When it comes to investing in crypto, there are 4 main philosophies that I always stick to no matter what. I attribute nearly all success to these four things, and fully believe anyone can be successful by following them as well. Anyone can become successful in the cryptocurrency market if they have enough patience and motivation.
Here are my crypto rules for success.
1. Accumulate as Much Bitcoin and Ethereum as Possible
The first piece of advice is incredibly simple. In the cryptocurrency market, the name of the game is to accumulate as much Bitcoin and Ethereum as possible. All the other coins are either a distraction or a tool to help you to accumulate more of these two coins.
Bitcoin is the king of cryptocurrencies and the reason this entire market exists. It is the gold standard. While the cryptocurrency market is incredibly risky, Bitcoin is perhaps the only “sure bet” in this entire market. It has the best chance to still be around and thriving 20 years from now. The incredible thing that most people don’t understand is that Bitcoin has yet to even come close to achieving its full potential. There are predictions of Bitcoin’s price someday being several millions of dollars per coin. We are still early.
While Bitcoin is the great gold or money of this market. Ethereum is the oil that makes everything run. A few years ago there were several questions about it, but since it began delivering protocol updates, it has given a lot more confidence to its future. With tokenomics improving, and staking being introduced. It rewards users for holding onto the coin and even being able to earn a passive income for doing so.
2. Never Invest More Than You Can Afford to Lose
The absolute golden rule in crypto and all of investing is to never invest more than you can afford to lose. The first benefit is that this will make your crypto-investing journey much less stressful. Crypto is the most volatile market out there, and if your entire livelihood is on the line, that is almost destined to fail.
The second benefit is that when you are investing money you can afford to lose, you will be much less likely to sell out of positions because you need cash. Crypto is a market of time. You’ll usually be much more successful having more time in the market, rather than trying to time the market. There are just a handful of days each year that consists of most of the price movements. Missing these days will make you much less successful.
3. Take Advantage of the Scary Price Dips
In the crypto market, the best days to invest have been when there was blood in the streets. Days such as the March 2020 covid crash, the 2022 summer Luna/UST crash, or the Fall 2022 FTX crash. These were the best days that you could have been buying.
However, the difficult thing is that our emotions often get the best of us. The market is panicking, and this also causes us to panic or lose confidence in the market that we had incredibly high conviction in just a few weeks before. It is hard to go against the grain and buy while everyone else is selling. But, if you are able to do that, these are the days when life-changing portfolios are able to be built.
4. Don’t Fall In Love With Your Altcoin Bags
Finally, the last piece of advice I have for you is to never fall in love with your altcoin bags. The longer you are in crypto and begin to heavily research the market. You will begin to find new projects that you are a fan of. Projects that you believe could be the next big thing, and maybe even make you a lot of money.
However, you always need to remember goal number one. The goal is to accumulate as much Bitcoin and Ethereum as possible. These altcoins are just tools that “sometimes” can help you to speed up this process. But they also have much more risk. You need to know when to sell these altcoin bags and when they can earn you more BTC and ETH. And you also need to learn how to cut your losses. The harsh reality is that nearly all altcoins never make new all-time highs against Bitcoin and Ethereum after their first full cycle. Projects such as EOS, which was loved by many and declared to be the next big thing. Simply just begin to disappear over time. Never become too attached to your altcoins.
How about you? What are your crypto rules for success?
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As always, thank you for reading!
Yes these tips is very helpful.. thank you so much