December is coming, and we already seeing signs of a bull market build-up before the December boom that everyone anticipates. December 2017 was a glorious year for crypto traders and enthusiasts, and the market left a smile on everyone’s face, and a huge majority of the industry players moon walked into 2018. But the story so far in 2018 has been sort of bitter sweet story, with the prices swirling up and down, hence messing up emotions and expectations. But the read crypto enthusiasts remain deterred, and the recent surge in Bitcoin prices is a sign of better things to come.
As we prepare ahead of the next boom market, we have to keep a couple of things in mind, as a way to secure our future, and our efforts. Towards the close of last year, as well as early 2018, a lot of people cashed out majorly in the world of cryptocurrency. The people that had an adequate plan are the ones still thriving despite the bear run that the industry had, and I believe they can thrive further even if the market doesn’t correct itself.
Part of the reason these whales and smart investors were able to survive this long is because they followed a set of universal rules, rules that are not new to us, but one way or the other, we fail to apply them in our everyday life, it eludes us.
In this post, we will look at some things to have in mind as we anticipate the next bull run in the world of cryptocurrency, and ways we can maximize the benefits that comes with it.
Have an Actionable Plan
This is the most important piece of the puzzle, planning is very important in every endeavour, and those that venture into any engagement without adequate planning, most of the time, they fail. So, there is nothing as important as making a well thought out financial plan, this helps in many things, one of which is tracking progress and pivoting.
As a steemian, the plan might be to write a certain number of posts weekly, and since you've been on the platform sometime now, you should have an idea of how monetary reward to be expecting from each post. With this figures in mind, you can allocate what should be spent and where should it be spent.
The same thing applies to everyone, know what you're earning, as well as what you are spending. This helps you keep track of your financial status, and helps tremendously in planning; as you will have good days to work with.
Work, Work and Work
There are no shortcuts to amassing wealth, and staying afloat in times of famine, you have to work your way up and generate value. If you are a steemian, or a crypto trader or investor, this is the time to get your hands dirty. Steemians should write more posts now that will translate to bigger rewards, which in turn will increase their reputation, and will add value to the steem power. Also, since Steemit now pay steem as one of the currency upon posts payout, this is a good time to earn as much steem as possible.
For crypto traders and investors, this is the time to study the chats, and look out for smart investment prospects to invest in. The surge in Bitcoin prices, is good for the whole crypto space, this means that other coins will rise in value as well. So, at this point, you want to spend your time swing trading and prospecting promising coins to invest and HODl for the near future.
Save for the Rainy Days
This is an ancient and golden rule of life, you secure your future by saving today. As my friend will always say, we're one policy or hack away from being broke. So with adequate savings and insurance policies, you are sure of a healthy financial backup, while you switch jobs or scout for a new business to work on. This point here is save while you can, no one is sure of what the future will presents.
As I mentioned earlier, work with figures more, you have an idea of what your earning is, you know how much you spend and you keep a portion for savings. With consistent monthly savings, you are sure of a reserve you can call upon when life challenges comes up.
Thanks for you reading!