One thing I know about investing is the importance of being able to discuss your investments with like mind individuals. Like mind, meaning those who are investing or want to invest in the stock market or Cryptocurrency.
Investment groups or investment discussion groups are really great to be a part of. They allow you to meet in person, virtually, by email, or text messages to discuss your investments and gain clarity to those investments.
Check out my new blog at EdwardsFamilyEmpowerment.blogspot.com which discusses investment discussion groups and social media stock groups.
How often have you been keeping up with cryptocurrency? With the markets being open 24/7 you don’t have to wait for certain days or hours for the market to open. This allows you to stay current with the market.
Staying current with the market allows you to evaluate and re-evaluate your top five cryptocurrencies.
Below are some of the currencies on my watchlist. I’ve been watching BTC since it was around $30,000, ETH around $1,800, and SOL around $85. All of these currencies are on the move. Are you moving and grooving with them?
“I’m all the way up. I’m all the way up. Nothing can stop me. I’m all the way up.” I am truly in my Verzuz’s mode right now. Fat Joe and Remy Ma’s song hits a little different when you see your investments going back up from being down the last couple of days. This is my exact feeling when I saw Bitcoin, Solana, and Cardano headed back up.
The thing about investing is you have to account for up and down days. Me personally, would be very cautious of a stock that is continuously on the rise without having a bad day. We all know, what goes up, must come down. So the question isn’t about if it’s going to come down, it’s when and by how much? This is when following financial information about the companies and charts come into play. These techniques help you identify when individuals tend to buy into certain stocks and cryptocurrencies and when they tend to sell them. This is called support and resistance levels.
The other thing about investing is that it takes time to build wealth. Now there are those one hit wonders who take $5000-$10,000 and invest it in one stock and have major increases. However, how many of us truly have that amount that we can invest and risk losing it all? Not I. I generally invest a set amount each month and sometimes additional if I find extra money to invest. Now my response may be different if my situation was different. Isn’t that the funny thing about life? Most of our responses or the way we handle things is most likely from our situations, history, or knowledge.
My suggestion to you is start the road to investing so you too can be “All the Way Up!”
I am still evaluating options for my top 5 cryptocurrencies. However, I now have my top 4 cryptocurrencies to hold for long term. Some people choose day trading when it comes to some cryptocurrencies. While some of these currencies may fit your option to day trade, I presume these will be great options for the long term.
My top four in order of how I believe these positions will sway in the future:
Cardano (Possibly #1 in the future)
Solana (53rd popular on Coinbase. Previously 61st)
It will be interesting to continue to follow Compound and Amp to see how borrowing cryptocurrency and working with Amazon to accept cryptocurrency works out (If it’s more than just a rumor).