🤪Be Prepared For Insane Volatility🤪
When this bull market starts to peak, the triple digit gains that took you months to get will start to happen on a daily or even hourly basis, and the shakeouts will be just as spicy. You need to be mentally prepared for this insane price volatility
📰Ignore The News – Stick To Strategy📰
You need to be able to separate fact from fiction and be willing and able to change your exit strategy if the facts suggest this is the right course of action. The more you know about crypto, the easier it will be to do that
📊Master Technical Analysis📊
Familiarize yourself with technical analysis and a few technical indicators. Being well versed in technical analysis will help you make better decisions on the fly when the day comes to sell your cryptos
⏲Anticipate Transfer Delays, Exchange Outages⏲
The largest exchanges in the world continue to see outages when the markets get hot. To make things worse, when network traffic is high, it can take a really long time to move funds around, especially if you’re dealing with a cryptocurrency that can face bloat
💱Have Multiple Crypto-Fiat Gateways💱
Be sure to test these well in advance. If you are not able to cash out for whatever reason, consider moving your money into a transparent and well-regulated stablecoin like USDC and move those funds to your personal wallet until you’ve found a way to cash out, assuming that’s your endgame
💼Be Aware Of Tax Implications💼
In some countries like the United States, if you hold your crypto for more than a year you will pay less tax. In crypto tax havens like Germany, you pay zero tax. In some cases, you can reduce your tax bill by realizing some of those gains in one tax year and waiting until the next tax year to cash out the rest
🏖Do Not Spend Your Gains On Stupid Sh*t🏖
If you manage to make it to the moon with your crypto investments, it is absolutely imperative that you do not spend your way back down to Earth. Instead, ask yourself how you could use that money to make more money.
🤗Hindsight Is 20/20 – Don’t Be Hard On Yourself🤗
When all is said and done, you’d better not be off in a corner crying about how your 20x return could have been a 22x.
🤑Don’t FOMO Back In Unless…🤑
There are some cases where you should consider jumping back in, and if you do your technical analysis homework you will know when you have encountered one of these golden opportunities. Whatever you do, do not under any circumstances put yourself in debt. Only spend the money you have.
🔐Don’t Flaunt Your Wealth🔐
It will change the way you are treated by your friends and family and could put you at risk of getting shanked by a shady stranger.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.