You’ll never be crypto rich if you do these 7 things
No BS intro needed. Let’s go:
- You’re Waiting For Bitcoin To Hit $1,000,000
- If you put $1,000 or less into Bitcoin, you’re wasting your time.
- That $1,000 won’t turn into $10,000 anytime soon.
- Let me put this in a realistic perspective for you:
- The current market cap of Bitcoin is $1 trillion. Bitcoin needs another $1 trillion to double its price to $100,000. That means Bitcoin needs a market cap of $20 trillion to hit the price of $1 million.
- Even if it did happen, you’d have to wait an unknown amount of years before it transpires — most cryptos guys can’t stomach holding Bitcoin for a few days when it dips on them.
2. You Believe In HODLing
The HODL mindset instructs you to allow the crypto you’re in to dictate your emotions and results.
It strips away the only “control” you have in the markets — which are actions of closing out trades before losses increase, and taking profit after the price goes to new highs.
Money is only made when a trade is closed. How can you consistently make more crypto when your position never closes? You can’t.
Never give all your heart to a coin, she’ll take more than 50% when you two divorce.
NOTE: HODLing is only okay if you’re not subject to №4 in this list.
3. You‘d Rather Be Right Than Make Money
The feeling that you have to be right is a crypto wealth killer.
Let’s say you’ve found a coin that has the potential to do 1000% (10X):
You enter with $500. You’ve been in for 2 days. The coin price remains stable.
But on the 3rd day, the price of the coin has been steadily declining — you can see lower lows and highs being established. However, you truly believe you’re supposed to be right, so you stay in.
2 days later, the coin does a sharp drop, and now everyone is trying to exit their positions — making the coin go even lower.
You’re $500 position is now worth $47, which makes you accept defeat.
You then proceed to put all the blame on the crypto YouTuber who told you about the coin.
When In Truth: It was your fault for not getting out when signs showed it was going to continue downward.
There’s a lot of dogma in the crypto community and the “hodl” mindset stimulates having to be right. Escape that matrix ASAP.
4. You Have No Exit Plan For Coins
Getting into a coin without an exit plan is like getting into a Uber without knowing your destination — there’s no point.
You’ll witness the coin’s price swinging up and down, and then the price will eventually hit a point that emotionally triggers you to exit. Most times at a loss or break even.
Setting an exit price makes your crypto life easier as it prevents you from managing your positions. Too many people in crypto have their eyes glued to the charts, and every price change is causing them to lose sleep.
The whole point of buying crypto is about allowing your money to work for you. Holding a position shouldn’t feel like doing a 9 — 5. If it does, you’re doing it wrong.
Not having an exit plan is where this behavior lies.
An exit strategy doesn’t always have to be centered around an actual figure. It could be based on:
- Price action
- * Time
- * Signficant changes in volume
5. You’re Not Using Low-Risk Methods To Increase Your Earnings
Yes, the main incentive of crypto is very high returns, and they’re mostly accompanied by high risk. But, what most people do after winning big is double down in another coin or put their earnings into Bitcoin.
Both are bad decisions.
Think about it. Bitcoin is no stranger to having apocalypse-like drops — you can lose 50% of your crypto net worth in a day. Putting money into a new coin at least presents the possibility of a 2 — 10X in a short period, but the risk of losing everything fast remains.
Remember: You can’t be right all the time. Plus, making money is better than being right.
With the invention of Ethereum DeFi, there’s no excuse for continuously using high-risk methods to get more crypto. Instead, you could:
- Earn interest from staking stablecoins (removes risk completely), or cryptos such as WISE and HEX
- * Become a liquidity provider on UniSwap
6. You’re Too Impulsive
You’ll buy crypto when you never planned to because of fear or greed from an external source.
Impulse is the juice powering crypto heads to make uninformed decisions every second.
It often leads you to a situation where you get into a position, and realize you shouldn’t have after doing more research. But, closing the position will materialize a 20% loss. So now, you’re stuck.
Or a situation where you heard FUD crypto news and exited your position. All of a sudden, the price skyrockets. Now, you buy back in because of FOMO — just for the price to return to your first purchase price. You’re stuck again at a loss.
Logic beats emotion in crypto.
7. You Believe “The Love of Crypto Is The Root of All Digital Evil”
Meaning you believe any new crypto opportunity is a scam.
A good example would be BitClout — a crypto-based Twitter where your social worth is equated to a monetary value through your own coin. The more people buy shares of your coin, the higher it will go in value.
Many people quickly labeled this as a scam but if they looked into it more, they would’ve known key things that suggest otherwise:
- The backers of the project (Coinbase Ventures, Winklevoss Capital, Houbi)
- * Influencers who are onboarding (Jake Paul, Jake Tran, Tim Denning)
- * The progress being made (NFTs, mobile apps)
- The people getting in now will have the same status as those who got in before the rise of Instagram. But this time, they’ll be rewarded with liquid crypto.
- This is just 1 example happening in real-time.
- Catching Good Projects & Coins Early Requires Belief
- You have to take the risk before it’s no longer a risk.
- Nobody wanted Bitcoin at $20, but everyone wants one at $50,000. Why? Because they think it’s ideal to jump onto a fast-moving train when it’s heading to its final destination — they get into Bitcoin late, expecting it to make them a millionaire.
- It’s lonely believing in something that isn’t backed by the belief of most people in crypto.
- One of crypto’s controversial content creator’s recently tweeted this truth:
Be aware of these 7 signs. Study them. Never fall victim to them.
The wealthy side of crypto is always ready to accept new members. Good decisions over a period of time are the only way to get in.
Make the right crypto decisions today.