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Cryptocurrency can be complicated, but with these 5 tips, you can plan your best investment moves.
FROM THE PAGES OF MEDICAL ECONOMICS
Cryptocurrencies can be complicated, to say the least. As a busy medical professional, you may not have time to research tokens or the nuances of this emerging asset class. As you consider investing in cryptocurrencies, how will you know if you are making the best investment moves? As prices fluctuate, you may feel like you should do something in response—but what exactly you should do may be puzzling.
Makara, the first automated crypto investment advisor registered with the Securities and Exchange Commission, has 5 key rules.
1 || Stick to your plan.
The crypto markets are very volatile, and you can expect many fluctuations. Although you cannot control the uncertainties and movements, you can dictate when and how much you invest. Be consistent, and focus on what you can control. Investors who chase good performance or run away from poor performance are less likely to be successful.
2 || Don’t try to time the market.
It is difficult to know where cryptocurrency prices will move in the short term. Thus, the trick is to not worry about the short-term market. Focus on the long term and invest your money when you can. Do not waste time guessing where prices will go next; focus on investing over long-term horizons.
3 || Diversify.
Diversification can reduce risk without hurting returns. This is a widely held ideal in the traditional investing world, but it has been slowly adopted in crypto. The idea is simple: Some assets go up in price, others go down. A balanced approach is a good option.
4 || Invest in yourself while you invest in the market.
It can be useful and interesting to explore and learn as you invest. The technology behind crypto is fascinating, and learning about it can be done in small steps. Developing an appreciation for crypto’s innovations will give you the conviction to stick with the asset during volatile times.
5 || Start early.
If you believe that crypto will be valuable over the long term, you benefit by getting started sooner rather than later. The best way to take advantage of the next wave of crypto excitement is to invest today.
If you are already investing or considering investing in crypto, these 5 tenets can serve as a foundation of your larger investment strategy.
Mr Proudman is the cofounder and CEO of Makara as well as the cofounder of Strix Leviathan, a crypto hedge fund. Prior to his work at Makara and Strix Leviathan, he served as an IBM Distinguished Engineer, focused on blockchain and cryptocurrency.
Makara Digital Corporation (“Makara”) is an investment adviser registered with the US Securities and Exchange Commission. Registration as an investment adviser does not imply a particular level of skill or training. Makara exclusively provides investment advisory services related to investing in cryptocurrencies and other digital assets. Makara is not a broker-dealer, exchange, custodian, or wallet provider, and is not intended for frequent trading activity. Investing in digital assets is highly speculative and volatile and Makara is only suitable for investors who are willing to bear the risk of loss and experience sharp drawdowns. ❒
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