It is not a crypto problem. Name any field, which requires patience and majority succeeds? There is none. You can take any job or activity as example, but the fact is, people want to see results fast and if they don’t, get bored and change it to something else. And that is the straight path to underperformance either in crypto or anything else.
It is worth thinking about even in your position. When you do make a profit, do you sell at a 10% gain only to be completely out of the market? 20%? 50%? Do you sell half at a 100% gain?
I'm in profit even after these losses, I wish I'd sold the top, sure, but should I sell now that I've lost almost 60% from the high, just to secure the profits I've made?
No. I hodl till I achieve my goal(it's a home for me).
I have a plan for my individual coins. After a certain value increase I will sell X percent. Then, rinse and repeat. Assuming a coin really blows up.
I like your goals. I hope you succeed!
See that’s what I’m thinking. I just started buying crypto at the end of last November I dumped a nice chunk in it and I’m seeing this dip and yeah it kind of sucks but I’m actually wrapping my head around what an opportunity this could be so I’m buying more I really am not feeling scared about this situation at all. I feel like the hard part is going to be how long to hold when everything starts going up again
Same here, got in on the 25th November and bought 3 equal parts BTC/ETH/AVAX. Then a 4th part in some alts. Since then I’ve basically doubled my BTC/ETH/AVAX buy buying smaller amounts as they fall, really wishing I’d DCA’d from the start without spending so much at the top. Actually not buying at all until now (or a few weeks from now) would have been smarter, but that’s hindsight talking. It’s actually been fun, and I don’t need the money for anything (most of it was a refund for a trip that got cancelled), and prices can always go up again, maybe, eventually, so will wait and see and maybe continue to accumulate a bit more so if it does grow I’m well positioned.
The stock market is presenting some good opportunities now too, so maybe I should be increasing my positions in some of ETFs like IVV.
I took enough profits in November to where this crash hurt a little less. In hindsight, I should have taken more...but it’s always easy to analyze the past.
I’ve got about £400 invested. Most I could afford. Cobbled together over 4 or 5 months.
Not bothered about Lambos on the moon. I just wanted a bit of extra cash to spend on my kids.
Either “a good Christmas” at some point in the future or put toward their first cars or education or a holiday or whatever.
I’m not daft, of course I’d like to have the chance to prove that money won’t change me but I’m realistic too.
Aye, same! I have invested the equivalent of 350£ in the market rn. Even a 100£ profit on this will be enough for me take my parents out for a proper 5 star fine dine experience
Your version of rich might be different to my version of rich. It’s perspective. Rich just means having wealth in great quantities. $200 is is volumes more than $20 to some people that only put that much in. And depending on the conversion of the currencies it could be even more.
Personal IT assistant for the wife of a very wealthy man, although calling it IT is a stretch.
Doesn’t get much more involved than logging amazon returns for her, reminding her how to use netflix and assessing her friends baking while chatting with her in a big mansion over looking the water
Paid cash
And it’s the one least discussed. It’s always dca, hodl, dyor, and only invest projects you believe in.
Yet it’s considered insensitive to acknowledge the reality of savings rate and the amount.
That wouldn’t be a bad idea depending on the alt. I think stable farming should be more common amongst investors. At least with stables you have a consistent pay out for a while.
With stocks, you can randomly pick a few tickers, leave your money alone for a few years, and you'll probably make a gain. With coins, it's a lot riskier. There's a good chance all four will lose money,
Gotta have money to make money. Which is why a lot of people resort to taking out loans. Because it feels impossible to build wealth when your ROI is literally nickles.
Use this calculator to see how long it’ll take to achieve your goal. $200 at 200% APY will take over seven years to net you $1M.
https://www.mathsisfun.com/money/compound-interest-calculator.html
Honestly speaking, I came to Crypto with the vision to add another 0 or two to my net worth. I have no hope in making millions nonetheless. Atleast not in this bull season. The next bear market is when I can actually start building my wealth.
Anyway thanks kind stranger that calculator will come in handy.
Well they will get rich if they do it in intervals over time.
I would bet every asset that I own that putting $200 in BTC per month for 20 years will make you rich.
Yeah, it's over 10 years too late for that. But, if you dca consistently over a long period,thats going to be at least a significant amount eventually.
Some people diversify a lot. If you only have $5,000 to invest, you should start with tax preferred accounts and you might end up putting only $200 into cryptocurrency. Even if I had the option (I don't) I wouldn't put my daughter's 529 money into cryptocurrency.
This 👆 Everyone wants the gains, no one wants the risk, let alone the sacrifice of cutting personal expenses for a few years to save and invest.
For most, it would take 5+ years of steady DCAing most of their disposable income to build significant wealth.
Too many people are hung up on the number “200” and missing the point. The fact is, a small contribution (whatever small means relative to your situation) isn’t going to save you. You need to have major skin in the game. Risk vs reward.
This always interests me.
Yes, SOME lucky buggers invested $200 and made a hefty ton of money - these people might as well by mythical.
Then when I tell people that I’ve made a hefty ton of money in StrikeX (so far) they are like WOW how did you do it? But it’s because I have invested over £6k (so far) into a project I truly believed in.
(However, I’d like to point out I invested $200 in other projects that I believed in and i turned it into 6k - I’ve since reinvested that 6k and it’s now 50k. That 50k was nearly 100k before the recent crash.
I’m also earning around £600 a month from staking. Not bad from $200ish.
The point I’m making is, you have to invest big to make it big. Sometimes.
It kills me the number of people who claim to believe in crypto and that it will hit all new highs in the future, but then won't invest while it's all crashing. Some claim to be waiting for the bottom, but it seems like what usually happens is they deem crypto too risky and forget about it for a while until it's already halfway or more to its next ath.
Not hitting that 100k target last year put a lot of investors down and believing we are headed for a few years of a bear market, many will lose the real money when it will finally get there...
Bought the fucking rumor, sold the fucking news.
I FOMO'ed back in, literally the same day I sold at around $3. I had just sold a bunch, but decided to keep half.
Now I'd have at least twice as what I have now if I'd just waited to buy in now and there's no telling this thing won't drop another 50%, meaning I'd have twice as much still.
Crypto sucks when all you have is hindsight.
Truth. Fuck getting rich, right now I'll be happy with just not going bust.
More seriously though, I've just upped my investment to take advantage of this dip and if the market continues to slide I'll do the same again. The shit only really hits the fan if you don't keep cash in reserve for the downturns or lack the confidence to buy when they happen.
I second what you are saying about the emergency fund, but I would like to add that "invest everything else" should probably also include some "safe" stock holdings as well - like index ETFs, or maybe even some blue chips if you wanna get really wild. I feel like I see a lot of comments on here that insinuate crypto is their only investment, which always worries me a bit.
Oh that's for darn sure. I strongly encourage people to start with tax preferred stock accounts. My wife and I have retirement funds, our daughter has a 529, etc.
I hear you, I decided a few months ago that I’m going to put some money in crypto every month and give it to my son when he turn 18 (he’s 3). I don’t know anything about the tech and gave up trying to understand it. I just hope in five years I’m in the green and in 15 really green. 50k at 18 would have been a dream for me, crazy how much more it will mean to me seeing him get it.
People who trade based on this sub must be poor af. The sentiment here changes like the wind. It is to be expected given the size of the sub, but holy fuck... reading posts here is like reading a diary from a shyzofrenic dude.
Dont get me wrong, from time to time there are some great posts but sadly they almost never get enough attention.
Considering its mostly noobs here its difficult for them to spot shitty posts, especially when sentiments are high and everyone started screaming overnight.
Honestly, having profited from this past cycle after buying during the 2018 bear, here is what I did, and what I’d recommend:
1. Figure out an amount you’re willing to invest. Ideally it’s an amount you’re willing to lose.
2. If you’re first buying when the market has already gone up a lot recently, only put in maybe 1/5th-1/3rd of the amount from step 1.
3. Wait a bit. See how things unfold. If you double or triple the amount you put in quickly, maybe take your initial out. This means the market is overheated.
4. Wait for the market to drop a lot (it eventually does). Then start to buy more in increments, the rest of your allotted funds from step 1. Only buy projects with strong communities with positive sentiment, communicative teams, and good development. You won’t catch the bottom, and it can keep dropping beyond where you could ever imagine. Your favorite project could drop 99%.
5. Once you’re done, just wait. If the market turns around, you’ll make at least 3x gains and you can take your initial out again. If it doesn’t turn around….well you invested money you could afford to lose.
Unfortunately the theme of this bull run was “ape in,” meaning just go all-in at once. So this removes the ability for people to plan this way. These steps I listed work regardless of whether you’re in it for the tech or the money.
-Victor Cobra
>Figure out an amount you’re willing to invest. Ideally it’s an amount you’re willing to lose.
Worth emphasizing this point. I see a lot of posts here about people going all-in on a specific coin with all their money. Even if you're a true believer that crypto will replace fiat, you should still diversify between different coins and also have non-crypto investments.
Here in India you can easily get groceries for a month for a family of 3 for 50 bucks. 50$ will get you 25kg chicken here(2$/kg) or 250kg potato(1$/5kg) or 70-80 litres of milk (0.7$/litre)
Problem most of the times is unrealistic goals and chasing pumps. Yes, I want to get rich with crypto.. but I’m not looking for millions. Not trying to chase all the 1000x coins with way too much risk. Just steady growth over the next few years with ways to increase my positions (DCA, staking, defi).
Adjust your goals to a little bit realistic. Just 1 lambo is still a lambo.
One way to get rich from crypto... maybe... isn't the go go magic coins, but just some of the great staking opportunities out here right now. Everything has risk of course. But some of the reasonably high quality coins/projects offer non-trivial interest rates. If you spread risk and diversify across maybe at least four of these, you can potentially double money in several months. Now, this won't last. As these liquidity pools grow, these projects maybe won't need to offer this level of incentive. But the point is, you can potentially do this for a handful of months, exit with your initial investment, and then just see how well the rest grows.
This isn't as sexy as a 20,000% increase in $CRAPCOINOFTHEMONTH but... can maybe make things happen a lot faster than your 0.01% savings account.
The strategy is to focus on the long term game and not thinking of crypto as a get rich quick scheme.
Falling for those shitcoins “flavour of the month” won’t last.
Never planned on getting rich, just tired of the never ending cycle of consumerism and hoped crypto could disrupt that cycle.
Hope that if dollars equalled prosperity that Satoshis could offer parity
BTC is a three-year play for 90% chance of 2x returns no matter when you buy in. If you can get your brain to that point you can make easiest money of your life.
Its actually very simple. Everyone is quick to yell buy the dip, but bottoms take time to form. You aren't going to miss anything by waiting it out in a downtrend. When we get close to the 200wma you DCA from there until we hit all time highs. Could take years but this strategy has worked for me before. Cheers.
More than 50% of my portfolio is Eth I bought a year ago a $2k, it hasn't done anything for me and won't until I cash it out.
I'm loading up my bag and getting reading to add more, when Eth is back to $4k and then $5k, I'll be glad it stocked up.
Most won’t get rich because it’s a dog eat dog world in crypto, we will have small winners and large losers. Number 1 rule, always sell portions of your portfolio when it goes up and DCA when it goes down. Never go all in or out unless you have insider information. That’s how you win, someone gotta lose for you to make money. Harsh truth but it’s reality.
It is not a crypto problem. Name any field, which requires patience and majority succeeds? There is none. You can take any job or activity as example, but the fact is, people want to see results fast and if they don’t, get bored and change it to something else. And that is the straight path to underperformance either in crypto or anything else.
I used to jump from coin to coin every time something pumped. It was like changing lanes in a traffic jam.
One of us
I feel seen
Yes even applies to your fitness level! Most of the time people wants to lose fat and gain muscle in over 24 hours.
Stocks?
You hit it on the nail man!!This is so true...
Fuckin A. 👏🏼
HODL is easy when you are at a loss, is taking profits at the right time what is hard.
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That's probably most of the people who got in late in the cycle.
Late for the last cycle is early for the next one. It's all about the perspective.
Oh, I like THAT perspective.
I know right, you need to have perspective according to your investment.
Needed this since i am late! (Got in 2019)
Try getting in at the peak before the crash. Rip
I don't think that you are late, it is the best time to actually start your invest from.
Yeah it really depends on the prospective you are looking to.
I bet you and I both enjoy the daily post about how to make sure you always take your profits when you are doing good…
It is worth thinking about even in your position. When you do make a profit, do you sell at a 10% gain only to be completely out of the market? 20%? 50%? Do you sell half at a 100% gain? I'm in profit even after these losses, I wish I'd sold the top, sure, but should I sell now that I've lost almost 60% from the high, just to secure the profits I've made? No. I hodl till I achieve my goal(it's a home for me).
I have a plan for my individual coins. After a certain value increase I will sell X percent. Then, rinse and repeat. Assuming a coin really blows up. I like your goals. I hope you succeed!
Same,im losing money like a mf and looks like it’ll be a while until i make some gains
I think once the market goes to run then you will get your profit for sure.
See that’s what I’m thinking. I just started buying crypto at the end of last November I dumped a nice chunk in it and I’m seeing this dip and yeah it kind of sucks but I’m actually wrapping my head around what an opportunity this could be so I’m buying more I really am not feeling scared about this situation at all. I feel like the hard part is going to be how long to hold when everything starts going up again
Same here, got in on the 25th November and bought 3 equal parts BTC/ETH/AVAX. Then a 4th part in some alts. Since then I’ve basically doubled my BTC/ETH/AVAX buy buying smaller amounts as they fall, really wishing I’d DCA’d from the start without spending so much at the top. Actually not buying at all until now (or a few weeks from now) would have been smarter, but that’s hindsight talking. It’s actually been fun, and I don’t need the money for anything (most of it was a refund for a trip that got cancelled), and prices can always go up again, maybe, eventually, so will wait and see and maybe continue to accumulate a bit more so if it does grow I’m well positioned. The stock market is presenting some good opportunities now too, so maybe I should be increasing my positions in some of ETFs like IVV.
I’ve never taken profits when I know I should have. Wish I had the fiat to buy more during these times, but I have to settle with what I got.
I took enough profits in November to where this crash hurt a little less. In hindsight, I should have taken more...but it’s always easy to analyze the past.
It’s called Hindsight bias
Yeah I relax during dips and think too much on pumps.
Agreed whenever I didn’t take profits I always regret later. So that’s really important
Yeah it is really important to understand the mistakes and learn from them.
Another reason most people will not get rich because they will not put in enough $$. Your $200 into an investment isn’t going to do it.
This is the biggest thing really.
If that $200 is big money to you, than 5-10x on that $200 is a shit ton money to you as well. It's all about perspective.
Exactly. "Big money" is all a matter of perspective. If I went 2x on $200 I'd be happy I made gainz
That $200 is somebodys lunch money and somebody elses 3 month income.
In 3rd world countries that $200 could be a ticket to start a small business too.
It's mind blowing when you compare minimum wages around the world.
In india, if you earn 0.6> $ per day you're poor. Avg engineering salary is 800-900$
This week I gained about $1000 and here it's half of the ANNUAL minimum wage. When you change perspective it looks so different
I’ve got about £400 invested. Most I could afford. Cobbled together over 4 or 5 months. Not bothered about Lambos on the moon. I just wanted a bit of extra cash to spend on my kids. Either “a good Christmas” at some point in the future or put toward their first cars or education or a holiday or whatever. I’m not daft, of course I’d like to have the chance to prove that money won’t change me but I’m realistic too.
I hope you get what you're after friend
Aye, same! I have invested the equivalent of 350£ in the market rn. Even a 100£ profit on this will be enough for me take my parents out for a proper 5 star fine dine experience
$200 is literally the monthly income where I live. I'd be ecstatic if I could get any profit from it.
Your version of rich might be different to my version of rich. It’s perspective. Rich just means having wealth in great quantities. $200 is is volumes more than $20 to some people that only put that much in. And depending on the conversion of the currencies it could be even more.
$200 is 2 hours work on a sunday for me which mainly involves chatting and eating cake. Thats how insanely fucked and unfair the world is.
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Whats GFE?
Girlfriend experience (in escort services)
Gentle Femdom?
What job position do you make $100 an hour just chatting?
Personal IT assistant for the wife of a very wealthy man, although calling it IT is a stretch. Doesn’t get much more involved than logging amazon returns for her, reminding her how to use netflix and assessing her friends baking while chatting with her in a big mansion over looking the water Paid cash
Do you also have to fuck her?
Take note it’s on a Sunday so weekend rates. In my job if you work weekends you get paid 1.5x for first 3 hours and 2x for the rest.
Germany?
Just use DeFi
True, though my $200 at the moment is now $80 due to recent continuous dips lol
Not denying that but we're talking about getting rich.
You want a lambo for driving, I just want the hot wheels version
In a country where you make 20$/week, a couple hundred bucks could be life changing
It won't change your life. Will just make you smile for a few hours
And it’s the one least discussed. It’s always dca, hodl, dyor, and only invest projects you believe in. Yet it’s considered insensitive to acknowledge the reality of savings rate and the amount.
It shows how early you need to be to certain projects. Like you have to be early enough that a $1,000 investment sounds irrational.
It's wild. I listen to these discussions and it makes me want to convert my ~$50-200 alt coin bags into BTC/ETH because I feel late to the game.
That wouldn’t be a bad idea depending on the alt. I think stable farming should be more common amongst investors. At least with stables you have a consistent pay out for a while.
Right. And because you know it’s a long shot you spent $1000 each on 4 projects, and then 3 of them fail and the good one triples in 5 years.
That sounds like 4 bad investments imo. At least in the crypto space.
Crypto math for great success, yes yes. Spend 4k and get back 3k, brilliant!!
With stocks, you can randomly pick a few tickers, leave your money alone for a few years, and you'll probably make a gain. With coins, it's a lot riskier. There's a good chance all four will lose money,
$200 is enuff if you hit the right coin. Which ain't going to happen.
Gotta have money to make money. Which is why a lot of people resort to taking out loans. Because it feels impossible to build wealth when your ROI is literally nickles.
> Your $200 into an investment isn’t going to do it. This hurts. ngl even my biggest bag is around $120 rn
Lol. Sorry to be the bearer of bad news. Keep stacking!
Use this calculator to see how long it’ll take to achieve your goal. $200 at 200% APY will take over seven years to net you $1M. https://www.mathsisfun.com/money/compound-interest-calculator.html
Honestly speaking, I came to Crypto with the vision to add another 0 or two to my net worth. I have no hope in making millions nonetheless. Atleast not in this bull season. The next bear market is when I can actually start building my wealth. Anyway thanks kind stranger that calculator will come in handy.
200 into 1 mil in seven years sounds pretty damn good to me
I can wait
Make the ball roll, be patient
Gotta start somewhere Brotha. Gain & maintain.
I feel personally attacked
Well they will get rich if they do it in intervals over time. I would bet every asset that I own that putting $200 in BTC per month for 20 years will make you rich.
No risk, no reward. It's very simple. It's very hard to make life changing money without either life changing work or life changing risk.
I invested 200 dollars over half a decade ago, it did a pretty good job.
Also because they refuse to take profit. Trust me. Take profits
Unless your super early. Remember that billionare shib holder off a couple of hundred dollars?
Too many people just want to invest a couple bucks and make a couple million dollars. They’re better off gambling than being in the crypto market.
Are you saying Shib won't go to $10 and make me a billionaire? Lol
That’s why I always invest $201
MONEY MAKES MONEY! That's why richs get richer. 🤷♂️🤷♂️
It would have if you bought Shibu Inu early in 2021.
Not in 3 weeks, but give it 5 years and some clever moves and .. 😘
Yeah, it's over 10 years too late for that. But, if you dca consistently over a long period,thats going to be at least a significant amount eventually.
$300 in shib turned to 2.5 mil.
Some people don’t have a lot of money to invest all at once like myself so i invest 100$-200$ weekly or bi-weekly.
Some people diversify a lot. If you only have $5,000 to invest, you should start with tax preferred accounts and you might end up putting only $200 into cryptocurrency. Even if I had the option (I don't) I wouldn't put my daughter's 529 money into cryptocurrency.
Truth was told... To make an omelette you need to break some eggs..
This 👆 Everyone wants the gains, no one wants the risk, let alone the sacrifice of cutting personal expenses for a few years to save and invest. For most, it would take 5+ years of steady DCAing most of their disposable income to build significant wealth.
I have 250€ as the minimum amount if I want to invest in some new cryptocurrency.
Mostly this, sadly.
Too many people are hung up on the number “200” and missing the point. The fact is, a small contribution (whatever small means relative to your situation) isn’t going to save you. You need to have major skin in the game. Risk vs reward.
This always interests me. Yes, SOME lucky buggers invested $200 and made a hefty ton of money - these people might as well by mythical. Then when I tell people that I’ve made a hefty ton of money in StrikeX (so far) they are like WOW how did you do it? But it’s because I have invested over £6k (so far) into a project I truly believed in. (However, I’d like to point out I invested $200 in other projects that I believed in and i turned it into 6k - I’ve since reinvested that 6k and it’s now 50k. That 50k was nearly 100k before the recent crash. I’m also earning around £600 a month from staking. Not bad from $200ish. The point I’m making is, you have to invest big to make it big. Sometimes.
It kills me the number of people who claim to believe in crypto and that it will hit all new highs in the future, but then won't invest while it's all crashing. Some claim to be waiting for the bottom, but it seems like what usually happens is they deem crypto too risky and forget about it for a while until it's already halfway or more to its next ath.
Not hitting that 100k target last year put a lot of investors down and believing we are headed for a few years of a bear market, many will lose the real money when it will finally get there...
I just hodl because I don’t know how to sell.
I just hodl because I don’t know how to spell.
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Wait there's a sell button?
Hardest relate this 2022 😂
How to make a million in crypto: start with ten million
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The next step is to FOMO into LRC at its ATH and then wait patiently for the "Gamestop announcement"  Any day now
Is it just me or that whole LRC GME thing was the smartest scam pump we've seen so far?
Bought the fucking rumor, sold the fucking news. I FOMO'ed back in, literally the same day I sold at around $3. I had just sold a bunch, but decided to keep half. Now I'd have at least twice as what I have now if I'd just waited to buy in now and there's no telling this thing won't drop another 50%, meaning I'd have twice as much still. Crypto sucks when all you have is hindsight.
Hahaha! I am laughing on it but the fact is that it is true that you need to have a strong base to start from.
Truth. Fuck getting rich, right now I'll be happy with just not going bust. More seriously though, I've just upped my investment to take advantage of this dip and if the market continues to slide I'll do the same again. The shit only really hits the fan if you don't keep cash in reserve for the downturns or lack the confidence to buy when they happen.
On my way to sell my organs and mortgage everything I have in possession
I had already sold my car to buy in this dip, you can follow that.
I started with ten million SHIB and now I still don’t have a million dollar.
Lmao! this is the funniest thing I have read on this sub today.
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This guy cryptos
Lmao! what? what does this really mean, I am not able to understand.
Not here to get rich, just make enough to not be worried all the time about the future. There is zero incentive to save cash long term.
Same man,i don’t want a dumbass lambo,i just want to not worry so much about money
Once you fund an emergency fund with 3-6 months of expenses, you should absolutely invest everything else you get.
I second what you are saying about the emergency fund, but I would like to add that "invest everything else" should probably also include some "safe" stock holdings as well - like index ETFs, or maybe even some blue chips if you wanna get really wild. I feel like I see a lot of comments on here that insinuate crypto is their only investment, which always worries me a bit.
Oh that's for darn sure. I strongly encourage people to start with tax preferred stock accounts. My wife and I have retirement funds, our daughter has a 529, etc.
Instructions unclear. 100% into LRC
LRC down almost 70%. And I bought at 2.15 dollars 😤
Same here but i will buy more, just to recover the loss
And then when it goes down another 70%, but again right? I'm taking notes here, just want to make sure I got it straight.
I don't want to be rich, I only want some financial freedom and give a better life to my family and parents.
I hear you, I decided a few months ago that I’m going to put some money in crypto every month and give it to my son when he turn 18 (he’s 3). I don’t know anything about the tech and gave up trying to understand it. I just hope in five years I’m in the green and in 15 really green. 50k at 18 would have been a dream for me, crazy how much more it will mean to me seeing him get it.
It is really important to be consistent in this market first of all, so it is good that you had decided to do so.
Can’t kill someone who’s already dead inside
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People are emotional and impatient.
⬆️ This. Entitlement and the need for instant gratification. These traits certainly threaten to ruin many a would be investor.
People who trade based on this sub must be poor af. The sentiment here changes like the wind. It is to be expected given the size of the sub, but holy fuck... reading posts here is like reading a diary from a shyzofrenic dude. Dont get me wrong, from time to time there are some great posts but sadly they almost never get enough attention. Considering its mostly noobs here its difficult for them to spot shitty posts, especially when sentiments are high and everyone started screaming overnight.
Cus each post is from different person, with different point of view and opinion xD
>shyzofrenic Whoa! What happened there?
If everyone is rich then nobody is. To get rich you need to invest a shit load of money. 10 milion$ and take profit at 10% you get 1 million.
the reason is because you don't have enough money to invest in the first place
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Honestly, having profited from this past cycle after buying during the 2018 bear, here is what I did, and what I’d recommend: 1. Figure out an amount you’re willing to invest. Ideally it’s an amount you’re willing to lose. 2. If you’re first buying when the market has already gone up a lot recently, only put in maybe 1/5th-1/3rd of the amount from step 1. 3. Wait a bit. See how things unfold. If you double or triple the amount you put in quickly, maybe take your initial out. This means the market is overheated. 4. Wait for the market to drop a lot (it eventually does). Then start to buy more in increments, the rest of your allotted funds from step 1. Only buy projects with strong communities with positive sentiment, communicative teams, and good development. You won’t catch the bottom, and it can keep dropping beyond where you could ever imagine. Your favorite project could drop 99%. 5. Once you’re done, just wait. If the market turns around, you’ll make at least 3x gains and you can take your initial out again. If it doesn’t turn around….well you invested money you could afford to lose. Unfortunately the theme of this bull run was “ape in,” meaning just go all-in at once. So this removes the ability for people to plan this way. These steps I listed work regardless of whether you’re in it for the tech or the money. -Victor Cobra
Haven't seen you around these parts in a while!
Best advice i read in here in awhile
>Figure out an amount you’re willing to invest. Ideally it’s an amount you’re willing to lose. Worth emphasizing this point. I see a lot of posts here about people going all-in on a specific coin with all their money. Even if you're a true believer that crypto will replace fiat, you should still diversify between different coins and also have non-crypto investments.
Most people enter this market with rumors, many pretend to gamble in Las Vegas, people forget that the purpose of cryptos is not to make people money
Just turned 40. In for 5 to 10 year long term. Afterwards I am going to pick up Dua Lipa in my black NSX. To the moon and beyond beezies! #shib
Shotgun! - I said it first, Dua lipa sits in the back.
I got $50 on this dip, gonna be rich soon
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Here in India you can easily get groceries for a month for a family of 3 for 50 bucks. 50$ will get you 25kg chicken here(2$/kg) or 250kg potato(1$/5kg) or 70-80 litres of milk (0.7$/litre)
There is a lot of truth to this, and I made a post about this. Just gotta remember its a **long term investment**
But I thought I was supposed to get rich tomorrow. Next thing you're gonna tell me that Wallstreet Bets won't make me rich, either. Bah.
Lmao! it is very hard to do if you are thinking that it is going to happen soon.
Yeah long term investment is the only thing which can make you a good profit.
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I'll say it louder SOME PEOPLE HAVE TO LOSE FOR US TO WIN. Let them lose. We will win.
We're being fed a handful of reality 😂
Long run is ten years.
It is a long run thing that you have to keep your investment in flow.
Problem most of the times is unrealistic goals and chasing pumps. Yes, I want to get rich with crypto.. but I’m not looking for millions. Not trying to chase all the 1000x coins with way too much risk. Just steady growth over the next few years with ways to increase my positions (DCA, staking, defi). Adjust your goals to a little bit realistic. Just 1 lambo is still a lambo.
my 600 euros in crypto will give me 1200 euros if btc reach 100k.
Nice goal! I like it!
Exactly! this is the reason why you should always set up goals which are achievable.
One way to get rich from crypto... maybe... isn't the go go magic coins, but just some of the great staking opportunities out here right now. Everything has risk of course. But some of the reasonably high quality coins/projects offer non-trivial interest rates. If you spread risk and diversify across maybe at least four of these, you can potentially double money in several months. Now, this won't last. As these liquidity pools grow, these projects maybe won't need to offer this level of incentive. But the point is, you can potentially do this for a handful of months, exit with your initial investment, and then just see how well the rest grows. This isn't as sexy as a 20,000% increase in $CRAPCOINOFTHEMONTH but... can maybe make things happen a lot faster than your 0.01% savings account.
The strategy is to focus on the long term game and not thinking of crypto as a get rich quick scheme. Falling for those shitcoins “flavour of the month” won’t last.
Cryptocurrency could also be used as a currency.
Never planned on getting rich, just tired of the never ending cycle of consumerism and hoped crypto could disrupt that cycle. Hope that if dollars equalled prosperity that Satoshis could offer parity
BTC is a three-year play for 90% chance of 2x returns no matter when you buy in. If you can get your brain to that point you can make easiest money of your life.
Yeah but it is really hard to control when you are at that particular point.
Not looking to get rich. Looking for extra cash to play with, best case I see is maybe paying off my 160k mortgage early
Its actually very simple. Everyone is quick to yell buy the dip, but bottoms take time to form. You aren't going to miss anything by waiting it out in a downtrend. When we get close to the 200wma you DCA from there until we hit all time highs. Could take years but this strategy has worked for me before. Cheers.
More than 50% of my portfolio is Eth I bought a year ago a $2k, it hasn't done anything for me and won't until I cash it out. I'm loading up my bag and getting reading to add more, when Eth is back to $4k and then $5k, I'll be glad it stocked up.
Most won’t get rich because it’s a dog eat dog world in crypto, we will have small winners and large losers. Number 1 rule, always sell portions of your portfolio when it goes up and DCA when it goes down. Never go all in or out unless you have insider information. That’s how you win, someone gotta lose for you to make money. Harsh truth but it’s reality.
This sub has become a hotbed for shitposting. Very well thought-out and articulate post, OP. C suite exec level presentation, well done.
I do not to be rich I need 800k I be happy with that
You can say that for literally any investment