1. Whales have an advantage
The one with the most chips at the table has the final say. In crypto, it is important to understand that whales can manipulate the market and it is not a fair game. But by watching their moves, you can make money from them.
2. Wait for a good hand
In poker, you can only win if you get lucky. The same rule applies in crypto. You can only make a decent income in a bull market. Learn or accumulate capital in other ways during the bear market, and then go all out during the bull market.
3. Be wary of other people’s advice
If you hear advice at the gaming table, ignore it, no one wants you to win.
In the crypto space, never trust anyone’s advice completely, even from veterans, because you don’t know their motives (maybe they were paid).
Anyone can make mistakes, always DYOR.
4. Don’t draw conclusions from a single bet
You can have a very good hand in a game of poker and still lose; if the odds are in your favor, it doesn't mean your strategy was wrong.
In the cryptocurrency space, the same rule of thumb applies. No one can make a profit on every trade, but making 70 out of 100 trades profitable is fine. Look at the big picture.
5. Maintain mental health
70% of success in poker is mental health. Improve your mental health and lifestyle, and it will also help you invest in crypto.
6. Small wins lead to big successes
Focus on small wins, don’t take risks and don’t go all in, this strategy will pay off in the long run. Don’t bet everything on one token, always stick to risk management. If it’s a low-cap token, don’t buy more than 1% of the position; if it’s a high-cap token, set a stop loss.
7. Control your emotions
Be patient, but when you get a good hand, go for it.
In the crypto space, don’t take this literally, when the opportunity is worth it, increase your position appropriately. For example, if you are confident in the project, you can increase your position from 1% to 5-10%.
8. Stop loss in time
After you have a bad hand and have already bet, you need to consider when to fold if the flop does not turn the hand around. It is better to lose $50 than $500.
In crypto, if you initially think a project is good but things don’t go well, cut your losses and move on.
9. Correct your mistakes
Playing poker is all about learning from your mistakes. You might get scammed once, but you should learn from it and incorporate it into your strategy. In crypto, think about where did you make a mistake? Why did you make a mistake? Find out what went wrong and fix it.
10. Be digitally savvy
Basic math knowledge is a huge advantage at the poker table.
Learn to read charts, understand token economics, develop a risk management plan, and calculate spreads and ROI. All of these will give you a huge advantage that will allow you to make huge profits.