So i will give you a brief summary of things i should have done differently in my 9 months in crypto. Strategies that could have made me a multi millionare many times over!
Don't get me wrong. im still doing well!
I started my investment with 3000 dollar and i am now well over half a million dollars basicly in just 6 months! But, i could have had so much more if just did these 3 things.
I will keep it short not to bore you with all the details. But to give a brief summary, i basicly started around April-May.
Did alot of things wrong,
- learned from my mistakes,
- Reinvested in solid projects,
- Tried to daytrade, failed (miserably),
- HODLED ever since.
Now investing in solid projects that solve a real problem is the way to go! But there are some draw backs:
See, crypto is volitle as fuck. There is no other way to say it.
So a project could be on the rise making good profit and then all of a sudden some china, korea or regualtion stuff happens.
Next to that, Bitcoin beeing bitcoin, we will see major rises and after that everything dips because people are getting on the Bitcoin train.
So my numbero uno strategy that could have made me alot more profit is: Put profits in Bitcoin!
Next to the reasons stated above. u should consider this
I used google random number generator to pick a number between 1 and 50. Dash came out. So it doesnt matter what coin u pick. every coin has the same problems, no matter HOW good a project is.
Take profit whenever there is a meteoric rise! Because everycoin will dip in satoshi (and dollar) value, Every single one! If u did this with dash, u could have had twice as much money as before.
I know, we get gready because we believe in our coins and it will moon further. But whenever i see a big ass grean candle and profits are 50-100%? im Selling SOME! not all, but some. Because prices spikes because of news. and then, there is no news for a while and volume gets lower and traders just sell. They dont care how good a project is, they care about profits and get in lower!
I calculated that if i would have taken 50% of my gains in bitcoin, when i was thinking about doing it but didnt! I would have had around 450K more. This was in the period when bitcoin was hardforking and i would have had bitcoin and bitcoin cash.
If i would have bought back later. I would have had around 2 million more. Because the coins that gave me profit dipped around 50% and then later mooned like 5x!
The other thing u must do. Take profits in fiat!
U dont need to spend it but just keep it in fiat to buy back later. For the same reasons i stated above. Bitcoin is volitile as fuck as well! But adding: if bitcoin goes down, people sell their alts as well.
THIS IS IMPORTANT! because if bitcoins goes down, not only DOLLAR VALUE goes down with ALTCOINS, but SATOSHI value as well!
So putting money in fiat ( id say profit 50/50 - Bitcoin/fiat) Will allow you to buy more bitcoin and even more altcoins!
So there u have it.
If i just did these 2 simples things. I never would have had to work a single day in my live. So, from now on i will be using this strategy. i Know, FOMO is real! But just remember, Crypto isnt crypto without FUD (fear. uncertainty, doubt) and major "crashes"after major rises.
So just like MOONS will come, the bears are allways waiting!
Use this strategy and i garuantee u wont be dissapointed :)
Please leave a comment. I would like to hear your thoughts!
Michael
Thanks for the post. The only problem I find with it is taking profits in fiat. In my country Canada as soon as you sell your crypto into fiat it becomes a tax event. So 25% of your profits would be eaten up by capital gains tax. I've been in crypto since 2013. The main thing I learned is that if you hold eventually your bitcoin will be worth more than what you paid. You may have to wait a while though.
Thanks for sharing your point of view!