#MarketNewHype
10 Things to AVOID at All Costs If You’re Serious About ‘Making It’ This Cycle
Reminder
1. Don't FOMO
Most people get rekt in the bull because they FOMO into hot tokens on green days.
This leaves you more exposed during corrections due to an inflated cost-basis.
2. Don't rush decisions
Make money slowly.
Protect money quickly.
3. Don't over-rotate
Hopping from coin-to-coin is likely going to get you burnt.
Make sure you have conviction in all of your trades, so you're not constantly chasing gains on new, shiny objects.
4. Don't over-diversify
Concentration build wealth.
Diversification protects it.
I'm not saying to go all-in on 1-2 projects, but make sure you're not spread too thin either.
5. Don't get greedy
Crypto gains are paper gains until they're realised.
Make sure if you make money, you use it to actually get rich.
Go more risk-off as the cycle progresses, not the other way around.
6. Don't get complacent
If you hit a big winner, lock in some gains.
You could roundtrip sooner than you think.
I like to use an incremental (% based) profit taking system as price climbs, to ensure I'm consistently laddering out as opposed to trying to time the market.
7. Don't use leverage
Leverage is a tool to reduce risk (via increasing capital efficiency), not to increase it.
Unless you're using it with a clear purpose - avoid it all together.
8. Don't panic during flushes
Shakeouts are common during bull markets.
In fact, you should be using these as an opportunity to scale in.
The best Risk/Reward opportunities in the market are during bull run leverage flushes.
9. Don't lock tokens
I think many of us learnt this lesson the hard way last cycle.
Liquidity is key
10. Don't ignore OPSEC
- Don't keep all your funds in CEX utilize @ Binance wallet
- Store your seed phrase wisely
These are just a few tips, but just be aware of your actions and always maintain a sense of paranoia to keep you grounded.
I hope you've found this post helpful.
Follow me @Mr kamran UGANDA for more crypto insights & alpha. $BTC $XRP $BNB
