I will share the strategy that helped me grow my portfolio from 3k to 20k, which I plan to use again. I've tried leverage trades and options, and it never works out. The steps are as follows:
- find a few promising cryptocurrencies with strong fundamentals and projects that you believe in, such as ETH, MATIC, XRP, and of course, BTC.
- Transfer these coins to a wallet and write down the seed phrase on a piece of paper, keeping it safe in a secure location. don't get too fancy with this, just write it as follows and maybe try to memorize it for extra backup down the road.
- Delete any trading apps or websites you use, and disconnect from all cryptocurrency news, forums, and other sources of market information. Avoid checking the market altogether.
- Don't gamble your crypto. Like stated above, anything with risky leverage is just gambling, but also don't fall for predatory crypto casinos, YOU WILL ALWAYS LOSE.
- Make a plan to DCA (or don't) to keep adding small amounts here and there and build your portfolio over time.
- Enjoy your life for a few years, free from worries about your crypto investments. Pursue your interests and have fun.
- After a few years, check the value of your portfolio and use your newfound wealth to purchase whatever you desire.
TLDR: DCA, DCA, DCA. Donβt get fancy.
Edit: I didnβt expect to teach anyone something new here. Iβm just reiterating the only proven way to be sustainable and play the long game correctly.
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