Some professional tips from nothing but professionals.
1. Take Profits- I heard some shmuck talking about his Dogecoin adventure of 2021. He knew that he should have taken profits at around .50-.60 cents, but his exact words were “ I didn’t want to sell and it to moon and then be ‘that guy.’”
I told him, actually, you totally want to be that guy.
Effectively taking profits give you the power to reallocate and grow.
2. Never Invest What you Cannot Lose
Don’t gamble your family’s money. Don’t invest an amount that’s going to have you an emotional wreck when it takes a loss. Don’t invest an amount that will effect your mind and emotions in anyway actually, it will make you a less effective person and trader.
3. Money moves from the impatient to the patient.
This is a no brainer we’ve seen this happen time and time again over the last few years, especially in this space. Those who buy low receive the opportunity to sell high. Those who wait out price depressions and DCA, win big. When noobies panic sell, it’s all part of the plan. If you follow rule number 2, you’ll never need to panic sell.
4. Your private key is your golden ticket.
We all know this by now. Whoever has your private key, has your funds, no questions asked. And he who doesn’t, does not have access, and this includes you too ser. Don’t get locked out of your account or let somebody else in who you’re not comfortable with them having everything. Check out previous lessons on OpSec.
5. Anything can be exploited, hacked, or rugged.
Although we’re operating with a trustless ledger, you need to operate with a personal level of trust to find communities you trust and white papers that you understand.
Like Rule #2, don’t trust an amount to a protocol that you would be completely rekt if it rugpulled. You need to adopt a new sort of risk management that plans for huge amounts of risk, as you’re in here for huge amounts of rewards.
6. Don’t buy project reward tokens unless you’re going to babysit the chart.
The ironic thing about rug pulls, they often have a huge pump that could make a trader a fortune if they watched the chart. And the irony of moon landings is that they usually get back to gravity faster than they ascended. If it’s a reward token with no other utility, it’s built to be drained!! Use timeliness to take smart profits.
7. Put your eggs in the basket and watch them.
Like the last rule, watch these charts and project updates! Watch OpSec! You, and only you, are 100% responsible for keeping your bag full of liquidity. This includes being mindful of profit taking, rug pulls, security, etc.
8. Change is the only constant.
This is one of the fastest moving innovations of all time. You don’t need to follow every update and protocol, but you should keep up to date with the important ones that will have an effect, whether beneficial or not, on you and your investing. Stay up to date with what’s important in the space.
9. The macro influences the micro.
Crypto charts mirror the BTC chart. BTC charts now mirror the NASDAQ. The feds actions have an effect on crypto, their stimulus caused the pump and their tightening is causing the dump. Watch general macroeconomic factors (and BTC) over trying to analyze every chart.
10. Blackswan events will change your life.
Mt. Gox, Terraluna, 3AC, FTX. Each of these events completely transformed the field we play in, and permanently finished many players in this game. How do we stay afloat in this sea of tumultuous change? The best advice that can be given is to expect the unexpected 100% of the time.
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Tokengated lessons provided by Omakasea.
