If I didn't make these 6 mistakes in 2021, I would have made 8 figures instead of 7 from #crypto
Here's how I fu*ked up so you can avoid doing the same.
Here's how I fu*ked up so you can avoid doing the same.
1. Don't Go Too Deep Too Soon
I went deep in 2019 and got rekt when #crypto dumped in the second half of the year and more so with the 2020 COVID crash. It's tempting to go all-in when prices are cheap. Remember, they can always get cheaper, scale in slowly!
I went deep in 2019 and got rekt when #crypto dumped in the second half of the year and more so with the 2020 COVID crash. It's tempting to go all-in when prices are cheap. Remember, they can always get cheaper, scale in slowly!
2. Spread Your Risk
In 2020 I focussed my buys on #Metaverse and #P2E and it worked out for me but had I diversified into Layer 1s and 2s earlier like $MATIC and $SOL I would have done a lot better. Focusing too hard on one sector limits you.
In 2020 I focussed my buys on #Metaverse and #P2E and it worked out for me but had I diversified into Layer 1s and 2s earlier like $MATIC and $SOL I would have done a lot better. Focusing too hard on one sector limits you.
3. Keep Some Reserves
Especially early in a bear market (like now) you have to keep reserves for new projects. Many of the cycle-defining cryptos didn't release until 2020. You need reserves to buy new cryptos later in the bear market.
Especially early in a bear market (like now) you have to keep reserves for new projects. Many of the cycle-defining cryptos didn't release until 2020. You need reserves to buy new cryptos later in the bear market.
4. Cut Your Losses
Some of your picks are ngmi. Holding onto them for a year while so many other cryptos rally makes no sense. If an investment is not working out, sell it. Even if it's a loss. You can invest the leftovers into your stronger picks.
Some of your picks are ngmi. Holding onto them for a year while so many other cryptos rally makes no sense. If an investment is not working out, sell it. Even if it's a loss. You can invest the leftovers into your stronger picks.
5. Take Profit
To be fair, I was always pretty good at this one, so it wasn't a mistake, but please remember to take partial profit when things are up.
To be fair, I was always pretty good at this one, so it wasn't a mistake, but please remember to take partial profit when things are up.
6. Feed The Degen
If you want to ape into shitcoins, don't fight it. Instead, dedicate 5%-10% of your portfolio to degen plays. I call it my high-risk fund and I use it whenever I have the urge to take risky plays that could go to 0 or 1000x
If you want to ape into shitcoins, don't fight it. Instead, dedicate 5%-10% of your portfolio to degen plays. I call it my high-risk fund and I use it whenever I have the urge to take risky plays that could go to 0 or 1000x
7. Make Some Friends
If I had as many crypto friends in 2021 as I made in 2022 I would be worth eight figures by now. A good network shares alpha and they can keep track of sectors you simply don't have time to.
If I had as many crypto friends in 2021 as I made in 2022 I would be worth eight figures by now. A good network shares alpha and they can keep track of sectors you simply don't have time to.
8. Don't be a dumbass
Finally. Don't be a dumbass. Do not invest more than you can afford to lose. Do not keep your crypto in exchanges. Do not blindly follow influencers without doing your own research. Just think things through 😘
Finally. Don't be a dumbass. Do not invest more than you can afford to lose. Do not keep your crypto in exchanges. Do not blindly follow influencers without doing your own research. Just think things through 😘
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