๐๐It's essential that you capitalize on this once-in-a-lifetime opportunity.๐๐
Here's 10 Mistakes to avoid if you want to 100x your portfolio in the Bull Run:
Make sure you avoid these mistakes too. ๐
1๏ธโฃOVER-DIVERSIFICATION
If you are investing less than $20,000:
You shouldnโt be holding more than 5 #Altcoins.
If you are investing $20,000-$50,000:
You shouldnโt be holding more than 10 #Altcoins.
If you are investing above $50,000:
You shouldnโt be holding more than 20 #Altcoins:
Diversification is great.
But only when you have a large amount of capital already.
2๏ธโฃNOT TAKING PROFIT
Many investors will become far too greedy when they see their portfolio reaching heights at the peak of the Bull Run.
If youโve made life changing money, secure it.
Donโt risk your hard earned gains.
Imagine the Crypto market suddenly crashes the next day.
Enjoy life stress free, taking profit regularly.
3๏ธโฃFOMO
FOMO - Fear Of Missing Out, is something you want to avoid.
The worst thing you can do is panic buy into Altcoins that have already pumped significantly.
At lot of the time, these tokens will retrace heavily after a pump, causing you to lose your capital.
Instead, accumulate quality Altcoins while they trend sideways at their cheapest.
Then, take profits as they pump in price.
4๏ธโฃNO DIVERSIFICATION
Whilst holding too many Altcoins can become problematic, some diversification is essential.
There will be several leading narratives in the Bull Run, you wonโt want to miss.
Layer 1โs, Gaming, AI, #RWA & DeFi will all see monumental gains.
Itโs risky to not be a part of each of these.
Holding at least 1 Altcoin in each of these narratives will ensure you cover all bases.
5๏ธโฃOVER-TRADING
Keep things simple.
Many investors are making the mistake of constantly trading their altcoin holdings.
Not only will this be detrimental for tax purposes, but will make your life way more stressful than necessary.
Instead, find a selection of quality #Altcoins and HODL.
Relax for 1-2 years stress free and take profits at the peak of the Bull Run.
6๏ธโฃHAVING NO PLAN
Failure to prepare, is preparing to fail.
A plan is an essential part of your Bull Run strategy.
You need to plan levels that you are happy to take profit on, and then execute when those levels are met.
For example: 10% at 5x, 10% at 10x, 10% at 20x and so on.
Again, act without emotion, planning in line with your personal goals and expectations for your Altcoins.
7๏ธโฃSTORING CRYPTO ON EXCHANGES
Donโt store your Crypto on CEXโs like Binance/Coinbase.
We saw the implications of the FTX crash, with users losing Millions of capital.
Not your Crypto, not your keys.
Instead use secure decentralized storage such as Hardware Ledger devices.
Alternatively, Software decentralized storage apps like @FinanceChainge are a great solution.
8๏ธโฃSETTING PRICE TARGETS
The last thing you should do, is rely on moonboy targets calling for 1000x.
Instead, be realistic with your expectations.
If a Market Cap is already $1B+, no more than a 20-50x is likely.
If a Market Cap is already $100M-$1B, no more than a 100x is likely.
If a Market Cap is less than $100M, more than a 100x is possible.
9๏ธโฃTAXES
Taxes are a pain, but a necessity if you want to secure profit.
Whilst some countries like Dubai offer tax free gains on Crypto, countries like the the UK & US impose Capital gains tax.
This means itโs important you keep track of your profits and losses on all trades over the Bull Run.
Then, it will make things easy to report come the end of the Bull Market.
๐NOT RESEARCHING
Finally, but most importantly, is Altcoin selection.
Itโs ESSENTIAL that you do your own research when selecting Altcoins.
Memecoins or poor quality coins with no Real World Utility are likely to go to zero.
Instead, you should invest in Altcoins with strong fundamentals.
Any Altcoin with quality fundamentals is far more likely to achieve that 100x you are dreaming of.
My followers will get rich in this bull run, you will not regret following me. ๐ฅณ๐ธ๐ธ
Remember: Being patient makes you more money in crypto.
"Note: If you find my post helpful, please follow my Binance page @Cryptodragon_92 for more updates and consider giving it a like."๐โจโจ
Like๐๐+Follow๐ ๐ซ
Not financial advice dyor before investing in any project.โจ
Disclaimer:
The content provided in this article is strictly intended for informational purposes. Nothing said in this article is financial advice. It is important to proceed with caution and diligence when using cryptocurrencies. Always invest what you are prepared to lose and remember that you are entirely responsible for your assets and investments. The author and the publication do not endorse or recommend any of the cryptocurrencies, protocols or strategies in this article.
