Unraveling the Paradox of Independence Amidst Community Influence and Guidance
It’s funny how, when you consider how one of the key tenets of cryptocurrencies in what i will here call the cryptoverse, is the belief that individuals have - and can choose to exercise – the inalienable right to determine how they will capture, hold, share or otherwise move value between themselves and others or around their world, choosing for themselves, among other things, what form money will take for them, whether a coin, token or material object – external to the centralized, elitist and exclusionary bureaucratic structures represented by banks, governments, etc., so many – in fact, the vast majority of people – who espouse crypto from a standpoint of how it reflects their core values of independence, freedom and self-determination, find themselves being suckered, without being aware of it, into developing crippling dependencies on others from the moment they step into the world of crypto.
Don’t get me wrong. As a total noob with zero pull in the cryptocracy I know how deeply important it is for me to identify and learn from the right individuals who truly know their stuff. The problem is, with a plethora of forums in democratized platforms like Reddit, Discord, X, etc., filled with scores of (usually) self-promoting, (often) well-meaning, (largely) self-taught, self-styled crypto gurus (it IS the age of social media and anyone can amass a following, after all), newcomers easily find themselves drowning in a sea of contrarian information: “Buy this token!” “No!! Grab this one.” “Use only this Moving Average when you trade.” “Actually, ditch all that one for this shiny, fancy indicator.” “And oooooh, you’d better snag all these airdrops.” FOMO! FOMO!
As a result, within their first moments in cryptoland newbies are imprinted – for most, permanently - with a hard-to-erase mindset that being a part of the crypto world and the web 3 evolution demands that one accepts living a volatile, erratic, knee-jerk, almost manic life, constantly chasing this and that, trying this and that, and hoping to strike it rich by pure, dumb, luck.
As a noob to crypto and crypto trading – and potential wealth creation through it – at 48, i have a few things I’ve seen that are forming the framework of my own approach to this brave new world. I share them here with you.
1. Slow down. There really is no rush. Crypto, evidently, is here to stay. The price of Bitcoin doesn’t matter. What will forever be more important is how you ride the currents. Prepare and your opportunity will come.
2. Test one method to its logical end. When you’re still new in crypto- or crypto-trading- land, find ONE mentor and study his/her method. Commit to that one way and don’t be turned off of that path by anyone else or for anything – even if it means intentionally not listening to any other ‘expert’ opinions – for however long it takes for you to validate or invalidate your mentor’s method’s effectiveness through your own experience. Even if it doesn’t work for you, the learning will be invaluable. (And refer to 1 above again)
3. Recognize that the market is the moneymaker. That’s its job. Your job is to be the clear-headed decision-maker who knows when to put your money in and when to take it out, when to let rip and ride the currents and when to cut your losses. And that for that, there are time-tested principles based on technical analysis that can be followed. Following them, the money gets made.
4. Take your emotions out of the game. People make profitable trades in a bear market, as well as in a bull market. Don’t be fixated on one or the other. Neither a bull nor a bear market or trend should elicit a strong reaction that makes you ditch your trading plan. Heightened emotions compromise decision-making. Trade only when you are emotionally clear. (Refer again to 1 above)
5. Take your ego out of the game. The market currents will not bend to your will. Stop losses exist for a reason. You won’t win each time. Trying to go against the grain to prove a point is pointless and smacks of gambling. And gambling always costs more than one expected.
6. Allow every experience to teach you something. Win or lose, experience is experience. Its value comes from its being just that.
7. Do Your Own Research. DYOR early, DYOR regularly, DYOR much. Get to know everything you realistically can about every level and layer of the cryptosphere. It’s your environment now. If you don’t know what’s what, you’ll be easy prey for the vultures – and there are some out there, believe that.
8. Be your own authority. At whatever level you are, cut dependence on others. Respect your limitations, acknowledge your true experience level, but refuse to be a sheep. Stay away from large gatherings of crypto-heads – whether in forums or in person – until you know that you have done your own research, have something of value to share with them and are able to have some discernment around what they will have to say to you. Refuse to be the sponge that takes in everything from everyone. Independence means self-responsibility.
Things are going interesting places. I'm here for the ride.
#Write2Earn‬ #cryptosphere. #DYOR🟢.