Wise advice for anyone investing is hard to come by. You have lots of experts on the subjects, and especially with cryptos everyone is an expert. So what is the best thing to do. Well research your investments, don't jump on the bandwagon. I have seen this for 30 years, investors getting into trouble from riding the wave of excitement. I tell people if you are investing in stocks, invest in what you know. If you go out to dinner and you like a certain restaurant, then invest in it. If you like a particular type of car, invest in it. Don't invest in pharmaceutical companies if you don't know first hand what the use of the drugs are for. How many people jumped on the Enron train and rode it right into the ground and lost everything.
Crypto is an investment just like stock, find out what gives it value, would you use it, if not, will anyone else use it. I like specific cryptos that I think people will use. I research them and am a long term investor, so I won't buy and sell at the first sign of a drop. So when making a decision to Buy, Hold, or sale, ask yourself what drew you to picking this crypto over the others that you had the choice to pick. Do they make it easier for people to make payments from their phones, is it being used by business or governments. Are they still the crypto in use or have they been takin over by the competition, have they been replaced by a faster solution, or one with lower fees.
So the article is about when to Buy, Hold and Sell, so I will get into that next. Every investment has risks, you want to buy when its as low as possible. You may not time it perfectly, but whenever there is a market decline, this is the perfect time to start making purchases. Holding and selling is a little more difficult of a decision to make. Is the market overvalued? Are there new developments coming out? What is happening in other markets? Are there better investments out there that you can spend your money on? With this information you can make an informed decision, to Hold or Sell, but remember that you want to Sell at a higher price than what you bought it for. If you do your research and there is a future for this technology, then don't sell when there is a downturn.
I am heavily invested in Ethereum, but I also see that there are issues with the gas transaction fees. Currently I am looking for new cryptos that reduce transaction times, and costs. Speed is the name of the game. Whoever can do transactions the fasted will win in the long run.
Some of my favorites cryptos currently are: DAI, Stellar Lumens, BAT, XRP, OX, CELO, and Algorand. I won't tell you why because you should research them yourself and see if you believe they are the right investments for you. I would like to hear your opinions of each and if you think they have a future. Would you use their services?
My advice is free. Research your investments. Make informed decisions, and don't jump on the bandwagon, because the crowd is usually wrong!