Seven practical tips to help you achieve financial freedom.
1: Concentrated investment, precise betting.
Many people like to diversify their investments across many projects. While this reduces risk, the returns are also limited. You can try selecting a few projects you are most confident in and concentrate your funds there to achieve wealth growth more easily.
2: Don't easily sell tokens that are making money.
When you see a token rise significantly while another one hasn't, don't rush to sell the profitable token. Let the profitable token continue to run; you might gain more. Of course, also set a reasonable selling target to avoid missing the best timing.
3: Understand the importance of 'hype' in a bull market.
In a bull market, some projects may rise rapidly due to a good narrative, strong community, or other positive factors. Instead of just focusing on fundamentals, it's better to understand these factors and see what makes retail investors willing to buy a certain token.
4: Focus on fundamentals in a bear market, focus on hype in a bull market.
In a bear market, the project's fundamentals, revenue-generating ability, and market fit are more important. But in a bull market, factors like community spirit leaders and social media hype become more critical. #Bitcoin
5: Regularly review your investment portfolio.
The cryptocurrency world changes rapidly, so you should regularly check the projects you invest in to understand their latest developments. See what new actions the team is taking, how the on-chain indicators are, whether the community is active, and what the next steps for the project are.
6: Cut losses in time, accept mistakes.
If the fundamentals of a project have changed, or if you feel your judgment was wrong, you need to stop losses in time to avoid further losses. At the same time, learn to accept your mistakes and learn from them.
7: Keep an open mind and establish an exit strategy.
For new projects and ideas, maintain an open attitude and be brave to try. At the same time, establish a clear exit strategy to know when to take profits and when to cut losses. This way, even if the market fluctuates, you can stay calm, lock in some profits, and many fans have gained considerable returns based on my approach, with more or less depending on their own position size.
Selling in the crypto space is the hardest. It's not the method itself that is difficult, but your reluctance to let go of profits and greed for a little more. However, those who have not experienced the entire cycle of bull and bear markets do not understand this.
For example, in a bull market, if your assets reach tens of millions and after a night’s sleep, they drop to 7 million. Would you sell or not? Newbies definitely wouldn't sell, feeling they lost 3 million.
An elderly person who has lost money will definitely sell because they feel they have earned that 7 million, and the 3 million was just taken back by the God of Wealth, treating it as a tribute to him.
Many people join groups and start selling when the group becomes lively. This selling indicator is definitely accurate. When most people are excited about making money, it's time for you to withdraw.
But don't rely on this indicator to catch the bottom. The emotions of fear and loss are difficult to quantify; whether it drops by 10%, 20%, or 50%, it all seems similar.
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