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Good evening everyone, hope everyone's well here!
I'm currently in the process of recovering after some horrible misguided attempts at putting my small holdings to work (one way ticket to 0 in short), and thought I'd post and see what kinds of ideas others are enjoying embracing when starting off at the bottom end, and how their journeys are coming along.
Can be easy I think (especially with influence of others even "well intentioned" advice) for the rushing or FOMO to take hold and potentially miss lots of healthier, safer, efficient ways of accumulating crypto holdings when the blinkers are on, in a panic, for all the right reasons despite possibly what it may seem like.
For myself, it was a combination of rushing in attempt to deal with worsening personal circumstances to reach safety, health issues causing "fogginess", and a new found friendship combined with futures trading that made me question the importance of "money" entirely. Painful process though it might have been, it's invaluable as an experience, even if it's not done with mopping the floor with my soul just yet.
It actually led to me crossing some concepts pretty intensely to be honest with a severely strong build mentality, so if anyone has suggestions here too, i'd love to hear any suggestions of potential avenues to find resource to build on also (aside from the usual proposal/grant routes that are just exhausting and demand a focused idea instead of multiple concepts to build on I sit with). Hope this makes sense?
And best of luck to everyone trying to make it here, it's amazing to see a lot of people these days speaking up in similar ways.
Simple advice for you: Figure out how much Bitcoin you can afford to buy in a month and divide it by 30. Whatever that number is, buy that amount of bitcoin every single day for the next 5 years.
Yes it is boring. Yes it is simple. But 9 times out of time this strategy will have you way ahead of any trading, options, staking, defi yield strategy you will find.
Work hard. Save in Bitcoin.
Best of luck.
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Thank you for the reply!
Agreed, it's the "itchy fingers" that can be the road to ruin (guess this is where the hard work mentality/ethic of building becomes the destination, rather than taking it out on your poor stack)
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We have all been there. I day traded commodity futures for a year back in 2011 when I took a year off after a contract job ended. I was supposed to take the year off growing my business (I did a bit) but I mostly degen day traded and travelled.
I have participated in markets for 20 years now, and at least for me, all the wealth I have obtained has come from long term equity in high quality assets (blue chip stocks like apple, real estate, and bitcoin). I have never made any sustainable money trading.
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I hear you, I see it frequently with traders who amass quickly to then lose it even quicker.
In my instance, I spent a lot of time with this friend of mine (myself with a few 100 at a time, himself towards 700k), they made it sound easy and a cake walk. Alas, liquidations galore and a shrug of the shoulders as their reaction was all that happened. Rough.
Hope your now enjoying some reward for that hard work!
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Ha, this is literally what I do! It helps to not have to think about it at all. Just do daily recurring buys w/ Swan. I think Swan is an incredible asset to the community, so I view the high fees as a donation to their outreach :)
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Heard good things about Swan, had some issues setting up an account for some reason, looked like an ideal platform to introduce some relatives/friends to the world of cryptocurrency.
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Funny enough, currently been battling a seemingly ChatGPT-ran customer service of BitGet to pay me my due rewards for a competition I placed for payout in many many months ago.
14 attempts (approx) to be repeatedly told by them my account was ineligible due to location restrictions (my account somehow was set up as Latin America despite KYC'd to UK and thus eligible).
Felt foolish to think they (and possibly CEX's generally) had better intentions than the usual dinosaur corpo we we're used to. We learn.
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