Crypto is the craziest and most volatile market in the world. From massive pumps to massive crashes, it can be a very difficult space to navigate.
🧵: A thread on 3 major crypto lessons that I've learnt throughout my journey to help you succeed in this crazy game. 👇
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2/ Lesson 1: Buy dips, not pumps.
This is the hardest philosophy to adhere to, as we are creatures driven by emotion and it becomes very difficult to remove emotional bias.
However, it's also the most important lesson - as getting good entries significantly increases returns.
3/ For example:
If you bought $SOL at the local top ($191) and perfectly sold the ATH, you would've made 35%. Happy?
Well, if you had been patient and waited for a pullback to $124, your profitability now increases to 108%.
Seems like a small difference, but has a big impact.
4/ That's why entries become so important in crypto. Buying into pumps significantly reduces your risk/reward profile as you:
a) Have less market info (trend and support levels)
b) Increase downside risk
c) Limit potential upside (lower % returns)
5/ So what can you do to combat this emotion?
1. Create a watch list of your favourite projects on @coingecko and constantly monitor for dips. 2. Whenever there's a major dip, take advantage via DCA. 3. Always DCA and keep spare cash in case things go lower.
6/ Lesson 2: Diversify Risk.
This lesson is especially relevant in DeFi, as risk of de pegging, smart contract risk, liquidation, impermanent loss, rug pulls etc. can get you seriously rekt.
If you lost funds in @financegrim's recent exploit (as I did), you'd be well aware.
7/ So, how can we diversify risk?
Firstly, in DeFi - spread your holdings across multiple protocols.
For example, want to farm with $10k? Pick 4 protocols and put $2500 in each. That way, if one gets exploited, you're only losing $2500 (25%) instead of 100%.
8/ Risk diversification also applies to portfolio allocation. Depending on your goals, make sure you spread your risk across multiple projects and keep % weightings proportionate to perceived risk.
For example, I love $SPIRIT - but I always hold more $FTM at all times.
9/ Final tip. ALWAYS use a hardware wallet. For just 50 bucks you're going to save yourself a big headache and sleepless nights.
You can connect your hardware wallet to Metamask to interact with DeFi.
@Trezor and @Ledger are both great products, can't go wrong with either.
10/ Lesson 3: Learning.
Your mind is essentially its own algorithm. You can have all the fancy stats, charts and data you like - but the most powerful resource of all is your mind.
The more you educate and expose yourself to new ideas the stronger you become.
11/ The more you know, the more equipped you'll be to make better financial decisions.
This went from my hobby to a full-time job through endless hours of consuming content, researching, getting my hands dirty with DeFi and engaging with and learning from people smarter than me.
12/ These are some of the methods I used and still use to continue educating myself:
1. YouTube and Google are your best friend. 2. Experiment with DeFi and get your hands dirty. 3. Get involved in Discord, Twitter etc - community and networking is key. 4. Group chats
13/ If you're monitoring social media and staying active in communities on Discord/Twitter - you can stay at the forefront of new trends. Being on the front line of new narratives is essential in crypto.
Don't be afraid to ask questions and challenge your own knowledge.
We're all on this journey together. Patience and conviction will prevail long term, and those who respect these virtues will be greatly rewarded in this market.
Check out my latest video where I reveal my crypto journey and elaborate on these lessons.👇
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The way to make life changing gains in $FTM isn't by directly investing in Fantom itself, but by taking advantage of the massive opportunities in its DeFi ecosystem.
🧵: A thread covering some of my favourite projects on $FTM, and why they could net you insane profits in 2022 👇
2/ If you have the belief that $FTM can 5-10x+ this year, where do you think those gains will derive from? I'll tell you: The DeFi projects that comprise Fantom's flourishing ecosystem.
If $FTM 10xs, some of these projects can 25x or 50x. Higher upside, higher downside.
3/ It's essential to weigh up the risk/reward of each project, and adjust your % allocation based on risk tolerance.
But, what if we can combine these insane multiples with passive income streams through yield farming? 🤔
An overview of a few of my favourite ecosystem plays:
The truth is, if you want to make life changing gains in $FTM, the way to do it is through the ecosystem.
Some of these projects could 25x or 50x over the next year or so.
In an HOUR I’ll be releasing a new video with @Prof_Crypto_B on our favourite Fantom ecosystem plays 👀
We’ll also go over some yield farming strategies on @LiquidDriver, @Spirit_Swap and @beethoven_x so you can put your tokens to work and earn passive income.
Make sure to turn those YouTube notifications on so you don’t miss it. 🔔
A thread on my favourite $FTM staking strategies in 2022. 🧵
I'll cover:
- How you can earn anywhere from 5-1000% APY in the Fantom ecosystem
- Different strategies for varying risk tolerances
- My personal staking strategy (Not FA)
Let's dive in 👇
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2/ Want to know how to generate insane yield in the $FTM ecosystem? Well, you've come to the right place.
- Why Fantom is one of the most undervalued projects in crypto
- How it can 5-10x in 2022 (fundamental analysis and upcoming catalysts)
Let's dive in 👇
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$FTM was 2021's 4th best performer, increasing a massive 14,474%.
Yet, it still finds itself lagging behind other L1s like $AVAX, $SOL and $ADA, despite possessing the qualities to command a top 10 ranking (currently 36).
Let's dive into what makes $FTM special 👇
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$FTM uses a directed acyclic graph (DAG), meaning it is highly scalable and offers near-instant transactions at almost no cost.
THREAD🧵: Why accumulating $SPELL now could be a path to riches this cycle.
@danielesesta is building a DeFi revolution, and if you're not already on board - now is the time to strongly consider joining or accumulating more. 🐸
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Abracadabra is a revolutionary borrowing/lending platform lead by @danielesesta. It allows users to borrow MIM via providing interest bearing assets as collateral. Its basically yield farming on steroids.
$SPELL is the governance token of Abracadabra.
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The $SPELL token price is down -55% from highs despite abracadabra maintaining a TVL of 5b. This is the same TVL at $SPELL ATHs. Via this metric, you're essentially getting twice the relative value when buying at today's prices.