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RE: My 10 GOLDEN RULES for Brokering Crypto | What 1500+ Hours of Experience Trading Since Q3 2015 taught me --> TA & Research/trial & error + Experience >>> FOLLOW THESE RULES; DO NOT PIVOT & YOU WILL NEVER LOSE AN INVESTMENT AGAIN! <<<
Last rules:
it's bizarly hard to earn more in trading than most jobs...
Don't invest only in crypto.
Agreed.
Your concern is addressed in Rules #6 & #7 for this very reason.
By setting contingencies; studying roadmaps & whitepapers, and getting daily updates on the coins/tokens in your portfolio you can mitigate losses so much so that they are almost non-existant; also if you're investing in a platform you believe in than like anything in life it's a risk worth taking.
Even if that doesn't work out... that's why 70% of your assets are stored in a long-term HODL portfolio (Rule #7 / Warren-Buffet model) so that either way if some freak of nature, mass panic & FUD occurs resulting in 3 market crashes in the span of 2 weeks: (i.e an anomaly occurs like we saw in Q1 of 2018 (January) the entire market could death spiral, millions will lose billions yet you'll walk away with only 30% of a loss: keeping 70% of your assets.
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I know 30% is a pretty big loss; we're talking about extremely rare freak incidents like a death spiral; only than will this safeguard be used... and compared to the more aggressive swing/day traders, losing 30% of your portfolio (when they've lost 100%) is like ripping off a bandaid. You'll live. They on the other hand... might end up eating a bullet. Why do you think the phone number for the national suicide hotline was all over Reddit/Coindesk & other crypto news sites when $BTC dropped from it's ATH over $20K to a staggering low number (makes me cringe to even say it so I won't)
Because people were committing suicide; literally... and could you blame them? Imagine spending years earning a small fortune (say 1 million USD) and overnight it's gone. That can fuck with your head; especially if there are other circumstances in life that are exacerbating the predicament/circumstance.
>Again Rule #1 for this very reason.
Nobody likes them; but they are the only thing standing between you losing 25-30% of your net worth versus you going broke overnight.
Agreed on the notion that trading alone isnt' enough (not now atleast; maybe in 2016/2017 when $BTC was not mainstream) and we could get away with the most insane returns. I never thought I'd say this... I miss those years: the good 'ol days; back when we'd see 10,000%++ ROI on all sorts of coins/tokens.
The best years of trading & we won't have a time in crypto more lucrative than those years IMO.
Also; having an an additional source of no-risk all-reward income in my case its mining, angel-investing/margin-trading is always necessary because brokering crypto is NOT enough to quit your job and make a living strictly due to the volatility/infancy & rapidly changing uncertainty of the market's future
https://steemit.com/bch/@a1mtarabichi/cryptolife-is-hard-if-you-have-the-passion-love-and-time-then-nike-otherwise-don-t-bother-you-will-lose-usdbch-s-and-xlm-buy-rec