If the first 3 apply to you, forget about crypto forever.
- You’re Waiting For Bitcoin To Hit $1,000,000
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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.
- You Believe In HODLing All Cryptos
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.
- You Have No Exit Plan For Coins
stake:https://bit.ly/3Bcg1bW
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
- 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 (to later convert it into fiat).
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 major volatility risk)
Participate in no-loss crypto lotteries
Become a liquidity provider on decentralized exchanges
- 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.