3 Secrets To making HUGE Returns With Cryptocurrency
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No part of this content constitutes financial advice, legal advice, taxation advice or any form of advice meant for your specific reliance for any purpose, nor any dealing in securities for which a license is required.
Any use or reliance on this content is solely at your own risk and discretion. Never invest more than you can afford to lose. And always do your own research or consult a financial professional before making any sort of investment decisions.
Secret 1: Position Yourself Early & Within Your Risk Threshold
Most people fail to make money with cryptocurrencies and investment in general because:
· They buy the top and sell the bottom.
· They over-leverage and can’t tolerate swings.
· They are not patient.
Here’s what happens when you do that:
· You lose a lot of money.
· You become incredibly stressed/depressed as a result of losing the money or losing in general.
· You’ll be turned off from taking future risks even if those risks provide enormous potential upside with limited downside.
Most people do what is illustrated on the chart below:
This doesn’t happen just with cryptocurrency but also with stocks, real estate, precious metals. This is a general market psychology & most people end up buying the top and selling the bottom.
What you should do is simple:
· Get in early (buy low) when it’s not all over the place.
· Stay within 5% of your net worth for cryptocurrencies especially. If you risk 5%, the worst case is you lose 5% which you can recoup with other investments or other income. The potential upside is you could 2x, 3x or 4x your net worth with just 5%.
· Have a long term mindset.
· Be patient enough to be in the market for the long term
Secret 2: Have Access To Research, Training & A Mentor/Community
Most people fail with cryptocurrencies and investment in general because:
· They don’t know what they’re doing.
· They don’t know where to start.
· They don’t have training, research and information.
· They don’t have a mentor or community to ask for help or bounce ideas.
Here’s what happens when you do that:
· You make technical mistakes and lose money.
· You buy the wrong coins or get scammed.
· You’ll waste a lot of time trying to do it on your own.
· You’ll miss out on opportunities.
When it comes to cryptocurrencies you need an expert in your corner, someone you can trust. You need training to help you get up to speed and show you how to buy cryptocurrencies, where to buy cryptocurrencies, how to store them securely, when to buy them, when to sell them, and you need a mentor and community you can turn to for help when you need it so you can avoid making costly mistakes.
My most recommended course if you want to get started and grow in cryptocurrency investment is Crypto Quantum Leap.
Secret 3: Have A Cash Out Strategy (C.O.S)
Most people fail with cryptocurrency and investing because:
· They don’t protect their capital and
· They don’t take profits.
It’s one thing to get involved with crytocurrency, to buy crypto when it’s low, to do everything right. But if you don’t protect your capital and if you don’t take profits when the time comes, everything else doesn’t matter because you might end up losing even more than you put in initially.
Here’s what happens when you fail to do that:
· You watch your paper profits evaporate.
· You end up losing your initial capital.
Here’s how to fix this:
· Protect your capital: My personal strategy is to remove the initial capital when the coin doubles.
· Have a plan to take profits at set levels and stick to it.
Cryptocurrencies are volatile. They can move enormously fast even up to 50x, or 100x but they can come down just as fast. So if you don’t have set levels to take profits, you’ll end up riding all the way up and all the way back down.
So my personal strategy is the following:
· I remove my initial investment when the coin doubles (2x).
· Then I remove 10% profits at every further double (4x, 8x, 16x etc…).
· If it’s a project I believe in, I never want to sell all my holdings, rather, I keep 10% — 20% as a “moon” bag for the long term (moon bag = in case the cryptocurrency goes up towards the moon). We’ve seen that with Bitcoin. Bitcoin started out at under $1 and it just ended up going higher and higher. Imagine I bought a whole lot of bitcoin at $1 and sold it when it got to $10, I would’ve missed out the whole ride from $10 to $10,000 or to $20,000. But if I kept 20% and said I’ll hold it for the next 10 years no matter the price, imagine what it’ll be now.
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