FUTURE MILLIONAIRES are made in this accumulation phase!๐ฅ
When
๐ $KAS pumps above $2
๐ $TRIAS is in the triple digits
๐ $RIO is in the double digits
๐ $TAO smashes $3k
you'll be PROUD of yourself that you bought in 2023!๐
However there are a few ways that you can potentially FAIL to make these huge profits...
Many do not talk about these points so I will address them in this long format post.๐
It's important that you pay close attention.
๐ฅ1) PATIENCE
Many do not have the patience to hold for a long amount of time.
You need diamond hands!
Diamond hands are crucial in a bull market.
Keep in mind: the majority of your gains come AT THE END OF THE CYCLE in the mania phase.
I've seen many sell way too early in the last bull market.
๐ฅ2) SECURITY
Another way to potentially fail is having all your coins on centralized exchanges.
Or even worse on ONLY 1 exchange!
What happens when you get hacked or the exchange suddenly closes down?
You need to take the right security measures!
Keep your coins secure in a cold wallet (Ledger for example).
๐ฅ3) NOT TAKING PROFITS
It's easy to get greedy in a bull market & hold on to your coins even after they have made significant gains.
However it's important to take profits along the way, especially if you're investing with borrowed money!
This is probably the way most people mess up their first crypto cycle.
Even if they invest at these low levels they don't expect their coin to retrace up to 99% from the top & don't take any profits.
๐ฅ4) FOMO
FOMO, or fear of missing out, is a powerful emotion that can lead to bad investment decisions.
In a bull market it's easy to get caught up in the excitement & buy coins that you don't fully understand.
This is a recipe for disaster.
In general I wouldn't recommend anyone to add to their bags after crypto has left the accumulation phase.
The time to buy is now & in the next days, weeks & months.
Not after the market has become overheated in the next years!
๐ฅ5) PANIC SELLING
If you don't have enough conviction in your investments, it's more likely that you panic sell if the market suddenly takes a huge dump.
You need to do proper research into your investments before buying into them to avoid panic selling.
Selling while crypto is in the accumulation phase is one of the worst things you can possibly do!
Often times after panic selling, price instantly reverses.
These are in my opinion the 5 main points how people can fail at crypto investing.
If you avoid these mistakes you'll likely become a big winner in the upcoming bull run!
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