🪞Sharing my experience why I’m staying committed to my crypto journey and potentially reap the rewards of this exciting new asset class in the future. How I stayed in this crypto journey for 6 years?
It requires me 4️⃣ combinations (this is my own perspective) and this includes discipline, research, risk management and a long-term perspective. Here are my experiences how I stay on course:
1️⃣ Stay disciplined - Key factors why I stay on track in the crypto world. Don't let fear or greed drive your decision-making, and always stick to your plan. I just take the time to learn about the different aspects of the crypto space, including the technology, the markets, and the different sectors in this space. Crypto landscape is constantly evolving, and it's essential to keep up with the latest developments.
2️⃣ It's important to do your research - Learn about the technology, the whitepaper, the use case, the team behind the project, the market trends. This will help you make informed decisions and avoid scams and frauds. Also, be aware of the latest news and developments in the crypto space. Follow industry leaders and stay informed of new projects and trends.
3️⃣ Practice good risk management - Back in mid 2016 (my early stage) it’s challenging for me to manage my risk but that’s normal since I’m in the middle of the learning process. Decision making should be done alone. It's crucial to manage your risk when trading in crypto. Since then I can include setting stop-loss orders, diversifying my portfolio, and not investing more than I can afford to lose. “Don't put all your eggs in one basket” as they say. Another strategy that I adopted was, portfolio diversification across different types of crypto assets, including different coins, tokens, and platforms. Making sure my crypto assets are stored in a secure wallet. Using two-factor authentication and other security measures to protect long term crypto assets.
4️⃣Have a long-term perspective - Crypto is a relatively new asset class, for me crypto is a long-term game, and it's important to have a long-term perspective. It is also a best practice to take profits and pay yourself from the first 3 combinations you did. Furthermore, focus on the underlying technology and the potential impact it can have on the world.
🧾To be clear, not being early means lots of bags in crypto, I eat daily, responsibility to the family and crypto helps my everyday expenses.
Onwards🚀
- CF
