Are You A Future Crypto Millionaire?
Don't get me wrong, many people have successfully obtained insane amounts of wealth via cryptocurrency and many people were sitting on the sidelines envious of the Whales cashing out on what was previously deemed "bad investments" by the bench warmers.
It is breathtaking how much hype surrounds cryptocurrency in general, it's causing so much FOMO that all I'm seeing lately in message groups are "investors" asking if they can buy now, without fail - it is those investors who get rekt. The truth is that day trading is very unlikely to make you a millionaire, this isn't said enough all you see is hype and big dreams backed up by some news or announcements.
I get that we all want to make money but in order to make money you need to be discipline and really be able to hold it together, don't sell a token you bought yesterday to buy a coin that's pumping today... It's already pumping, as a matter of fact, don't buy any coin that's already pumping even with news and hope to become reap rewards - the rewards are for the patient in this delicate ecosystem.
A good initial investment is one that you can afford with financial ease, the remaining money from you last salary a day before your next salary is paid for example, this naturally doesn't sound enticing to the "When lambo" cryptotards but many people actually have invested their mortgage and got rekt - don't be that guy.
A good investment is one in which you have read the white paper and see so form of development and planning, it's ideally an investment where you don't need anyone to try and sell it to you. take the time to learn about the coin/token AND team before investing in it and if possible, store you crypto in a secure wallet as this helps with the FOMO on other tokens.
Give it time, profitable investing are those that lasts months or years, it can be seen as a reward for holding throughout the rollercoaster ride. Cryptocurrency has a very volatile market and any given token is able to shoot through the roof by or fall through the floor by upwards of 100% in less than an hour, while +100% sounds good to the new found day traders of crypto - it's very unlikely that you're going to sell right at the top with a token falling as much as 50% in a minute, this is more likely to happen to low volume altcoins. It's always a good idea to steer clear of pump and dump groups, even if you know it to be profitable - you will lose eventually, as usually happens with gambling.
Millionaires are not made overnight unless they were close to it to begin with