When I started cryptocurrencies, I didn't know anything. I did not know anyone. And I made a lot of mistakes.
Here are 3 tips that can help you move up a gear in cryptos and that I wish I had received before starting.
1. Specialize in one area.
You will quickly find yourself drowning in information.
Thousands of tokens and NFTs are created every day. Thousands of videos, tweets, threads in dozens of different areas.
Sort it out.
You will never be able to read or understand everything.
Focus on some quality content.
Specialize in a domain, a blockchain, a few projects that really speak to you.
Use the tools you have to optimize your searches.
Create lists on Twitter, use tweetdeck and monitoring tools.
Subscribe to the right accounts and newsletters.
And choose the people you want to follow sparingly.
For what ? Because you will never run out of opportunity in Blockchain.
You don't need to find 150 good investments, you just need one good opportunity.
So specialize, develop your edge (advantages) in very specific areas.
2. Create systems
Once you get serious about investing, the biggest thing that will cause you to lose money is your emotions:
- You want to earn too much and you take too many risks.
- You see your portfolio falling, panic and make a bad decision.
The best way to avoid this type of mistake is to leave as little room for your emotions as possible.
That's why we create systems.
Systems are little rules that we impose on ourselves and that we will follow no matter what, without thinking.
It can be a plan, like:
- If I invest in a token and it makes x2, I sell 50% to recover my initial investment.
- If an investment increases and takes more than 20% of my portfolio, I sell part of it to reduce my exposure.
Systems can also be very small rules:
- I never invest in a project on Ethereum
- I never invest more than 10% of my portfolio in a project
- I do not invest in a project with less than $200,000 Market cap
It's up to you to build your own rules and your own little systems, and these rules can of course evolve over time.
The important thing is to avoid letting yourself make these decisions yourself when you are in an emergency situation, overwhelmed by your emotions.
It will also allow you to save a lot of energy during your days and focus on activities with more added value.
Why do you think Mark Zuckerberg always dresses the same way?
It's not out of deep love of the gray T-shirt.
3. Don't neglect the importance of the network
The most important thing in investing is finding information, good information.
The best way to do this is to work as a team and interact with âinfluentialâ people.
The ideal is a small group of 7 motivated people (7 is the Dunbar Cipher).
You work together, you share the research and you share your information and analyses.
But at the same time, don't neglect the rest of your network
Try to interact with new people regularly.
Contact the developer of your favorite project, ask them questions.
Send a message of support to an influencer you particularly like, or start a conversation with someone on a Discord.
The big secret of the world of Cryptocurrencies is that everyone is very accessible.
In two weeks you can find yourself in the same conversation as the CEO of a huge project, a billionaire or a computer genius.
This is a huge opportunity, take advantage of it!
That's it for the 3 tips I wish I had received earlier about cryptocurrencies. I hope this will be useful to you.
Thanks for taking the time to read, this is my first post here, let me know if you like it!
See you soon,
CM
#MyFirstSquarePost
#Tips #MindsetMatters
