Rarely do you come across successful individuals at blockchain conferences. The reason is quite simple: they are too busy working and making money. Although they usually keep their strategies confidential, we have managed to uncover some interesting insights. (follow & like👍please)
The Early Bird Catches the Worm The majority of cryptocurrency billionaires and millionaires did not enter the market in 2017 or later. Instead, they took a leap of faith at the inception of the crypto industry. Those who ventured into Bitcoin mining in the early 2000s, out of sheer curiosity to see what might unfold, are now enjoying wealth with six or more zeros.
Experience Trumps Theory Many books on cryptocurrency promise you a golden path and a guaranteed way to become a millionaire, but they often provide little substantial benefit. They may shed light on the basics of crypto trading and building an investment portfolio, but the real value lies in hands-on experience. Each crypto millionaire has forged their own unique path to success, experimenting with various strategies firsthand. They have endured market downturns, overcome setbacks, and consistently pushed forward.
The Costly School of Hard Knocks Crypto millionaires argue that the lessons learned from the market are priceless, even though they often come at a high cost in every possible way. They have paid for their misjudgments and mistakes with their assets and capital. This tough learning process has proven to be the most effective. Financial setbacks have served as a catalyst for a meticulous analysis of their errors to avoid repetition, reshape trading strategies and systems, and reduce risk exposure.
Trust is Good, but Verifying is Better Many high achievers in the crypto industry fondly recall the early days when nobody believed in the longevity of cryptocurrencies. Traditional economy adherents and those in the fiat-banking industry dismissed Bitcoin and other cryptocurrencies as mere Ponzi schemes. They saw Bitcoin as a geeky hobby or a waste of time. However, those who persevered, despite Bitcoin's dramatic plunge in 2013 (from over $1,200 to $200), ultimately reaped substantial rewards.
Hold Fast to Your Trading Strategy, Shun FOMO and FUD Crypto millionaires who engage in speculation emphasize that their success stems from unwavering adherence to their trading discipline and plan. During the market crashes of 2013 and 2017, many investors succumbed to panic, sold off assets, and incurred losses. In contrast, astute traders who took short positions managed to make significant profits. Then there were those crypto investors with nerves of steel who weathered the downturn and secured profits by patiently waiting for a fresh all-time high.
Carve Out Your Profitable Niche Becoming a crypto millionaire is not solely achieved through asset speculation. Some have built successful businesses offering unique services in the crypto arena, while others have found success in mining. Some have explored numerous ICOs until they found their "unicorn" (such as Ethereum or NEO), while others systematically gained early access through whitelist presales, accumulating assets to sell at their peak. It's worth exploring different niches within the crypto industry to discover the one that resonates with you and yields the greatest returns and satisfaction.
Manage Risk and Capital Successful traders and investors emphasize the importance of following money and risk management rules. There are times when a single stop-loss order can save a deposit, which can then grow exponentially through successful market trades.
Utilize Algorithmic Trading Another effective approach is to use trading bots with diverse strategies. These bots can execute numerous transactions while a trader might only place one order. When combined with a sound trading strategy, automated trading can yield significant results.
Delegate Operational Activities Experienced crypto millionaires often recommend entrusting a portion of your capital to a reliable investment fund. This method frees up valuable time as the fund handles operational and exchange tasks, while your portfolio continues to grow. Some successful crypto enthusiasts have even established their own venture firms, providing capital management services.
Embrace Collaboration and Networking Accomplished crypto miners and traders agree that expanding one's network within the crypto industry is crucial. Synergies from multiple crypto startups can lead to new services or products. Collaborating in a mining pool offers stable profits to all participants. Even networking with other crypto enthusiasts can generate inspiring ideas, projects, and new sources of revenue.