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If you are looking forward to earning good returns on your financial assets, you should do perfect strategic planning before starting your crypto investment journey. Since cryptocurrencies are highly volatile assets, planning things becomes even more critical. Here is how to plan and start your crypto investment journey with ease.
1. Do Your Research
The foremost step before starting to invest is to do your own research. Most of you might start investing in your close friend’s suggestion or being influenced by your role models, but it is essential to do your research before putting your money at stake. So, making a sound market assessment could always be an added advantage to give you a fair idea of their performance and future potential.
2. Goal setting
After doing your research, the next step is to set financial milestones for yourself. It helps you achieve things better. You should also note that the success of your plan will depend on how efficiently you define and monitor your set crypto investment goals.
3. Choosing a crypto exchange
Depending on your research and goals, select the suitable crypto exchange, finish your KYC procedures and fund your account to start your crypto investment. Investors should also look at how the selected crypto exchange is secured enough to protect your crypto assets.
4. Consistency is the key
So do not try to time the market and start a disciplined approach by investing any amount at regular intervals. This way one can benefit from dollar-cost averaging and reduce the impact of market volatility.
5. Diversification
Investing in just one sector is not always a good idea, so plan to diversify your crypto portfolio and add different sectors to the list to maintain balance considering the volatility factor.
Conclusion
It is highly recommended to do your research before even thinking about investing. Following these steps can help you achieve better returns in the long run. Another thing to be aware of is safeguarding your investment by choosing the right wallet to hold coins offline, so they are not accessible to hackers.
Author Bio
Edul Patel is the CEO and Co-founder of Mudrex. He has over a decade of experience in finance, entrepreneurship, and building tech-driven applications. Edul graduated in 2011 from India's most prestigious school of engineering – IIT Bombay. As a student, he was not only passionate about his subjects but was equally zealous about all the extra-curricular activities. Linkedin
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.