You’re going to make mistakes in crypto! This is almost inevitable. But if you pay attention, your mistakes won’t be as bad as those who had no reference when they started this journey. There’s a lot of educational content out there unlike in 2018.
Web3 is still evolving. New narratives, experiments mean people are trying out a lot of stuff they don’t understand.
Anyways, this newsletter is like a template that should help you navigate Crypto 2022.
It’s simply a list of stuff you might need to do to get better this year. So here we go:
Trade less: “Trading less” means you have a chance of trading only quality set-ups at the least. The market will never give you a quality setup every day you wake up and open your charts. Inability to wait for setups is the first sign of a failing trader.
Also, pay attention to the 2021 winners. Not sure there’ll be a lot of new winners in 2022 as most people are looking forward to a bear season already. Maybe too late to overly spread.
Only HODL coins you have a personal conviction in: Even if someone gives you recommendations, DYOR and develop personal conviction before you choose to hold long term. Anything other than that will have you selling too early at market corrections/ small pumps.
Derisk by staking Stablecoins: It’s no news that Tradfi offers crap in returns compared to Defi. I mean, no sane person who sees a stable 20% interest on stablecoins and won’t jump on it.
If you have a lot of money in crypto, or simply looking to move all your local currency to crypto to avoid inflation but don’t want to associate with volatility, you should stake them in stablecoins. It’s impossible to buy land/build 4 single rooms in Nigeria with ₦6m and earn ₦1m yearly off it, but you can stake $10,000 in a Defi protocol and earn 15-20% in a year.
I’ve made a couple of youtube videos on top Defi protocols that offer 15-20% stablecoin staking returns.
Don’t follow the shill: Big CT accounts don’t care about you. 95% of them are paid shills! They collect fat cheques to shill a project on Twitter/Youtube. Sometimes they don’t even own those tokens; and when they do, they’re going to dump on you. If you doubt this, look at the charts from your favorite CT shillers.
Don't keep bad memories: Got rugged in 2021? Lost money in borrowing & lending protocols? Lost a lot of trades? T.A was shitty? Made a lot of mistakes?
Keeping those bad memories will hold you down from growth this year. You need to forget the last bad trade to be able to get the next good one. Most importantly, learn from your errors. More caution, more risk management.
Short when the market says so: some traders have a bit of ethical bias on making money while the market goes down. But shorting allows you not to count on just the bulls, but the bears. Many traders who are stuck with the 4-year cycle ideology will want to short the market at every key resistance - this means it may take some time to flip sentiment. Trade accordingly. You’re here to make money friend. Admittedly I have to improve here (bias being that we haven’t witnessed a blow-off top).
No bandwagon chasing: Credit to memetic marketing in 2021! Crypto moves on narratives & memenomics more than fundamentals. However, don’t fail to study fundamentals for yourself this year. When the cookies crumble, the meme coins & copycats will die off fast. Solid coins with strong fundamentals always have a chance of bouncing strong. Tokenomics ahead of ponzinomics Ser - you’ve thrown away a lot of money chasing dust.
Be comfy with missing out: No matter how hard you research, you can’t keep up with everything happening in crypto. Every time you come on crypto-twitter, you’re going to find a big account shilling new shiny stuff. Don’t dilute your attention/resources. There’s always going to be another opportunity. JOMO is a thing when you see those shitcoins dumping to zero after the paid hype.
You can’t do it all here.
Maybe by EOY, you’ll be able to revisit this template and analyze how well you performed. Surely by then, you must have gotten a lot better.
Good luck!
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