Goldman Sachs is has joined the Crypto fan club
Now think about this...
As soon as this announcement went public, our systems began pinging buy signals on a whle bunch of crypto alt coins.
In particular three of them are giving a HUGE buy signal - and if you want a shot at gains up to 20X BIGGER than Bitcoin in the coming months...
Mistake #1: Failure to research will lead to huge losses
The first mistake new crypto investors make is they fail to do their research. I know it’s something I’ve spoken about in Money Morning before, but every week I read about another person getting scammed.
You’ve also probably read numerous stories of how people (especially South Africans) have lost huge amounts of money, even their life-saving in some cases.
Maybe it’s greed (they only see the big returns from crypto). Or just people who are desperate to make money in a very poor economy. Either way, people get so excited about getting into crypto they neglect to research who they’re investing with or what they actually investing in.
And that leads to costly mistakes that turn into big regrets. The MTI scandal is the best example of this.
The thing is, there are tons of other “MTI type schemes” looking to deceive crypto investors with promises of 5%-15% (even higher) returns A MONTH. If you come across an investment like this, the best thing to do is…ignore, ignore, ignore!
The best track record in our business right now is…
…a trader service called Pickpocket Trader.
It’s on fire!
To find out how they’re doing it…and the pickpocket trades they’re targeting right now… click here…
#2: Not understanding why you’re investing in crypto
For example, are you investing for short-term trading gains? That means buying and selling in and out of crypto quickly to make incremental gains.
Or are you investing long term, for 5-10 years with a view to hold your crypto as a store of value or to use it for its intended purpose in the future?
Knowing what you’re in it for is important, because that determines how you will buy and store your bitcoin. Get this wrong and you can see opportunity disappear before your eyes.
If you’re a short-term crypto trader, you need to move fast to grab opportunity when it pops up. But if you’ve got your crypto in a cold storage wallet or a separate online wallet, then you’ve got to send it into the exchange before you can trade it.
That takes time. By the time your crypto clears to your exchange wallet, the opportunity may have disappeared.
On the flipside, let’s say you’re investing in crypto for the long-term. But you store it in a wallet on an exchange. Exchanges hold the private keys to wallets, not you.
That means if the exchange shuts down, goes bankrupt or someone hacks the exchange, your crypto is at risk. You could see your crypto stolen or simply vanish.
If you want to hold crypto long term, the best way to store your crypto is a hardware wallet
When you have your strategy right and you know what you’re planning to do with your crypto, then you’ll know how to best store it. Get it wrong, and you put your whole strategy in jeopardy.
In closing, take the time to learn, to understand, to build confidence and you’ll be a crypto investor for life. Ultimately, you won’t make these mistakes, you’ll enjoy the ride and you’ll be a part of one of the biggest wealth-creation events in history.
See you next week.
Managing Editor, The South African Investor