I’ve been in the space for a little over 3 years now. Not that much in compared to some people. But enough time to have a couple of lessons taught. I messed up a few times. I lost money a few times. I’ve been scammed once. But more importantly, I've also learned lessons that completely changed how I see the world. Especially around money, and life itself. These are the 5 that helped me the most.
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1. You don't have to be rich to start
One of the biggest blockers I had initially, was thinking crypto was for the rich. I saw the mansions, the lambos on twitter and thought… well, this is out of my league. No! You can start crypto with $10. Or $20. Or even $5. I’ve started with small amounts of money from my monthly income, putting aside a few dollars each month to buy and hodl. It's not about getting rich fast. It's about starting the journey of compound interest with the small amounts you have. The person starting with $10 that becomes $50 is better off than the person who never started at all.
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2. Fear is your enemy number 1
Some of my biggest mistakes have come from a place of fear. When the market was crashing, I panic sold. When the market was booming, I fomo’d and bought. I bought at the top out of fear of missing out and sold at the bottom out of fear of losing it all. The market will be volatile. You have to find ways to manage your emotions. Stop. Breathe. And don’t make decisions based on how you feel. You can’t afford to let your emotions control your financial future.
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3. Patience pays a lot more than trading
I was a trader for quite some time. Bought a lot of different coins with the hope that I would be able to sell for more money very quickly. But a year later when I look at my trading portfolio, I see that I was actually a lot worse off than just buying a project and holding onto it. Trading makes you stressed. Trading forces you to pay a lot of attention and makes you constantly worry about what to do. Holding is a peaceful, set-it-and-forget-it kind of game.
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4. Crypto is not a shortcut
I started getting into crypto hoping to become rich within months. And when I didn’t get the results I expected in a couple of months, I got disappointed and ended up selling. Crypto is not a lottery ticket. It is a long term investment, the technology has not been fully released, and there’s still much more to discover and learn in terms of how much value will eventually be stored and built in the crypto ecosystem. If you are looking for a quick cash grab, crypto is likely not the place for you.
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5. Your family and friends won't get it
I remember trying to convince my parents to invest in crypto, they thought it was a scam and a waste of my money. I would show them my profits and how much money I made in the past few months. They wouldn’t understand and they told me to sell my money. Even when some of them would see that I was becoming richer, they still wouldn’t understand. For them crypto was never going to replace or ever have value in their eyes, and this is probably true. They may never understand but at the end of the day they are your family, so you have to respect there opinion although sometimes you may need to go your own way to achieve your goals. I've stopped trying to convice them and just let them see how it goes.
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Crypto Has Been More than Just Investing for Me
It has taught me discipline, risk management, not to follow the crowd, do my own research, and most importantly how to manage emotions and expectations. I haven't made it to the moon yet, but I'm still progressing in the journey slowly but surely. What has crypto taught you about money or life? Let me know in the comments below!
