There is a wealth of help and support that you can find online which will help to make the very best of your cryptocurrency investment. There are experts such as NFT guru Robert Testagrossa who regularly post about what you should be doing with your crypto, and they offer free advice which can really help. One of the most common phrases which you will hear when it comes to crypto investment is that you should hodl, which basically means buying the coin you want at the price that you like, and then simply holding on to it for the long term.
This may sound easy but the reality for many is that it just isn’t, and they often go against what they should be doing. If you want to hodl your funds, here are some tips on going about it.
Ignore The Prices
Many of us can easily get addicted to checking in on our portfolio each and every day, watching as the price moves up and down. This however can result in panic selling or FOMO buying because of the way that money moves so quickly. We have to remember that the crypto market is incredibly volatile and that is why so many have an issue with hanging on. Watching your portfolio dip by $5k for example can be very alarming, because giving away that kind of money in cash would freak most people out. The key to hodling however is learning to ignore the market and to ignore your portfolio. All you have to do is secure it and then let it ride.
Treating Information As New
Simply because you have made an original investment, doesn’t mean that you have to stop there. In fact many people treat the likes of Bitcoin as a savings account, and will gradually invest as they go through life. If you start to see information on social media or online forums about the price of crypto and any opportunities which arise, you should always treat this as information about your next investment. Don’t allow this information to force you to sell what you have already invested. If you do this then you will slip into the buying and selling which you have to avoid if you really want to hang on for the long haul.
Set A Date
Instead of letting the price dictate what you do, the best bet is to set a date in the future, between 3 and 10 years, and use this as your guide as to when you should get out of your investment. This will be largely dictated by what exactly you are looking to get out of your investment, be it riches or just a small amount of profit to make your life that little bit easier.
The key to hanging on to your investment for a long period of time is learning the importance of patience with your crypto funds, do that and you will be able to hodl until the big money comes in.