During a lecture given at LaBitConf 2021, one of the biggest cryptocurrency events in Latin America, two experts in cryptoactives gave important tips for those who want to trade in the crypto market.
Juan Rodríguez, from Colombia, and Gael Sánchez Smith, from Spain, spoke about the rules they follow that ensure they don’t have a loss in trading cryptocurrencies.
The first rule they describe is that, it doesn’t matter what price the investor bought Bitcoin. That’s because, in the long run, it will always be profitable.
According to analysts, those who do not have deep knowledge about traders should not take any chances. So, they should buy Bitcoin and keep it, not caring about the fluctuation in value. After all, in the long run, the investment will always be positive.
Along these lines, Rodríguez argued that the key to success is establishing a recurring purchase plan. That is, always separate some money from your monthly budget and buy BTC regardless of the amount. Then save these Bitcoins.
Strategies to Profit from BTC
Furthermore, Rodríguez pointed out that the other strategy is to always make an extra purchase when the cryptocurrency price drops too low.
In other words, in addition to acquiring BTC monthly, investors should take advantage of the falls to line their pockets:
“This dual strategy allows you to get richer than if you made just one of these moves,” said Rodríguez.
However, they reasoned that it cannot be guaranteed that whoever buys BTC today will make a profit tomorrow.
In this sense, they highlighted that the people who lose most money with Bitcoin are those who want a profit in the short term and despair when the price of cryptocurrency falls.
Ultimately, they concluded that buying and saving for the long term has been one of the best ways to profit from Bitcoin.
Read also: Acala wins first Polkadot parachain auction
Read also: Real Digital pilot to be released in 2022, guarantees BC president
Also Read: Australian Baseball Team Sells All Their Dollars to Buy Bitcoin