I do crypto all day, all night, so I run into every type of idiot while doing my research. Permabulls. Cynics. Degen farmers. Mumblemouth middle management types who are scared to do anything but hold top 10 projects. Everyone is siloed into his own world except for a few. Even though I don't like him personally for his business practices, Ivan on Tech provides objective overviews of the market you can depend on. The Gentlemen of Crypto, although not really technical, always have their pulse on market sentiment. Pretty much everybody else is fucking trash.
Social media doesn't make this any better. In case you don't know, the suggestion mechanisms on sites like Youtube are programmed to give you more of what you already want. This feeds back on your confirmation bias and makes you believe whatever you're already inclined to think. I'm always surprised by the number of people who get caught in a sudden market move because they are listening only to the permabulls.
It's also bad to be too cautious. Crypto market dumps are vicious. The secret is to make so much in the bull cycles that your portfolio ends up making a higher low during the pullbacks. So I lost a TON of money during the last BTC pullback. But I made so much from September 2020-April 2021 that I'm still doing better than I was. Much better.
The bottom line: If you just "go with the flow" without a plan in crypto, you'll invariably get swept up in a bias. This bias may work for a while, but you'll invariably lose all those gains in a market correction, reversal, scam or bug that you missed because you were only listening to your bias.
So we reclaimed the 200 MA on the 1H and 4H. That's bullish. But the G7 is implementing global regulation. That's bearish. But El Salvador is making bitcoin legal tender. Bullish. But they got visited by the US the next day. Bearish. But there's a Central American bank consortium backing El Salvador's play. Bullish. But the Fed meeting is today, and they might announce tapering corporate bond purchases. Bearish. And on and on and on.
If you're not watching crypto all day like me, you'll likely miss some of these news items, and your portfolio will suffer. And also, who the fuck knows or cares if the Fed will taper bonds or not? I didn't get into crypto to put myself at the continued mercy of these fucking shitheads — that's the number one reason to leave fiat. So instead of getting caught unawares by unknown biases that are compounded by watching idiots on social media, follow these steps instead that will work in any market.
1. Set your own personal money goals. Come into crypto with an amount in mind that will change your life. When you reach it, GET OUT and reassess. Doesn't mean you have to stay out. But lock in gains and reassess what worked, what didn't, and how you could improve.
2. Do NOT allow any influencer to move you away from this goal. Do not chase anyone else's gains. Youtube is full of these squeaky teenagers in crypto with HUGE accounts. Dropping a hundred thousand in a degen pool like it's nothing. Do NOT try to keep pace with these little farts. It's only the lucky ones who actually make Youtube accounts in the first place. They are not the majority of users. Guaranteed when they lose all that shit, they won't tell you about those losses.
3. Set your portfolio to win in the bull and bear case. Just understand this is possible. I've written numerous articles on how to do this, so I won't go into it now. But you can absolutely have a portfolio that wins regardless of market direction. A combination of using yield farming and borrow/lending protocols is the key. The other key is getting in early on stuff. Just having information about when a project is coming out or expanding is enough to earn you money. You get this from participating in Telegram and Discord groups and watching launchpads like Trustswap, Oxbull and BSCPad. (There are many others.)
4. Don't be a pussy. If you tiptoe into crypto with $100 trying to play it safe, you're going to get wiped the fuck out. Meanwhile some pimply faced teenager is making $3000/day. Realize this entire space is in beta. The whole thing. The whole space is risky, so don't be a puss puss trying to be smart and "risk manage." I've said it before; I'll say it again: The 9% Blockfi pays you for your BTC seems good compared to a traditional bank, and this is how they market it. But it's NOWHERE near compensating you for the risk you are taking. Blockfi is no safer than Pancakeswap, which pays 10X over Blockfi. Pancakeswap is no safer than some degen pools, which pay 10X over that. The secret is to learn the tech. If you don't know how to pull liquidity out of a smart contract if the site goes down, then you have no business investing in it — even the "safe" plays. Because the risk for knowledgeable people is the same on most of these platforms, the only difference is marketing. Blockfi markets itself as safe and justifies giving you 9%, whereas degen pools with the same level of safety market differently and pay 900%. If you actually learn the tech before you invest, you don't have to be a pussy. Then you can actually start making some real money and support awesome decentralized projects instead of depending on cefi charlatan middlemen (why the fuck are you in crypto again?) and losing out on life changing wealth.
5. Be patient. You will need to dollar cost average into the space if you are starting off with hundreds of dollars. You could get lucky and catch one of these doggie coins, but I wouldn't depend on that. Doing the DCA dance into legit projects is a much better way to build wealth. Set aside a portion of your McDonald's money to put into crypto every week. And be patient. Most people will need to hold through one bear cycle before any truly life changing wealth accumulates. Think about it. If you get in with $500 and get a 10X on a doggy coin, that's $5000. More than you had, sure. But is that really life-changing? You need to put in enough so that your gains actually mean something to your life. You don't have to do it all at once, but you do have to commit. And before you commit money, you should commit time and learn the tech and philosophy.
These are tips that have worked for me months ago, they work now, and they will work in the future. I've had setbacks, sure, but nothing like the shit I've seen from those around me. I've tried to share everything I know here to help you mirror my success. But I think the biggest secret is being able to take in good information and filter out shit to constantly improve. So understand I'm not perfect. But I do know bullshit when I see it. Stay away from the garbage and you'll be fine.
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YOUR GUIDE TO MAKING MONEY IN CRYPTO STARTS HERE ---> Making Money in Crypto Part 1
Why you should buy your Tesla (and everything else) in BTC ---> Why You Should Buy Tesla With Bitcoin
Find out why Chainlink 2.0 is a problem for your freedom ---> Why Chainlink Will Kill Crypto