Thread by @Darylloh2

End of 2021 reflections, and reminders to self as I look ahead into #cryptocurrency investing in 2022.

4 simple parts to reflect upon and take action:

https://twitter.com/cryptolikemo/status/1389289059219124227

1/ Understand why you are here.

Based on your goals, strategies for making life-changing money, vs paying off loans, vs passive income source might be quite different.

2/ Mentality and discipline in investing.

Build good habits in rational investing, scaling off and taking good profits, killing off poor investments early.

Train your brain to make good decisions. It will pay off in the long run.

3/ Avoid groupthink.

In communities, herd mentality can happen you lose logic.

Going against the herd can be a good thing.

If everyone is screaming buy and hold, and everyone is in, who is left to buy?

4/ Scaling out and taking profits.

Determine some target take profit prices, and the respective allocations.

It is difficult to sell your entire portfolio at once. You might not sell the top, but you will have some realised profits.

TLDR:

1. Know your goals for being in crypto.
2. Formulate your strategies accordingly.
3. Do your own research and take actions according to them.
4. Have a plan for taking profits, avoid FOMO or hopium.