- I personally believe bitcoin is not speculative anymore. It is already dubbed as the digital gold of the future. Big difference this cycle is that institutional investors are joining in on the bandwagon. This buy in is pivotal in this bull market! Most altcoins (i.e., anything other than bitcoin) will remain speculative. Before you get yourself into this, study the fundamentals of blockchain technology first. Like any other investments, do your own research. It makes you more rationale and less emotional.
- Invest what you can afford to lose. It is imperative that you have an emergency fund and life insurance before you jump into risky investments. Crypto is a high risk high reward game. If you want a safer more conservative investment, go for stocks.
- Do not over-diversify. Over-diversifying will limit your gains. Focus on a few coins and accumulate volume. What coins to buy? Same rationale with stocks investing, pick your coins based on fundamental analysis (e.g., great projects with utility and scalability). When to buy? Technical analysis (i.e., charting) will help you with that. Just make sure you have the volume and/or you buy the dip. How to buy? Install Binance from the app store and use my referral link to get 5% commission rate: CTB92RFA (smooth ad right here!)
- There's nothing wrong with just hodling your coins. You don't have to trade all the time to earn! 80% of my investments are locked in staking/long-term hold. 20% are for my most speculative small caps and for funding my trading activities. No shame in just holding and/or playing for short-term gains. You can earn by doing both. It depends on your lifestyle and risk appetite.
- (TRADING) FOMO (fear of missing out). Avoid avoid avoid at all cost! I still fomo hehe guilty, but then I wait for pullback to TRADE the coin. No matter how uptrend something is, at some point it will pull back and consolidate. Wait for pullback. It will happen. Trust me!
- (TRADING) Futures/Leveraged. Again emphasising that you should only trade what you can afford to lose. I trade futures to practice my charting skills. Profiting is just second to the goals for now.
- (TRADING) Familiarise yourself with market cycles and market psychology. No matter how good you are with charting, if you let your emotions and greed win over you, you can’t succeed as a trader. Again, guilty of this too so I am trying to be more self-aware when trading.
- (TRADING) Don't chase high flyers. By the time you get in, you're probably late. There's a cycle that usually happens. When bitcoin starts rising, ethereum will likely follow. Then mid caps. Then small caps. This game is all about patience. Wait for your turn!
- Bull run is not forever. This whole market will crash and burn at some point. Have an exit strategy. Nobody knows when it's gonna be, but historical charts can probably give you an idea. Taking profits is also a good exercise.
- Be kind and support friends who are making massive gains. Everyone has their own game play. I don't get why traders hate investors and vice versa. Not just in crypto, but also happens in the stocks community. If people earn with whatever they're doing, then just let them be. Shitcoin or not, there's a lot of ways to profit from the bull run. Everyone is a genius!
Now go and enjoy this super cycle!!
