Journalist
Well, every day mainstream companies are embracing crypto like never before, but it’s forcing investors and the average consumer to definitely pay attention. Experts now predict that cryptocurrencies will continue to outpace gold as a safe haven for investors throughout the remainder of 2022 and beyond that, too. Andrea Unger is here for more and it’s a love we have your company on Ticker News. But here we talk about this, but just because everyday people can invest in cryptocurrencies easily, there is still a knowledge gap in how to do it correctly, right?
Andrea Unger
Hi everybody. Yes, there is definitely a knowledge gap because people tend to listen what they hear about astonishing performances. So that’s all what they care about. And they don’t really try to understand what really happens in that market as in many other markets, of course. So, the problem is that many people face the cryptocurrency market as any other market actually, with no due knowledge because they don’t really know what they are doing. And this is obviously a problem for anybody. Because they just know how to technically invest, but they don’t know what they are doing, where they are putting their money in. And it’s very hard to make decisions in such a world, in such an environment as you don’t know what to do, actually.
Journalist
Exactly, and I think sometimes the hype behind the sector at the moment and that it is advancing at such a rapid rate, and people can probably get ahead of themselves there, but it’s important to, I guess, be educated before you make these decisions. And talk to us about how you’re helping with this knowledge gap.
Andrea Unger
The main problem is to make decisions during the activity. So when you start investing, you don’t know how to react to what is going on, this is the problem where you face the necessity to make decisions when you are emotionally involved. Because when your money is in the game, on the table, obviously you are afraid, or you are happy because maybe you make a nice gain. But if you don’t know what to do, if you don’t know what decision to make, then you have a problem. And if you make decisions under emotions, obviously you have some major problems. So the point is to try to make decisions in advance, to prepare a plan on what you do and to stick to the plan. This is the main issue that many people forget about.
Journalist
Let’s talk about that plan. And what’s your advice for new traders on what it actually takes to succeed as a long term trader, I guess?
Andrea Unger
Well, basically what I do and what I suggest to anybody to do in any kind of market, especially in crypto markets (because they are new now), is to try to prepare a model, a trading model, to test this model and to see what results this model brought in the past. I mean, everybody here would be happy to have bought Bitcoin in 2011, of course, and kept it. But who would have really done it? Now, from 2011 to today, there have been many occasions to still jump into the market. So the question is, when should I jump into the market and when should I exit? So what you have to do is to prepare some basic rules. Rules that can be very simple actually. Buy if today we are going higher than yesterday. This is a very basic rule but it might work. And sell at the end of the day, at the end of the session, sell after five days. Very basic rules to see what they do and what they would have done in the past. You’ll already have an idea of what was going on and you can stick to that plan if it works.
Journalist
Some great advice, so Andrea, thanks for your time.
Andrea Unger
Thank you. Thank you, everybody.
