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August 2, 2018

Cryptocurrency Game Plan



There are a great many tips and tricks which you can use to maximize how much money you are making from your cryptocurrency investments. Many like to use services which offer cryptocurrency signals on some of the best Telegram channels, others like to work with others in a shared fund, some will focus on one single currency and others may have a very diverse portfolio. All of these ideas are smart moves which can help you with your investments, but there is something more important which could incorporate these strategies, a game plan. If you don’t have a game plan in terms of your investments, it is time that you did, and here is how. 

Importance 

The reason why a game plan is so important is that it keeps you focused and in many ways it will avoid your investments being skewed by market movements. For example if Ethereum goes through the roof in price and you didn’t have any, you could try to back a winner when it is too late, and could even end up losing, alternatively it may change the way that you invest. If however you have a game plan based on a  Ripple crypto review which you have read, and you only decide to buy at price X and sell at price Y, the ups and downs of Ethereum will not affect you in the slightest.

Based in Fact

Once you have done all of your homework around the various cryptocurrency options, you will have all the facts at hand to make a decision about which you will look to invest in and when. Start by writing down a list of the best long term options in terms of currencies, down to the riskiest, this will be your point of reference for future decisions.

Three Plans

Your game plan should involve which currencies that you are going to focus on, as well as how much you want to spend, and how much you are prepared to pay. For this to work best you should have 3 game plans at any one time. You should have a short term weekly game plan, a 6 month plan, and a 5 year plan, all of these should dovetail with one another. The weekly and 6 monthly game plan is what will ensure the success of your 5 year plan. Through using these plans, you can allow one long term plan to influence the decisions which you make on your short term plan.

Flexible

Your plans should always be prone to change as the market does, and this is why a variety of plans is worthwhile. Generally it will be your weekly plan that changes more often, as you read more and react to the changes which take place across the crypto industry. Make no mistake, this can be a volatile market and in order to win from it, you must be prepared to tweak and change your approach. 

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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Item Reviewed: Cryptocurrency Game Plan Rating: 5 Reviewed By: Econ Matters