If you're planning to buy a cryptocurrency and hold it (HODL), you need to understand that it's not just about buying a coin and locking it away; the matter is a bit deeper than that.
First, you need to choose a coin that has a solid project and a strong, honest team behind it, not just a trend on Twitter and things that are somewhat guaranteed like Bitcoin and Ethereum and cryptocurrencies that have real use cases.
Second, choose your timing wisely; don’t buy when the market is hot and the price is rising. Wait for a correction or buy gradually every month, for example, to spread the risk.
Third, while you're holding the coin, prepare yourself psychologically; the market could drop by 50% in a week. If you panic, you'll sell at a loss. Patience is your weapon here.
Fourth, don't put all your money into one coin; you need to diversify your portfolio among several assets and leave liquidity for emergencies.
Fifth, taking profits isn't a shame. Set a target – for example, if the coin gains 100%, sell and take part of it, leaving the rest to work. This way, you'll protect your capital and reduce stress.
HODL makes a difference because it gives your investment time to mature and benefit from market expansion and blockchain adoption. But the real secret is to be patient, study the project well, and know when to exit wisely.
If you understand this well, you'll find yourself quietly building wealth without getting anxious every time the price moves.
