Sam Bankman-Fried, 29, is a legend in the crypto world. His smart investments landed him on the Forbes list of crypto billionaires this year. The young man did not disappear with his fortune to an island in the Caribbean, but now devotes his time to the launch of a user-friendly crypto exchange. Bankman-Fried has three golden tips for beginning crypto investors …
There is constant merciless competition in the crypto market due to the presence of a growing group of fellow investors who also want to indulge in the tempting profit opportunities of investing in the bull-like coins.
Finding your way in the market as a beginner is therefore not always easy, although the margin of error is not as relentless as that of the traditional stock market. Cryptocurrency Price prediction Germany is popular.
Bankman-Fried recommends beginning investors who want to monetize crypto the following:
1. Get to know the market through experts
You should develop a feel for the crypto world by taking the advice and wisdom of experts to heart, Bankman-Fried believes. He spent several years as an employee of the Jane Street trading company before buying digital coins. There he learned all the tricks of the trade.
Those who do not have such experience, better try to absorb as much knowledge as possible from the “pros”.
2. Find out what you are good at
To excel in the rapidly transforming crypto business, you need to understand your capabilities and your weaknesses. If you’re good at technology or have a good instinct for which direction a coin will go, bet on that, suggests Bankman-Fried.
“This is one of the most important things in crypto that distinguishes a good trader from an average investor,” said Bankman-Fried. Crypto Portugal Currencyconverters.org is popular.
3. “Make sure you don’t screw up”
His own strategy in the market is also constantly evolving. For example, he recently developed a feeling for predicting future cycles of coins, something that previously seemed like an almost magical trick to him.
“The advantage is that we are now in a bull market. There you can really focus your thoughts and gain important experiences, because then your investments are crucial, “says the young crypto billionaire.
But Bankman-Fried also had a third “essential” tip: “Just don’t screw up on yourself when the bear market arrives. Don’t put yourself in a position where you can’t get out, “the crypto legend concludes.