“One who is young and naive may be quick to judge because (s)he thinks (s)he’ll never get in trouble, need people, make mistakes, or experience some kind of misfortune in their lifetime. They’ve just not lived/dared long enough.”
The first time I made this statement to a friend, he looked at me with utmost perplexity! Of course, he goes… God forbid that I will encounter misfortune! But life has no template and people who experience bad stuff most likely never expect it.
Whether we agree or not, we all encounter bad stuff in life - to variable degrees; some irrevocable.
The same statement applies very well to trading - especially with positive sentiments starting to return to the market.
New people with little experience dive into Crypto Futures, using unreasonable leverage, and even without deep pockets. They follow reckless anon calls and probably think the market will keep going in one direction, or that the market has a reason to obey their analysis - hence they make bold claims.
This famous quote in Market Wizards from Ed Seykota puts it best: "There are old traders, there are bold traders, but there are no old, bold traders.
Risk is good. But any risk that is capable of wiping you out completely is not worth taking - irrespective of the odds.
Only those who work at the mint make money. The rest of us have to earn money.
To earn money you have to provide people with services/products that are useful to their daily living and activities.
The moment this sinks, you’ll be cautious about how/where you put your money to work.
Remember, the older you get, the less time you have to make reckless mistakes. You probably have a family/ more responsibility after all.
Anyways, if you want a template for stability and freedom
-Create a cashflow system
-Use inflow to invest in passive yields/ take risks
-Compound slowly
The first step seems to be the hardest. But the easiest way to do this is to spend time learning a complex high-income skill. The reward is in complexity. Build a business or get a job around your skill. It’s easier if you get a job first.
Whoever tells you “getting a job is bad” is shit-talking. It opens up a lot of networking doors, and fuels your dreams. Truth is, the more valuable people you know and work with, the more opportunities that can open up to you.
Through the inflow, you can save some portion to invest in low-risk options like a Stablecoin yield for 19.5% APR on Anchor protocol (should be putting in decent amounts to make yield worth it)
Learn to trade and make about the same/more within a week (higher risk with variable factors).
Play “no-loss” Blockchain-powered lotteries on platforms like “glowlotto” (yes - you’re not losing your money like in traditional lotteries )
Compound your gains - you still have your inflow from other channels which reduces your need to touch your new income source. Compounding does wonders over time!
You know my friend, ultimately, what I’m saying is that increasing cash-flow powers your chances of landing good opportunities that lead to financial freedom (not just within the web3 space).
Just a Q2 reminder not to get distracted by the noise and focus on patiently crushing the sequence - in order!