STEEMIT CRYPTO ACADEMY |COURSE 7 BY @stream4u|MONEY MANAGEMENT AND PORTFOLIO MANAGEMENT HOMEWORK POST WEEK 7

Its been with a great pleasure I write this my homework post for prof @stream4u and also use this opportunity to say a very big thank you to him for this wonderful lecture given this week.

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Before I define what money management is i would like to give a brief meaning of what money itself is;
Money is a medium of exchange that is used for transactions which involves the transfer of goods and services. In order to acquire the high interest from your money, one needs to know how to manage your money in terms of investment.

WHAT IS MONEY MANAGEMENT?

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Money management for crypto trader is one of the good trading habits that every trader should inculcate in his trading plans.
Money management is a financial techniques that guides a crypto trader on how he/ she should invest his money in different cryptocurrency assets. This shows how a trader should invest in trading, the amount to invest and the pain threshold to quit trading cryptos.
This techniques also guides the trader as and when to buy or sell any cryptocurrency assets.

MY FUTURE PLAN ON MONEY MANAGEMENT

On my first day I joined steemit, I planned on how to invest on other currencies such as Bitcoin (BTC), Ethereum (ETH) and Binance as well. What I decided was I would be swapping my steem coins to buy those cryptocurrencies. So far I have crypto tokens on only steem wallets and Tron (TRX) wallets.

My plan is to trade in at least 2 to 3 cryptocurrencies, but before buying them have to research and explore more on those currencies to see when it is appropriate to buy them so that it can grant me a good profit.

WHAT IS PORTFOLIO MANAGEMENT?

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Cryptocurrency portfolio is any application that helps one in managing and tracking your cryptocurrency assets you have invested in.

Portofolio Management is the process whereby an individual chooses the appropriate investment tools in managing his/her cryptocurrency portfolio in other to generate higher profit.

HOW TO MANAGE YOUR CRYPTO - PORTFOLIO

1. Analyzing each cryptocurrrencies by studying its white paper.

2. Portfolio allocation

3. Investing in more than two cryptocurrencies

4. Begin at the appropriate time

5. Safety and security

6. Planning on entry and exit points

7. Being vigilant and not being influenced

By following all these procedures for your portfolio management, one can results in generating higher profits from his investments.

MY FUTURE PORTFOLIO

1. Open my CoinMarketCap (CMC)

2. Select and click on portfolio

1. Select the cryptocurrencies you wish to keep in your portfolio. eg. BTC

1. After selection, enter the quantity of the tokens and click on add trasanctions.

1. Wait for your crypto to be added and then choose another crypto using the same process.

MY PORTFOLIO

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As at now, I don’t have much in cryptocurrencies but the little I have is steem and Tron .
I only have about 20 Tron tokens and about 16 steems as well.

FUTURE PLAN ON MY PORTFOLIO MANAGEMENT

With the little steem and Tron tokens that I have currently, I plan to trade more on other cryptocurrencies especially on small capital assets. I also plan to invest with a good portfolio management by analyzing cryptocurrencies, allocating portfolio, diversifying my investment on cryptos, begin at the right time and also plan on good entry and exit threshold. So in case anytime my cryptos fall or goes above my threshold I buy or sell.

LAST FAILED INVESTMENT

My last failed investment was with an Ecommerce platform called CHYMALL. I invested in this business because it was booming and paying for my colleagues who introduced me.
I also decided to join because they were earning and as I joined it was also moving for me so I decided to compile my money before I would make any withdrawal.

180 dollar loan forced onto my account for the unexpected upgrade

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In about 3 month time after I joined the business, there was a communique which says there is going to be an upgrade of their website. What I realized later was a loan was put on me for an upgrade of my VIP accounts from VIP2 to VIP3.

All my profits that I earned was taken away leaving loan for me to pay. As at now the loan is still in my accounts and don’t even know when that loan would finish paying.
This was an investment that really failed me totally and I really regretted a lot.

CONCLUSION

In conclusion, from this week’s lecture I have learnt that before I invest in any cryptocurrency, I would make sure I put up a good portfolio management and money management as well. In doing so, this will help me achieve a higher profits and also reduce risk investment.