30 ways to get rich quickly after going through three bull and bear cycles. You will regret it for 50 years if you miss them.
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Each one is the result of experience and careful consideration.
1. Investing profits in riskier projects is equivalent to no profit. This is equivalent to gambling; the best way is to invest profits in BTC/ETH/stablecoins/fiat currencies
2. Projects with CX culture may make you rich. The premise is to leave before the crash.
3. It is foolish to lock up a certain token to get extra income. It is equivalent to putting yourself in a sinking ship.
4. Your attention and energy are your most valuable assets. Don’t waste your time on boring things.
5. Be cautious when participating in projects that exaggerate their claims. There is no such thing as a free lunch. Staking - earning returns - compounding interest may seem perfect on the surface, but every additional return will bring additional risks.
6. Be skeptical of any information source. Everyone should be able to think independently and understand why they are spreading this information. What is their purpose?
7. When new narratives emerge, favor market leaders. They have first-mover advantage and market share
8. Using too many tools will drag you down. You don’t need to use more than 50 tools to help you with investment research. Using Etherscan, Debank, DeFiLlama, etc. is enough.
9. Cryptocurrency food chain: builder > VC/insiders > whales > robots > manual traders who received the news in advance (less than 1 minute) > manual traders who received the news last (more than 1 minute). When the media is full of information about the project, it is too late to participate.
10. Getting Alpha comes down to two things: getting inside information or doing what no one else is too lazy to do. People underestimate the importance of just following the media articles about the protocol and its discord.
11. History always repeats itself, but it’s just a repackaging of the same old stuff.
12. Position yourself early so that money will come to you. Any time you feel FOMO it is a sign that it may be too late to enter the market.
13. Measure your gains and losses in percentages. This helps you stay rational.
14. Be sure to reduce your losses. Set a stop loss before investing, and don’t lose more than you lose because of sunk costs.
15. Develop a habit of recording. Write down the information you see in the cryptocurrency world every day, your transactions, the mistakes you make, etc. This will improve your mental algorithm
16. Don’t overestimate the role of bull market in fundamentals. In a bull market, all logic is useless. People tend to buy in through hype, FOMO, etc. See the essence of this industry, not what you think it is.
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17. Appropriate incentives can drive prices. When people anticipate future profits, they will buy in large quantities. This can be achieved through airdrops, lock-ups to get extra income, ecosystem incentives, etc.
18. Don’t idolize anyone. Even the smartest people like Alameda and Three Arrows Capital make mistakes. Everyone makes mistakes. Just believe in yourself.
19. There is no right or wrong in investment. No one can achieve a 100% winning rate. The most important thing in investment is to maximize profits and minimize losses.
20. Focusing on one track is an advantage. No one can know everything. Choose one or a few areas and be the best in them.
21. Keeping up with macro is overrated. Just monitor the capital flowing into the market and see when we come back. Your time is much better spent elsewhere.
22. Don’t invest when you are emotionally drained, drunk, or sleep deprived. One mistake can ruin years of hard work.
23. Stablecoins are not as stable as you think. UST failed, and USDC also had a decoupling panic. Convert part of the funds into fiat currency and deposit them in the bank.
24. If you want to maximize your investment returns, concentrate your investments.
25. Build your own investment system and stick to it. A systematic investment framework can effectively prevent you from investing emotionally.
26. It is unrealistic to multiply your money 100 times through trading. It is not 2016 anymore. The best way is to increase your cash flow, set goals and stick to them.
27. Everyone likes new projects and new narratives. They like to hype up new things instead of old ones.
28. Don’t limit your studies to the crypto field. Learning game theory, behavioral economics, psychology, etc. will be of great help to your future.
29. A good project must have both fundamental elements and rising elements. The rising trend attracts people's attention, while the fundamentals give people reasons to continue holding.
30. Unknowns are fatal in the cryptocurrency world. The founders gambling with the national treasury, the anonymous founders with shady pasts are all fatal unknowns.