Buy the dips - personal advice

in LeoFinance7 days ago

Hi,

as crypto gets more attention on a daily basis, we will see a lot of people jumping into it. The issue is, that some of them are real illiterate, without any form of financial education and in some sad cases, people who can't read due to many factors. Mostly poverty and corrupt governments that need people in the dark to remain in power.

This people are mostly the first to sell on any market disturbance. I know of few, some work for me in a way or another, and they ask me on a daily basis on what to buy and what to do, as the market is down, and they lose money.

I tell them, what I also write in here, that I'm not a financial analyst, nor a trained financial professional and the things I do, need to have some logic behind.

The second thing I tell them is to read or start learning to read. Only like this, they can make a decision for themselves. Else, the best way to invest is in a fund, where a fund manager gets rich on their back, and they just don't touch the money as a safety measure.

I tell them, that I buy with the money that I don't need, nothing that can affect my life and the safety of my family. Never borrow money to invest in a coin with a dog on it, not even if Elon says so.

Usually, the discussion shall be simple and needs to take less than 5 minutes and the main ideas shall be written or drawn on a napkin.

  • read
  • save to invest
  • invest only what you can afford to lose
  • be prepared and patient
  • buy the dip

I tell them to buy the dip only in big coins, like BTC and ETH, just to avoid headaches after. After the buy, leave the wallet sit with the asset in it. Don't check it daily, not even monthly.

Put the plan on repeat and in a short time, life will change. It is easy like that. Maybe easier said than done, due to the bug in our head called instant gratification.

In the end it comes to this, buy the dip, but with a plan behind. One smart once said, that the gains are won in buying.

How do you see it?

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Great tips! I also would recommend looking into wallets like Celsius that pay you 6.2% APY if you hold your BTC in their wallet. They add your earned BTC back into your account every week. Great way to earn a little extra if you were just going to have it stashed somewhere for months anyway! They have different rates for a ton of different coins as well; I'd highly recommend

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