The Crypto Compass E-Book

Crypto Valley

• Herausgeber: BookRix
• Kategorie: Fachliteratur
• Sprache: Englisch

Veröffentlichungsjahr: 2023

Beschreibung

The Crypto Compass: "A Guide to Navigating the Crypto World with Ease" is the ultimate guide to successful investing in the world of cryptocurrencies. Written for novice and experienced investors alike, this book provides insights and tips on how to avoid common mistakes, detect trends using key indicators, and make smart investment decisions. The author shares their wealth of knowledge and experience in the world of crypto, offering practical advice and real-world examples to help readers navigate the often-complex landscape of digital currencies. With a focus on avoiding pitfalls and maximizing profits, "The Crypto Compass" is the ultimate resource for anyone looking to succeed in the exciting world of crypto investing.

Leseprobe

Crypto Valley

The Crypto Compass

A Guide to Navigating the Crypto World with Ease

To all readers and crypto investors, this book is dedicated to you. Your unwavering faith in the power of technology and its potential to shape the future has inspired me to share my knowledge and insights with you. This book is a culmination of years of research and analysis, aimed at helping you navigate the ever-evolving world of cryptocurrency. May it serve as a guide and a source of inspiration as you continue on your journey towards financial freedom and independence. Here's to the future of money and the limitless possibilities it holds. CheersBookRix GmbH & Co. KG81371 Munich

1. Introduction

Disclaimer: This book is for entertainment purposes only and is not financial advice. All views and opinions in this book are my own ideas and strategies and are not intended for replication.

I know there are countless books about cryptocurrency and Bitcoin. Many of them can help learn about blockchain and cryptocurrencies, but few provide good guidance for achieving a larger wealth over the long term without taking full risks. In reality, you won't become rich by constantly taking on too much risk and not managing it properly. This e-book aims to provide you with a strategy and show you which assets to invest in and which to avoid during different phases of the market cycle. We will also look at the fatal mistakes made by many investors. As the saying goes, slow and steady wins the race, and this also applies to most investors. About me, I am 30 years old (2023) and have been investing in crypto for many years. I have been studying topics such as cryptocurrency, blockchain, investing, and trading psychology for a long time and have developed several strategies over the years.Just like all crypto beginners, I made many mistakes at the start of my career. Today, I want to help others avoid these mistakes and show you the path to financial independence through crypto. If you enjoy the book, I would appreciate your feedback. Enjoy reading.

2. Why 80% of Investors Lose Money

In my circle, I know many people who invest in cryptocurrencies. Many of them don't have a strategy and end up losing money in the bad phases of the market, which they made in the euphoric market conditions. In the phase of euphoria, it is usually easy to make money, but it's harder to keep it. The key to success is to take profits in good phases and save them and reinvest the capital in the market in bad phases. If you can master this balance, you will inevitably be successful in investing in cryptocurrencies. Unfortunately, this is achieved by less than 20% of market participants. Sounds easy, right? Buy low and sell high - repeat... There are two main reasons why this often doesn't work. The first reason is a lack of strategy. I will go into this point in more detail in chapter 7. The second reason is that people are too greedy in good phases and too afraid in bad phases. Combined with a lack of strategy, you might as well go to the casino. In addition, the psychological stress is enormous, especially if it involves large amounts of money. To avoid this emotionally negative state, it's important that the investor doesn't care too much whether the market is short-term or medium-term up or down. How to achieve this state? Always keep a portion of your portfolio in cash or stablecoins, such as USDC (USDC is backed by a company called Circle. They back USD, so each USDC is backed by 1$). In general, the higher the market levels based on the indicators I use (more on this in chapter 9), the more cash you hold. The lower the market levels, the less cash in the portfolio.