3 Simple Habits for Crypto Success

3 Simple Habits for Crypto Success

Did you know ? There are three simple daily habits you can adopt today to become a more successful crypto investor. Many people, especially new investors, are extremely excited about investing in cryptocurrency and extremely overwhelmed with everything it takes to be successful.

Habit 1 – Follow the news daily

We are bombarded with all kinds of news and media from all kinds of sources and platforms. Follow for example Google News. Spend 5-10 minutes in the morning browsing Google News, then 5-10 minutes in the evening.

The next step is Twitter. Now, many of you may not have a Twitter account, so this is your chance to create one and give it a shot.

Why ? Well, when you use Twitter properly, it's a great source of crypto news. So think of Google News for global political news while Twitter is more niche news. Twitter works for you as a great source of daily news, however you need to be extremely careful with the accounts you follow and be very selective.

Twitter can quickly and easily turn into a constantly flowing tap of noise and distractions. Start following the crypto news accounts you want to invest in. Stop following those that are irrelevant to your investment strategy.

In your spare time, instead of watching stupid TikToks, which scroll you through videos for hours on end, stay up to date with all the crypto-related business on a daily basis.

Follow the news daily
Follow the news daily

Habit 2 – Track your portfolio

Especially if you operate several projects with many cryptocurrencies, it is important to follow your portfolio so as not to lose sight of the percentage variations in the markets.

Some of us may have cryptos on Kucoin app where you can trade around 400 cryptos – one of the most comprehensive lists of cryptocurrencies hosted on any exchange. KuCoin is transforming into the first and largest social crypto trading platform. It has launched social trading features like copy trading, newsfeed, in-app community KuCoin to further boost the mass adoption of cryptocurrency.

On KuCoin Futures Pro, you can freely switch between markets and contracts and check changes from last price/change/trading volume etc.

You can also track your portfolio on your mobile device while on the go. This setup will make it easy for you to adopt the ultimate daily habit for lasting success in crypto investing.

Habit 3 – Stick to your investment strategy

Monitoring your crypto investments daily with tools like KuCoin will allow you to stick to your investment strategy be it buy, sell, and profit.

There are an endless amount of investment strategies you can choose to adopt, but the most important part of an investment strategy is sticking to it.

When should I take profits? When should I buy it? Should I sell? All of this should be dictated by your investment strategy, which can only be determined by you, as we all have our own personal and financial situations.

A good investment strategy to adopt is the DCA investment strategy, “Dollar Cost Averaging”, which means the average purchase in dollars.

What is dollar spend average? Cost averaging is all about deciding a certain amount of funds that you want to spend on an investment at a certain frequency. For example, let's just say you decide that every Monday morning you are going to start investing an average of $100 in Bitcoin once a week.

So every Monday, over a long period of time, you are constantly investing in Bitcoin and regardless of the price, what happens is that you reduce your exposure to price volatility. If you want to be a successful crypto investor, you need to figure out which projects you want to invest in for the long term, decide how much you want to allocate and how often. It could be $10 a day. It could be $1 a month. Whatever works for you. Remember that in crypto investing, consistent investment practices are key to success.

Decide on an investment strategy and be consistent in executing it. Consistent profit taking is another important aspect.

Next, you need to determine when to sell. If you put $100 into a project and the value doubles to $200, you can sell the initial $100 you invested to invest in another project. So every time a position doubles, you take half of it and re-invest elsewhere.

Or you can decide to sell when your investment triples or is five times the initial amount. Or if you are a true risk taker, only if at 10. Basically, you have to look at all the projects you are investing in and decide when you are going to sell all or part of the position.

Ultimately, you need to assess your personal and financial situation, then create an investment strategy that dictates when you buy, when you sell, and when you will take profits from each of the projects you invest in. After that, your new daily habit of sticking to your investment strategy becomes simple and easy to follow.

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