Please allow me to introduce you to Mr. Milan Singh. Milan Singh is one of the new generations of finance influencers setting the internet ablaze. If he in any way takes after his name what you have here is a combination of Italian style and flair mixed with the Indian ethic for hard work and tech savvy. In today’s world this has to be a winner! If you think the cryptocurrency market is volatile and confusing to invest in at the moment you may well be right. However, Milan Singh is taking some of the confusion out of the decision-making process with his list of the nine main mistakes people usually make when investing in crypto.
The first mistake a lot of people make is pretty self explanatory: never buy high and sell low. This is a sure fire way to lose your money. All of your money. With the volatility of the crypto market at the moment by the time you have identified the crypto stock you want to invest in it is already at a premium and following a seemingly never ending upward trajectory. You buy! Next thing you know it is losing value just as quickly as it gained it. You panic and sell, making a very untidy loss in the process.
There are a number of possibilities to consider, don’t buy a coin at all if you don’t know anything about it, only buy if you believe in it over the long term, or if you have already bought, do some research and maybe play the longer term game hoping the crypto will increase in value again. Milan Singh offers another alternative to follow what is called the dollar cost average. That is buy in small increments over time rather than buying in big bundles or all at once. By buying at multiple price points over time you may average down the high points but at the same time you average up the low points. This means you will be lowering your risk while increasing your chances of making a profit.
Mistake number two in the Milan Singh playbook is to buy a coin simply because it has a low price. Often it is the case that the value of a coin is not reflected in its price. Recently Cardano was trading at roughly half the price of Polygon yet Cardano has a market cap of roughly three times that of Polygon! This means that there are other things you need to consider than just price when determining which crypto to buy!
Mistake number three is to think you will find that one single meme coin to buy into that will make your fortune and have your street paved with gold! Ok maybe you were one of the fortunate few who bought massively into Doge at the right time and are now a multi-millionaire. Well lightning doesn’t often strike in the same place, and if you are already a millionaire you probably won’t be reading this article right now anyway! Right! Since you are reading this article, what you should have learned from Milan Singh’s mistakes numbers one and two is to not try to get rich quick with meme coins because most people lose money on them. It’s best to stick to the more established coins such as Bitcoin and Ethereum which are solving real problems.
For the remaining six mistakes that Milan Singh wants to share and help you avoid, watch his Youtube video here. You can find more of Milan Singh’s thoughts on all things finance click here, or make business inquiries @ milansinghbiz@gmail.com