In order to prepare for the arrival of the bull market in 2024, it has become particularly important to seize the critical moment and practice internal strength. Based on a deep understanding of the market and rich investment experience, the author shares several key principles: Avoid anxiety about missing opportunities (FOMO) to maximize returns.This article originates from 0xFinish published on the X platformarticlecompiled, compiled and organized by Foresight News.
(Preliminary summary: 2024 bull market outlook: analysis of the top ten predictions from top institutions)
(Background supplement: The bull market is here, no brain rush? You must at least understand these “currency speculation knowledge”)
Few people will become millionaires in the 2024 bull market. But, all it takes to succeed is a simple set of rules. After hundreds of investments, I finally built a system! Avoid the FOMO, dig deep and get an edge over everyone.
I firmly believe that 2024 will bring about a super cycle. We have never seen anything like it, so we must be prepared. Without solid foundations and rules, we will lose real profits while trying to capture the pieces.
I have been in the markets for over 7 years and have been through several large bull markets, which has helped me develop my current system of rules.
The following is @0xFinish Personal sharing for the 2024 bull market.
Go Crypto Full-Time / Join the crypto world full-time
This may sound a little crazy, but I want to be honest with you. Cryptocurrency is the only place where you can make life-changing money without requiring a huge amount of startup capital or a decade of experience.
It’s suitable for any age because it gives everyone the same opportunity. Juggling a full-time job and cryptocurrency investing could lead to you failing at both, or at least missing out on six-figure profits.
Pick a niche / Choose a niche market
This advice may sound somewhat similar because they serve similar purposes.
Bruce Lee said it best: “I am not afraid of people who have practiced 10,000 kicks, but only of people who have practiced one kick 10,000 times.”
If you jump from NFT to leveraged trading and then back to NFT trading, you will not succeed and will only waste a lot of time and energy.
Enjoy the process / enjoy the process
This is probably the most important part of true “success.”
“Life is a journey, not a destination.” – Ralph Waldo Emerson
If your goal is to make a million dollars but you hate your life every day, there’s no point because eventually you’ll hate money. Every day, you’ll encounter new ideas, problems, and opportunities, learn to enjoy them and overcome them.
Never marry your bags / Don’t fall in love with your positions
This is a rule I learned the hard way. For a while, I really liked the NEAR ecosystem because I was deeply involved in and enjoying the technology and NFT space.
As usually happens, the market turned into bear mode and I went from holding my position to $4.
Don’t over manage / avoid too many frivolous operations
When you start building your portfolio, it’s a mistake if you make too many adjustments.
It is best to form three types of portfolios:
► Long term ► Medium term ► Degen/Short term
Hold your long-term investments for at least a year and then sell when the market is at its greediest. For the mid-game, it’s more narrative-based, so try to keep track of those narratives and maneuver.
As for Degen play, it focuses more on memecoins/small market caps, so only invest what you can afford to lose.
Research -> Invest / Research first and then invest
Never invest in something you don’t understand. If someone tells you to buy something, it’s probably the worst thing you can do!
You know nothing about their due diligence, their risk management, their portfolio size.
If it starts to fall, you will sell on the first red candle because you have no idea why it should go up.
Take profits / Cash out at the right time
This may sound funny, but I’ve made this mistake 100 times. You look at your profits; you have never seen such huge numbers, but you still decide to hold instead of fixing your profits because you are a diamond hand.
Strong recommendation: always consider how you will take profits; for example, when tripled, sell 33% of the position to cover your capital.
Of course, this part is very flexible as it depends greatly on the asset itself.
FOMO is your worst enemy
Many times, you will feel FOMO because someone has made a lot of money, and you feel that you have the opportunity to make as much money as him. Always remember that opportunities come every day; you need to stay open to them and the one you seek will eventually come.
Everyone has their own journey; don’t try to follow someone else’s path.
Always pay attention to market sentiment
If you pay close attention to market sentiment and how it reacts to different news headlines, you can spot a market turn early enough.
This will give you a huge opportunity to react to the event faster than most of the participants.
Stay humble / stay humble
No matter where you are, staying humble is the best thing you can do. 12 Even if you make a million dollars in one night or lose it all, never forget where you came from and why you did it (never forget your original intention!)
Never forget the people who helped you in difficult times; always be ready to pay them back tenfold.
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2024-02-12 17:15:37
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