EP10: Cryptocurrency For Beginners: Should You Invest Or Not? with Nicky Shah

Her Money Story Podcast

Cryptocurrencies have been promoted as a way to democratize the finance world and include more diversity.

In this episode, crypto investor Nicky Shah shares her 20 years of experience as an investor and shares the ins and outs of crypto before deciding if you will add it to your investing mix.

Cryptocurrency For Beginners: Should You Invest Or Not? ▶️

Key points covered in this episode:

✔️ A recent CNBC/Acorn survey found that twice as many men and women invest in crypto as women, and the current gap exceeds the gap between men and women investors in stocks, ETFs, mutual funds, and real estate.

✔️ Make sure that your foundation and the other pieces of your financial planning are in place before you start crypto. The path to financial freedom requires discipline and planning. It is not the where and how you invest your money but committing to learning and becoming financially wise.

✔️ Crypto is very, very volatile and not for the faint-hearted. If you're not a person that's comfortable with risk-taking or not with volatility, don't trade in a way that will make those conditions present in your life day after day.

✔️ Nicky posits that the crucial thing that's NOT talked about is the importance of understanding yourself as an investor. "Crypto can be very volatile. And if you're not a person that's comfortable with risk-taking or if you're not comfortable with volatility, then don't trade in a way that's going to make those conditions present in your life day after day. That's not to say that you can't get into it if you've got a different personality from a typical level-headed trader, perhaps. But there are ways around understanding your personality to fit your trading style."

✔️ Learn the fundamental trading skills of using a platform. You don't want to end up shorting or placing a trade in the wrong direction.

✔️ Get a demo account for whatever trading platform you use and play with that for at least a week minimum. Probably a month is better.

✔️ Get your timing right. Many people start getting interested when crypto is taking off and get in fear of missing out. They end up buying at the top of the market, and then they see it crash 50 percent potentially within a week. If you're serious about getting into crypto, be patient because there will always be good times to get in.

Nicky Shah is an investor and business professional with 20 years of experience investing in crypto, stocks, properties, and startups. She developed a coaching course where newbies can learn the lessons and avoid making huge mistakes. Nicky first learned the hard way. She also teaches how to individually understand your trading personality in any financial investing in your life. Find Nicky on LinkedIn: https://www.linkedin.com/in/nickyshah/

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Felicia Gopaul, CFP, is the Premier Women's Wealth Builder

dedicated to your financial success!

Ms. Gopaul is a Money Confidence Catalyst and author of an Amazon best-selling books "Preparing for the Five Ds: Divorce, Disability, Downsizing, Disasters, and Death" and "Local Business Mavericks - Volume 20: Insights & Innovation From Top Local Business Owners, Professionals & Community Leaders."

She is also a speaker and Certified Financial Planner Ambassador (only one of 50 people in the United States). She teaches accomplished, successful and educated women to heal their money mistakes, rebuild their wealth, and ultimately reclaim their power.

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