Starting your crypto investing journey can sound intimidating at first, and many beginners actually get scared by the seemingly overwhelming amount of options and information out there. This is what we’d like to prevent, and guide you through the first few months of crypto investing to make sure that you learn all the ingredients for success—let’s begin by setting financial goals.
Starting with the basics, a financial goal is a target that includes the amount you’d like to have available at a certain point in the future, the risks you’re willing to take, as well as the time you’d wish to spend throughout the process. Let’s illustrate with a specific example: it’s the beginning of the year, and 365 days from now you’d like to have doubled your account size by being a risk-taker and not being afraid of losing most of your funds and by dedicating around thirty minutes a day to your goal. At this point, you might be asking why setting such targets is even important in the first place; the answer’s quite simple, actually.
Although, setting financial goals can seem redundant and useless, it is incredibly important for sustainable results. The first reason is the simplest of all: it is proven that preset goals motivate us more to work towards them than those that are left unstated. In simple words, you’re massively helping yourself just by conceptualizing a specific target.
The other reason is that a goal is an important audit to yourself. This means that when you say your goal out loud, for instance, you could recognize that it is actually unrealistic simply because it sounds out of this world. Will you really grow your account by 1,000% in six months as a beginner?
Now that we know why to set financial goals when investing in crypto, we can move on to how to actually set them efficiently.
Setting financial goals when investing in crypto is actually quite straightforward. First, after you’ve defined your target in a way outlined in the first section, start scanning the assets one by one and select those that produced price gains similar to yours in a timeline that also matches the one you’ve set. Once you’re done with that, read about the assets that made it to your narrowed list, and see if you genuinely think that they are built on a viable concept, offer something that others don’t, and have enough upside potential for your goal. When finishing the process, you should end up with only a few tokens that should give you the best chances of realizing your target.
Now you know what you’d like to reach, what to invest in but that’s still not all. We’d recommend establishing milestones if your timeline is longer than two months. With these, you’ll create checkpoints for yourself that are vital for consistency, or potential adjustments along the way.
Setting financial goals is crucial when investing in anything, let alone when dealing with cryptocurrencies. While not even the above steps can guarantee success, they should optimize your chances and get the desired results fairly consistently—that is, if you manage to stick to your goal and follow the steps with discipline every day.
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