Risk management in cryptocurrency trading,do not invest what you cannot afford to loose

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Yeah we all want to earn alot of money when we invest on cryptocurrencies,yeah that is not a bad idea,infact it is a great decision and a great step that we should take,but when we are trading that cryptocurrencies which we want,are you engaging in a good risk management??

A poor risk management is disastrous when doing cryptocurrency trading so that is why there must be a good risk management in place when investing on cryptos so that your investments will not get burnt,i have seen some rich investors who have lost all they had because of bad risk management in place and they ignored risk management when investing their money on cryptos....

First rule when investing on cryptos is that,

1.....DO NOT PUT ALL YOUR EGGS INTO ONE BASKET.....

yeah diversify!!!!!!!!instead of putting all your investment on just one single crypto,while not divide the investment and put it into many cryptos instead of putting all your investments on just one crypto..........

2......AVOID PUMP AND DUMP SCHEMES.....

There are so many pump and dump schemes in cryptocurrency trading ,and many investors have lost alot of money after they invested on crypto with no future but was just basically hyped and just a pump and dump scheme........

3.....DO NOT INVEST WHAT YOU CANNOT AFFORD TO LOOSE...

yeah i know you want that great and better future and that is why you are investing but at the same time you need to understand that investing wisely is necessary,is not advisable to invest all your life savings on cryptos,well some have done it before and they were lucky to make huge wealth from the investment but its just luck!!!you do not want to rely on luck,what about if you are not lucky??and your life savings gets burnt??only invest what you know you can afford to loose or let me say invest with cash that you know that won't hurt you too much if you loose them....

please note that this is just my own personal thoughts/opinion...

we all learn everyday...

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