When you are in an industry where people become millionaires overnight (and lose everything simultaneously), it is easy to be anxious and make silly mistakes. Trust me, I have been there and I know what that feels like.
It is also even more crazy watching your portfolio move up and down with the tides of the market, which is very volatile. Today you lose 10% of your portfolio, tomorrow you gain 20%, and the next you lose 30%. It is quite unnerving not knowing where you truly stand, but if you have been in this industry as long as I have you learn to ignore the noise and keep your eyes on the ball.
I don't trade crypto; I do not flip NTFS; I do not engage in all the supposed activities the crypto sphere is known for, mainly because I don't like to lose money and those are sure ways to lose money. Yes, you can make x10 to x100 day trading or flipping nfts--if you are lucky, and for those who get lucky they change their strategy over time. Why? Because gambling is not sustainable and flipping coins/NTFS is gambling.
The more you have, the less you gamble. You want some level of stability. Your favourite crypto influencer isn't looking for the next x100 coin. They are fine with a risk-free investment that pays them 10% of their investment annually. Even if they gamble or try to play the market, it's often with a small piece of their portfolio they can forgo. So while they are nudging you to ape-in some shit coin, they have their safety net.
Also, considering that a lot of people in this industry have a short-term mentality or cannot afford to play long term given their limited resources, they often fall prey to many of these get-rich scams.
So what is the way forward?
Simple: grow slow. Trust me, you are not missing out on anything. Do not get distracted by the hype, it is the fastest way to lose your money. People do not realize how much time they are losing chasing hype from one discord server to another. As you grow in this industry you learn to value your time a whole lot more--I have. At some point in my journey, I was everywhere which often leads to burnout. Then I realized I can focus on a few things.
First, define your goal. Try to be as simplistic as you can be and do not lie to yourself. For instance, my goal is to have a sustainable source of income whilst exploring my creativity. Now, this way I can easily spot opportunities when they come because I have identified what I want to achieve here.
The second step is finding a community. On hive, there are a bunch of communities. You want to identify with people whose goals align with yours and also your value proposition for the community. This way you are seen as a valuable member of the said community.
Once you've identified your goals and where you belong in the grand scheme of things, the next step is to be patient and watch things unfold. For instance, being on leofinance has exposed me to a lot of opportunities. Through creating content and engagement I have learnt a lot about the crypto space and made a few connections, which are worth more than the x10 I would be looking for on Crypto Twitter.
So in conclusion, you do not need to go everywhere; you do not need to move fast with no sense of direction. Those who make life-changing money in this industry are long term players. You might not have the capital to play on their level but you can make quantum leaps that will compound over time.
Posted Using LeoFinance Beta
Wise advice here - slow and steady wins the race.
I needed to read this post today, Thank you.
Posted Using LeoFinance Beta
I am glad you found it useful. Thanks for stopping by. Cheers!
Posted Using LeoFinance Beta
These are some great points. Perspective changes dramatically as your investment continues to grow. If you don't adapt you get rekt. Simple as that...
Posted using LeoFinance Mobile
I guess when one has little they can afford to assume a bigger risk than someone who has a lot to lose. Those who have a lot tend to be protective of what they have, often because they know what it took to get what they have. This much I have learnt during my time here.
Posted Using LeoFinance Beta
Was not sure what to expect from reading title of this article, yet was pleasantly surprised at the overall message.
Posted Using LeoFinance Beta
Well, We have to be creative with our titles sometimes...hehe
I am glad you liked the piece. Cheer!
Posted Using LeoFinance Beta
The key thing is recognizing what you want and drawing in out your goals. Following FUD and FOMO can be very disastrous. However, there's no I'll trying out something new especially when I don't have to loose so much. Hive makes it easier to grow in every part of cryptoverse from the scratch and starting with almost nothing.
Posted using LeoFinance Mobile
True that.
I hinted at this in this post. You can afford to experiment when you have enough (if you have an appetite for risk). As you said, it all boils down to what you want.
Posted Using LeoFinance Beta
I really needed this today, thank you!
Posted Using LeoFinance Beta
I am glad you found this useful...
Posted Using LeoFinance Beta
Yep that’s the idea, quantum leaps that will compound over time.
Posted Using LeoFinance Beta
Yes bro. It takes time to build anything tangible but it is worth it in the very end.
Posted Using LeoFinance Beta
I agree with you 100%. People get caught up in the gambling and chasing 100x cryptos or NFTs and get burned. Leave that to the true degenerates and build wealth slowly. With Hive and LeoFinance, we have the opportunity to invest with ourselves rather than just with money we can't afford to lose.
Posted Using LeoFinance Beta
True that. There is more to this ecosystem than getting rich quick. We are about growth and that for me is sustainable in the long run because let's face it, it is quite easy to lose all your gains if you do not understand this space well enough. So yes, growing slow with like-minded people is the right way to go.
Posted Using LeoFinance Beta
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
. Another thing I believe that would help whatever one chooses to engage in is being consistent. Above other things I think this is one quality that trumps all. Unfortunately I find it hard to get for my own account here on hive
i think the thing with consistency is setting realistic goals. Most people tend to overstretch themselves. secondly, you don't need to perform on the same level every time to be consistent. I think if you get past these mental hurdles you will perform better
Posted Using LeoFinance Beta
"I think if you get past these mental hurdles you will perform better "
can't agree more. Guess I will have to be more serious
Do that (even if it takes doing the barest minimum)...it is worth it, I assure you.
Posted Using LeoFinance Beta
Thanks for sharing.
It's all useful advices.
I have the same experiences like you, when I chased the highest APR coin/defi then I lost everything.
But now, I focused on few potential opportunities like Leo/Cub/pCUB/HBD
Posted using LeoFinance Mobile