year.
Long story short, one thing after another continued to cause the price to fall. And finally, the ICO turned out to be a borderline scam and was completely shut down.
In the blink of an eye, I lost everything that I had invested in it. The exchanges de-listed the token and there was no way to trade it anymore.
So what is the most important piece of advice you will ever read?
DON’T INVEST MORE THAN YOU ARE WILLING TO LOSE!
Even in your most confident moment, this market can change on a dime. That’s why some people love it. Because there are lots of opportunities for things to go very well very quickly. But in the same vein, there are lots of opportunities for things to go very bad very quickly.
So my plea to you, again, is don’t invest more than you are willing to lose. Because just when you think it won’t happen, it will.
Please share this with everyone thinking about getting into crypto. I truly want to help people not make the same mistakes I did.