New Delhi: Ranveer Singh starrer ‘83‘ is proving to be an iconic blockbuster of Bollywood in 2021. The mania for the movie is akin to the craze for crypto investments seen this current calendar. Kabir Khan’s directorial skills, a star-studded performance, and a story based on real-life events made a heady concoction on the big screen. It made viewers experience multiple emotions at the same time, similar to what the performance of digital tokens did to investors in the current year. ETmarkets lists six crypto investment lessons readers can learn from ’83’ to hit a six with their investment:
Distance yourself from outside noise
The Indian cricket team was ridiculed at multiple points, according to the movie. Even Indians, including those settled in the UK, mocked the Kapil Dev-led team India. No one gave a fair chance to the team. However, Kapil Dev never bothered about what the media, people and critics said. He distanced himself from outside noise. In the movie, he says, “We will answer those questions on the cricket field.”
Using a similar strategy, investors should distance themselves from outside noises such as discussion forums or investment chat rooms. Or they can get misguided and lose focus. Investors should rely only on professional guidance.
Most investors flock into the market with a herd mentality, driven by greed and an obsession to get rich quick, says Raj A Kapoor, Founder, India Blockchain Alliance. “However, we see only the glitter and not the grime. For every crypto success story, there are many about the losses.”
Watch how the greats behave
The cricketing world keenly waited for the two-time champion, the mighty West Indies, led by legendary Clive Lloyd, to score a hat trick at the World Cup final. All the teams admired their game — be it the wrath of their batsmen such as Viv Richard, Gordon Greenidge and Desmond Haynes or their pace bowlers such as Andy Roberts, Joel Garners, Malcolm Marshall and Michael Holding — and some even panicked when players from the Caribbean Islands stepped into the field. But the Windies’ players were never into bragging.
Investors, too, should take cues from the numero uno players in the market — the top tokens. The crypto community has a strong obsession for Bitcoin, the gold standard of cryptocurrencies. Major crypto tokens follow the movement of Bitcoin, which has a 40 per cent share in the market cap of the digital tokens.
Investing without a goal
Team India had a clear motive to win the World Cup. No one gave India any chance of winning and Kapil Dev was mocked. However, the skipper had a goal in mind — win the cup and respect for the nation.
Without a goal, even crypto investments become a pointless exercise. Setting a goal will help you to stay steady as the market goes up, down and sideways in a matter of hours. Investors should have clear and long-term goals with realistic expectations within the given timeframe.
It is advisable to diversify your portfolio and invest in lesser-known value coins as 90 per cent of cryptocurrencies will eventually come down to zero, says Hitesh Malviya, Founder, Itsblockchain.
Pick your team carefully
The World Cup winning squad of 1983 scripted its own legacy as the captain chose the players. In the movie, Kapil Dev encourages Roger Binny, played by Nishant Dahiya, to give his best. Binny emerges as the highest wicket taker (18 wickets) in the tournament. The captain also chooses Balwinder Sandhu (Ammy Virk) and Madan Lal (Harrdy Sandhu), who became pivotal with their pace bowling in the final, to demolish the top order of the West Indies team.
In a similar way, investors should pick altcoins with deeper value prospects and hold them for the long term. Investors should select coins that have high community acceptance or backing and regular trade volumes. This will ensure there is ample liquidity.
“If you are looking at a long-term investment, make sure that you stick to the top 10 coins in the market,” Malviya says. “Cryptocurrency is a different market with different dynamics.”
Don’t be afraid of jitters
After a couple of consecutive wins against the West Indies and Zimbabwe, India suffered two consecutive losses at the World Cup. First they get thrashed by Australia and then by the defending champions. The Indian team was disappointed but did not lose hope. This helped the team make a strong comeback and win the subsequent matches to reach the final.
Jitters can bring down crypto investors too. Investors must understand that everyday is not a Sunday. Markets will see corrections. Most corrections are healthy for investors. Use the opportunity to refine your investment thesis and the portfolio periodically, and not get shaken.
Do you own research
In the movie, Team India does its own research. They watched and studied batting legends such as Viv Richards, Clive Lloyd and Gordon Greenidge. Indian batsmen learn about the four pillars of the Windies’ pace battery.
Cryptocurrencies are a new fad and are highly volatile in nature. Investors must understand the technology they are backing. Keep the entry and exit plan handy for optimum benefits. Research is paramount to know and believe why one is investing in an asset. Just hunting the top names won’t do.
Limit the risks with major investment in low-risk tokens to balance the crypto, says Kapoor. “Do your research as every crypto sounds amazing in a vacuum but it is not so. Find an area to specialise in such as NFT, DeFi, games. Read the white papers and educate yourself,” he adds.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
