AVOID THESE MISTAKES AT ALL COSTS IF YOU WANT TO MAKE IT IN CRYPTO 🛑
Here's my personal guide to making it in crypto and avoiding the painful setbacks that come with these mistakes
Do you want to make it big in crypto? Are you tired of making costly mistakes and experiencing setbacks? If so, then this post is for you. I'm here to share my guide to making it in crypto, based on the mistakes I've made since my entry in the space in 2017. My goal with this post is to help you avoid the mistakes I made and save you precious time and money.
So without further ado, here are the first 7 recommendations for making it in crypto:
1 - Secure a steady income to cover your basic needs
See all these entrepreneurs, investors, and millionaire influencers?
Most of them (the ones with real results) got there by building their wealth slowly and steadily. The big breakthroughs come once you are building momentum step by step.
Try to emulate their process and methods, not their lifestyle.
Too many people are doing the “17-step morning routine for success” while wasting 50% of their waking hours on what could be income-producing activities. Cover the basics first.
2 - AVOID LEVERAGE AT ALL COSTS!
All these YouTubers and influencers that are sending you to their Bybit and other exchanges affiliate links are getting you REKT while they make (or lose) money with the bag they secure from their affiliate bonuses. Do you want to get good at trading? Only use money that you are willing to lose. Betting on the price going up or down is mainly that: BETTING (AKA Gambling). Remember, on a large enough time horizon, the house (exchange) ALWAYS wins.
3 - SHIFT YOUR MINDSET FROM A TRADER TO AN INVESTOR!
I've made a few good trades in my life, but when looking at the bigger picture, there are too many losing trades to justify the time I spent looking at charts and pushing buttons when I could be spending time building or just enjoying life.
The statistic says only 5% of players in the markets are successful. "Yeah, but I am part of that 5%! You'll see!"
It's hard to accept that you are on the 95% camp, I know. But it's better to face that reality and change your strategy than to keep getting REKT.
You can also choose to make it your life’s mission to get better and make it to that profitable 5%, everything is doable.
Here is what worked for ME and the only times I've managed to make good profits in Crypto:
1 - Research the projects that are building great products on a narrative you have a firm belief in.
2 - Do thorough research and decide which projects you want to be invested in and have a high level of conviction that they’ll do good in a Bull Run.
3 - Decide how much you will invest in each project, the price range you are buying them, and the time horizon of the investment.
4 - Get your funds in the exchange, set the orders, wait for the orders to be filled, and WITHDRAW those tokens out of the exchange into a wallet. In case of a DEX, just make the swap at the target price (or set the order on a more advanced DEX).
5 - FORGET about that coin. Keep yourself updated with the project’s progress, and if anything crucial happened like a hack, fork, pivot, etc. The point here is that you should not be looking at its chart unless your time horizon is nearing completion or the chart went parabolic.
6 - TAKE PROFITS! Don't get greedy. Don’t ride your tokens all the way up and then all the way down thinking “It’s OK, it will surpass ATH (All-Time-highs) in the next Bullrun.
4 - DO NOT BECOME A MAXI, OF ANY ONE SINGLE PROJECT
I made that mistake with EOS back in 2017, and it has set me back tremendously. It’s great to become part of a community, get involved, and work to build a better future together, but an investment is an investment:
Cut your losers early and let your winners ride.
If you are a MAXI, chances are you are setting yourself up for failure, and even if you have a solid bet, like being a Bitcoin Maxi, you are missing out on truly life-changing opportunities by treating your investment as a religion or a cult or making it part of your identity.
5 - Regarding NFTs, Don’t BUY Them to make a profit!
Or at least, don’t treat them as an investment unless you are willing to part with your money for a very long time in hopes that your NFT will become a Blue-chip or will remain a Blue-chip forever.
You should buy an NFT for the following reasons:
To get access to the community: Networking in Web3 is important, and getting access to the right circles is worth investing in an NFT just to become part of the conversation. However, In most cases, you are buying access to another one of the million NFT Discord Channels, so be very selective on which communities you want to join. Because you believe in the founders behind the project and you want to support them: If this is a show of support and a way for you to express it through holding their NFT, then please, go ahead. You appreciate the Art behind it. That’s it! If a single “Well, this might be worth much more in the future” thought creeps in, DON’T BUY IT! Make a clear separation between a digital art piece you want to have regardless of the price and you are not planning on selling and a potential investment into an NFT that someone may buy from you for a higher price.
See how none of those reasons include “To make a profit” that is because the only people who really profit from an NFT sale are:
The ones who sell it The ones who got a ton of whitelist spots and make the best out of the mint Professional NFT Traders leveraging Bots, analyzing floor prices all day, and buying and selling NFTs in bulk. And just like in regular trading, 95% of them will fail in the long term.
If you want to keep up with the NFT world and want to get involved, follow these legends:
Again, keep your focus tight, and don’t fall for shillers on your feed.
These NFT Gladiators know exactly what works and what doesn’t in the NFT space because they’ve seen it all.
6 - DYOR and DEVELOP YOUR CONTRARIAN THINKING
If you become dependent on CT ape PFPs or Youtube Influencers to Spoon-Feed you the next big trend or the “Top 5 Crypto’s for this Month” You are getting second dips at best, and likely getting REKT as worst. Most Influencers will tell you which projects they like AFTER they bought them (of course, why wouldn’t they?) but they will NOT tell you when they are selling. Some because they don’t want to negatively impact the project and initiate a massive dump, and some because they already made their profit and simply don’t care if you do well in crypto or not.
Most of the big winners in crypto are discovered when it’s too late. The people that were early in most successful projects were early because they developed a contrarian thinking that allowed them to spot the narrative and research the good projects BEFORE they were mentioned on Youtube or Twitter.
7 - DEVELOP YOUR NETWORK
Your network is your net worth, and this is particularly true in the Web3 space. Building a network of like-minded individuals will not only provide you with valuable insights but will also open up new opportunities for collaborations and investments.
Joining communities on Discord and Telegram, attending meetups and conferences, and participating in AMAs and other events are great ways to start building your network. Be proactive in engaging with others and providing value to the community, and you'll find that your network will naturally grow.
8 - INVEST IN YOURSELF
While investing in crypto can be a great way to grow your wealth, it's also important to invest in yourself. This means developing new skills, improving your knowledge, and taking care of your mental and physical health.
Consider taking online courses or attending workshops to develop new skills that can be useful in the Web3 space, such as coding or marketing. Read books and articles to stay up-to-date with the latest trends and developments in the industry. And don't forget to take care of your physical and mental health by exercising regularly, eating a healthy diet, and practicing self-care.
Remember, you are the most valuable asset in your crypto journey, so it's important to take care of yourself and invest in your personal growth.
10 - HAVE PATIENCE
Last but not least, it's important to have patience in the world of crypto. While it's true that some people have made fortunes overnight, these are the exception rather than the rule. The vast majority of successful crypto investors have built their wealth slowly and steadily over time.
This means being patient and sticking to your long-term investment strategy, even when the market is volatile or when things don't seem to be going your way. Remember, crypto is a long-term game, and the most successful investors are those who have the patience to see their investments through the ups and downs of the market.
CONCLUSION
There you have it, ten recommendations for making it in the world of crypto. While there's no magic formula for success, following these principles can help you avoid common mistakes and increase your chances of achieving your goals.
Remember, the key to success in crypto is to stay curious, stay informed, and stay patient. And most importantly, never stop learning and growing. Good luck on your crypto journey!
Here is the Twitter Thread if you prefer getting the animated Gifs: