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How To Become A Millionaire in Crypto. (Part 2)
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This is just the beginning.
LIKE THIS POST IF YOU ARE EXCITED.
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So how will you become a millionaire during this crypto bull run?
It is simple.
I need you to create a 5-year plan.
Bill Gates is famous for saying a very powerful quote:
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This is what you need to understand.
Crypto is here to STAY- It is the future.
Blockchain technology is a revolution that will RESHAPE industries on a massive scale.
Some of these projects will become the NEXT behemoths that are the equivalent of Google, Amazon, Facebook, etc.
So you need to create a 5-year plan and STICK to it.
For an idea of what your plan should look like, here is a brief summary of mine:
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Years 1-2:
- Focus on INCREASING income.
Now is the time to make SACRIFICES and cut out all the bullshit.
Forget about the next party or the next luxury holiday; TRUST ME, those will always be there.
But opportunities like this do NOT come often.
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- Use these next few years to focus heavily on making AND saving money to INVEST.
You cannot save your way to riches; therefore, you should ONLY save in order to invest.
This is the mindset you NEED to have.
I will sacrifice NOW and enjoy the fruits of my labour later when the ‘only up’ bull market comes to an end.
Invest 90%+ of savings into crypto buying a little bit each month of my favourite long-term projects, and buying in heavily on 20-40% dips.
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- Trade when the market is in EASY mode with leverage to increase the size of my long-term positions while they simultaneously appreciate.
This is what my 8 FIGURE crypto trader friend told me last cycle:
They used low leverage at the beginning of bull markets where their risk is very minimal and reward is huge.
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- Constantly research for NEW and upcoming projects.
While the money printer is firing, HODL my bags and never sell, unless allocating to another project.
I would only SELL if I noticed 2 Bearish divergences on the WEEKLY chart - which is ACCOMPANIES with 2-3 bearish divergences on the DAILY chart - which would tell me the top is very close.
Simple.
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Years 3-5:
- Keeping a closer eye on the FED.
Why?
For potential changes to their monetary and fiscal dovishness.
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Let me QUICKLY explain how the decisions and actions of the Fed can impact crypto markets during a bull run:
Interest Rate Hikes:
If the Fed decides to RAISE interest rates during a crypto bull run, it can have a BAD effect on crypto prices.
Let me tell you why.
HIGHER interest rates make traditional investments like bonds and savings accounts more ATTRACTIVE compared to riskier assets like cryptocurrencies.
This shift in investment preference will lead to a DECREASE in crypto demand and a potential price correction (dump).
You see how I SIMPLY explain things.
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Tapering of Asset Purchases:
If the Fed REDUCES its bond-buying program (known as tapering), it will signal a TIGHTENING of monetary policy.
This will lead to concerns about reduced liquidity and LESS easy access to capital for speculative investments like crypto.
Traders and investors will be MORE cautious, which would also SLOW down price increases.
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Economic Indicators:
The Fed closely monitors economic indicators like inflation and employment.
This is the JOB of the FED to keep employment HIGH and Inflation LOW.
Now, If it perceives a significant threat of HIGH inflation, it will adopt a more hawkish stance, which could involve RAISING interest rates aggressively.
And as we know INCREASING interest rates would NEGATIVELY impact crypto prices, as higher rates will make borrowing more expensive and reduce risk appetite.
This is all the basics you need to know about FED for now.
Interest Rates control everything.
Now let's go back to my strategy.
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By this stage, I should have a SIGNIFICANT balance.
The focus now would be shifting AWAY from capital growth into PRESERVATION.
No more sketchy shitcoins, etc.
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Here's my recommendation for you to implement right now:
Buy on dips and hold.
You need to understand that trading is a very SPECIFIC skill.
Do you know what the biggest misconception is?
"That you need to actively become a full time TRADER to become rich in a bull run."
Let me tell you the actual TRUTH.
More of my friends have become millionaires just by buying my recommendations early and HOLDING.
Then sell when retail gets on board.
They understand TIME in the markets will always beat TIMING the markets.
And to become a trader that’s profitable consistently it will require almost your entire focus.
It’s not something you can do an hour a day like going to the gym and expect results.
The only time this differs is if you are trading during periods where the market is trending up strongly and it becomes super simple, OR you follow my advice.
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But for some of you, it makes more sense to focus on your income and invest the proceeds into crypto.
You are much more likely to make money this way than through trading.
Or Another way which is what I RECOMMEND is:
Have your large SPOT portfolio which you DON'T touch, and have a separate portfolio just for trading - Then with the profits of that TRADING BAG, you INCREASE your spot bag.
The goal of profitable trading is to sit on your hands and enter big when the opportunity presents itself.
Part 3 will be everyone's favourite post.
Remember this is just the beginning.
@ionicXBT
Comments
nice one ionic. I'm going through some of your post again. you keep it so simple that it's pleasant to read you after a long university day ! thanks
Great great advice! had to read it multiple times. I am focussing on increasing my capital and have also made allot of sacrifices for it. The next bull run will hopefully provide me the fruits of my labour! Cannot wait and thankfull to be on this journey with you as my mentor.
