I didn’t plan it this way, but the timing actually worked out great.
This week, I scheduled appointments with several of my private clients to check in, talk about their portfolios and find out what’s going on in their lives financially.
As fate would have it, these calls coincided with growth and tech stocks getting hit hard … including the market’s worst day in four months yesterday.
I heard all about their nervousness. I’ve also heard from my subscribers who are nervous. And my followers on Twitter (NYSE:TWTR).
I get it … so let me tell you what I told them.
There are three things you must do right now to get through the volatility and set yourself up for profits …
Before my MoneyLine podcast on Tuesday, I posted a poll on Twitter asking people what they were doing with stocks down again.
I was impressed with the results. Two of the three things I recommend you do topped the list.
First, hold strong, which 45% of people said they were doing. That’s great! I’m proud of all of you.
If you have invested in hypergrowth stocks in transformative trends, stay committed to them for the long term. You’ll be glad you did.
We all know stocks go up and stocks go down. It’s unavoidable. Investors get into big trouble when they think they can outsmart the market with precise timing. Or… they panic and bail out, which is what 8.4% of people said they were doing.
Holding strong is not easy. Nobody likes seeing stocks they own decrease in value. I commend the 21.5% of investors who said they were holding even though they were also panicking. I know the struggle well. If you own solid companies in growing trends, stay strong.
My second recommendation is to take advantage and buy good stocks at discounted prices.
Buying is easier than holding. It’s a lot more fun at least. You find a good stock that you’re excited about … and then it goes on sale.
Count me in.
If you’ve had your eye on that dream car or house and now you can now get it 20% cheaper, you’d jump on it, right? Same with stocks. Don’t worry about trying to pick an exact bottom.
Now for my third recommendation … diversify!
Invest your money among different investments in different sectors. You don’t want everything you own to be in semiconductors, healthcare or clean energy. Those sectors all have big potential, but you can spread out your risk by taking advantage of opportunities in all three … and many more.
I also recommend you invest in different asset classes.
In particular … cryptocurrencies are becoming an increasingly important asset class for all investors, from the big firms to the ultra-wealthy to mom-and-pop investors on Main Street.
I am extremely bullish on the economy and stocks as we put Covid-19 in the rearview mirror and things open back up. I see pent-up demand from consumers and businesses that will explode onto the scene and drive prices higher.
So by all means, invest in stocks right now — hold good stocks you already own and take advantage of opportunities to buy more.
At the same time, do not overlook cryptocurrencies.
It’s important to have a stake in them now. Even 5% of your nest egg in Bitcoin could have doubled your entire portfolio over the last five years.
And a similar amount in my favorite altcoins could be absolutely lifechanging.
Altcoins are basically any cryptocurrency that isn’t Bitcoin. Ethereum is an altcoin.
Buying an altcoin is making an investment in blockchain projects that make our lives easier, more productive and more efficient.
I believe that for the first time ever, Bitcoin is now being seen as a safe haven asset by the people with money. And that’s a sea change that has the potential to send Bitcoin to $100,000 and beyond.
The folks getting into Bitcoin now are the “people with money” who own most of the wealth around the world.
Bitcoin is red-hot, and I own it. But I firmly believe altcoins are going to be the biggest winners.
On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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