I’m trying to put myself in a position to have the financial flexability to build the life I want, not the life I feel I must settle for.
My crypto investments are supporting the life I want...
To make a fortune without already having a fortune to invest, you need to identify massive trends early. The projects I invest in all have utility and they are all solving a problem. I think this is key to having a strong solid portfolio. I made the mistake like many others did in 2017 of just throwing darts at any project with a low circulating supply. I also used to choose projects because I liked what they were doing, and you end up marrying the coin because YOU like it and YOU think it will do well.
I had to change the way I was thinking, its not about what I like. It's about fixing problems that needs fixing, who will be the first to do it? How many are trying to do it? For example, if there are two projects attempting to solve a big problem, its likely I will invest in both, so that it is almost irrelevant who wins as I hold both.
What is the problem they are trying to fix? Do I give a sh1t? No, but maybe other people do, so I have learned to put emotions aside.
I get a lot of people ask me if its "too late" to invest in Bitcoin, or just crypto in general and currently the answer is No. However, finding those hidden gems may not be as easy as it once was. I remember back in Sept - Dec 2017 you could almost pick a coin and random and it would have made you money with all the hype and mania around.
This is not the case anymore, people are scared and institutions are cautious. There are still hype coins like Shiba Inu and Safemoon that people seem to be drawn to for some bizarre reason, perhaps all the hype on social media or the dream of becoming rich overnight...
The most important rule in a bull market is buy the freakin' dip. This goes for bear markets also, have some cash set aside so that you can scoop up the fire sale bargains (provided the project hasnt been rug pulled or looks as though its dying).
If a project has lost 80% since its all-time high, then I would look at a few things before buying the dip:
- Are the developers still working on the project, if so, what is the sentiment like? Check Github and Reddit.
- Did the price go up in a straight line?
- Have they hit their road maps?
- Have there been any hacks, foul play or scandals?
- Check volume and order books on exchanges.
If I feel the project is still moving forward with it targets and they have a large size treasury and essentially nothing has changed other than the price of the token, then yes its likely I will take that as a great time to buy more of it (Cost averaging).
One thing I won't do and have never done is buy something once it has already had significant price action to the upside. If I feel I need to get in to that project but the train has left the station I will wait. Most of the time it will have a correction and you can use that as an entry point. In rare instances like Axie Infinity, the coin may just keep going up up and up for a long period of time. Nothing you can do about that, its not a good strategy to just ape in because of a gut feeling.
Look at Chainlink as an example. From September 2020 to September 2021 this coin just kept going up, there were small corrections along the way, but it went from $7.70 to $52. As of writing this today 23.8.22 we are back down to $7 again.
Patience is key.
I believe now is a great time to invest in LINK as it meets all of my requirements, the project is making new partnerships and has not taken any steps backward. I believe the coin will be north of its old all-time-high in the next bull market. (My opinion, not financial advice). I am not shill ChainLink, it just happens to be a great example of what I am on about.
Thats all for now x
#crypto #bitcoin #blockchain #investing #trading #news #money #markets #cryptocurrency #coinbase #chainlink
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