How to Get the Right Mindset to Invest in Crypto in Any Market

Photo by Dylan Calluy on Unsplash

Crypto Scams Forecast to Rise

The credit reporting people at Experian are warning consumers to beware of cryptocurrency scams. “Digital currencies, such as cryptocurrency, have become more conventional, and scammers have caught on quickly. According to the FTC, investment cryptocurrency scam reports have skyrocketed, with nearly 7,000 people reporting losses totaling more than $80 million from October 2020 to March 2021[2].

Hodler

My observations tell me you should only get involved in crypto if you believe in cryptocurrency and are comfortable being a Hodler. That’s someone that is willing to Hold On for Dear Life and hope for a future explosion in price. That approach somewhat follows the strategy in my last piece.

Trader

Traders come in two different categories as well. First, you have the emotional daytrader trying to score a lot of small or big wins to make fast money. This sure feels a lot like gambling and throwing hope against the wall.

Gainscrypt

I turned to Gainscrypt for some advice for my readers. This company is located in the Netherlands and is a small team of trade analysts/algorithm developers.

Cryptohopper

I decided the only way for me and my personality to dip my toe into cryptocurrency investing was to use an automated program. I found Cryptohopper before I found Gainscrypt. There are other automated trading platforms as well but this is what I’ve been using.

It is Hard to Know Who to Trust for Advice

There is no shortage of people selling miracle magic dust for beginners, as I mentioned.

The Market Downturn is a Blessing

After losing cash quickly, I realized the market downturn could be a blessing. After all, if I could figure out a strategy that worked in a down market, I’d be so much further ahead.

There is no Pot of Gold Calling Your Name

From chasing the rabbit hole of learning crypto investing or trading, I’ve learned that there is no pot of gold just waiting for you to bend down and pick it up. Anyone telling you that should be questioned or, at the very least, not be your single source of advice.

Using Data-Based Trading My Results Have Been Much Better

Overall my wins have been beating out my losses using three investing strategies.

In Closing

I asked Mark the tricky question about people promising instant daily profits and day trading their way to riches.

More to Come

I’ll keep you posted on my progress and what I learn as I move down this road. There is so much more to come.

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Steve Rhode

Steve Rhode

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Dog Rescue Pilot, Firefighter, Debt Coach, and a Nice Guy