Cryptocurrency Investing For Dummies by Kiana Danial

Author:Kiana Danial
Language: eng
Format: epub
ISBN: 9781119533078
Publisher: Wiley
Published: 2019-03-19T00:00:00+00:00

Keep expanding your portfolio. Some people invest a lump sum in their investment portfolios and then either wipe it out in dangerous day-trading actions or get stuck in a strategy that’s working but isn’t maximizing their returns. A healthy portfolio requires nourishment. Consider leaving a monthly investment fund aside out of your paycheck in order to expand your portfolio and make your money work for you.

Observe the rule of three. You have a ton of options when trading currencies. You can mix and match crypto/crypto and fiat/crypto pairs like there’s no tomorrow if your account size lets you. However, the key in having a healthy diversified portfolio is to avoid double-dipping the same quote currency in your trades. Try to limit your open short-term positions against each quote currency to three. For example, trade one crypto versus Bitcoin, another versus Ethereum, and a third versus your exchange’s cryptocurrency. This approach also helps you keep your portfolio at a reasonable size so it’s not too big to monitor.

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