Bobos & Wojaks

Get rich or die tryin

How Not To Lose Money And Get Safe Profits In The Current Market Condition

crypto-market-tips-tricks
  • Check Liquidity before getting into a crypto/coin/token/project.
    Liquidity serves a major role on how easily a coin can be traded. If a coin has low liquidity then there’s a tendency you won’t be able to sell it quickly when you want to. Don’t get stuck.

 

  • Invest money you can afford to lose you have no plan to do with.
    As opposed to the saying invest what you can afford to lose, instead I am not investing money I want to use for my leisure or for whatever funds I have. I’m not going to limit my happiness in the present, fuck that. My mental and emotional health is far more important than my uncertain future. I might get hit by a bus a few hours from now, who knows.

 

  • Don’t play with derivatives and leverages unless you know what you’re doing.
    Margin trading, Futures, Options, Perpetuals etc. These are indeed good for risk management and uncertainties in the market, but it could also cause a financial disaster.

 

  • Diversify wallets + exchanges.
    Not your keys, not your crypto? Yeah sure but you gotta consider other factors too. Small bags that’ll cost you to transfer to wallets? Uncertain if you’re even gonna hold it for a long time? Keep it in exchange. Long term hold? Staking options? Whatever pools? Security? Hot wallets, hardware wallets.

 

  • Don’t buy-in in the current NFT fad.
    Do you accept the risk of your money literally dropping down to 0? If you’re not a millionaire like Snoop Dogg or Eminem and losing thousands of dollars is not an everyday occurrence, then you’re better off investing your money on established projects.

 

  • Don’t be short.
    You’re basically buying the idea that an asset is gonna lose its value. Completely opposite of investing. This is quite a dangerous gamble if you don’t understand the overall market sentiment, which most people are.

 

  • Spot, DCA, Hold, DCA-out. Don’t time the market.
    Of course, you’ll need to do a certain amount of research first, after you’re confident about an asset then keep buying it on a fixed interval regardless of the market sentiment. This will ensure that you’ll always have a position in the asset of your choice. Then after that, an exit strategy is important. DCA out, take percentages out of your investment every time it hits a milestone that you set.

 

  • Don’t dabble on missed trades.
    “I shouldn’t have sold early”, “I should have bought more”, “I shouldn’t have bought the dip”. Coulda, woulda, shoulda. Typical trader’s regret. If you have a plan in place then you’re not really doing anything wrong. It’s a missed trade, move on.