When people first enter the crypto market, many assume that they have all of the answers. That they are smarter than the people who have entered the market before them, and that they won’t make the same mistakes. However, if there is one thing that we know, it is that the longer you are in the crypto market, this fate is inescapable. We all will make mistakes. The important thing is how you can learn from them, try to limit them, and not repeat them again.
As the famous saying goes, “Knowledge is power.” And in the cryptocurrency market, it could very well be the difference between having success or losing everything.
Here are just a few of the basic secrets or trends you will begin to notice as you become more experienced in this industry.
1. Never FOMO In
One of the most important secrets that you need to know is often one of the most difficult to follow. You should never FOMO into positions. During the bull market, when you begin to see projects soar in value, you become jealous of the missed gains and feel the irresistible urge to buy that coin or even more of the coins you already have. That usually means that the short-term top has already been reached. By FOMOing in now, you are just providing exit liquidity for people with much larger positions than you.
People become worried that this will be their last time buying Bitcoin under $20k, or they are missing their chance to become rich. The truth is that if there is one thing you can count on in the crypto market, it is that there will always be painful price dips. But this also means there will always be great buying opportunities. Wait for them to come to you, don’t chase them.
2. There Will Always Be New Opportunities
People may look at Bitcoin and Ethereum and feel that they have missed the boat. Everyone else who got in before them was incredibly lucky, and they’ll never have a chance like that again. This is the type of thinking that sends many people deep into the Altcoin Forest looking for low-cap tokens that could take off.
However, we must always remember how incredibly young the cryptocurrency market is. We don’t even know its full potential, or what it could look like in the future. Similar to how people couldn’t imagine how the current internet would look back in the 1990s. After Bitcoin, no one could have imagined Ethereum. There will always be great new opportunities, you just need to have an open mind and always be watching.
3. People Keep Making the Same Mistakes
As your time in the crypto market increases, you will grow frustrated over how people continue making the same mistakes. Using too much leverage, going after junk altcoins, and falling for scams. Greed is the ingredient that brings people to the crypto market, but it also causes many of its problems. Evident in people sending their money to services like Celsius and BlockFi.
It seems every cycle we are reminded of the importance of “Not your keys, not your crypto.” People let greed get to them and also become careless. But they are quickly reminded how important taking self-custody of their coins is.
4. Crypto is the Future, But Nearly All Projects Don’t Have One
This is perhaps the most vital piece of information you need to know. Cryptocurrency is the future; likely led by Bitcoin and Ethereum. With that said 99.99999% of crypto projects have no future. They will fade away into the distance, never to be heard from again.
Currently, most projects move as a magnet connect to Bitcoin and Ethereum. Moving up or down with them, even if they have no merit. This won’t always be the case. In the near future projects will begin moving independently of each other and on their own merit. When this happens, most of the crypto market will die. This is why several Bitcoin maxis tell people that everything trends to zero when compared to Bitcoin
How about you? What crypto secrets have you learned?
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