10 Secrets Crypto Millionaires Don't Want You to Know
You rarely spot successful figures at blockchain conferences. The reason is quite straightforward: they're busy working and making money. While they typically keep their strategies under wraps, we've discovered some interesting insights.
The Early Bird Catches the Worm
The lion's share of cryptocurrency billionaires and millionaires didn't break into the market in 2017 or beyond. Rather, they took a leap of faith at the inception of the crypto industry. The ones who took a gamble on Bitcoin mining in the early 2000s, just out of curiosity to see what might transpire, now boast of wealth that counts six zeros and more.
Experience Trumps Theory
Many books about cryptocurrency, where authors guarantee you a path paved with gold and a surefire way to become a millionaire, actually deliver little substantial benefit. They might shed light on the rudiments of crypto trading and how to build your own investment portfolio. Yet, the true essence of value lies in getting your hands dirty. Each crypto millionaire has blazed a unique trail to success, experimenting with an array of strategies firsthand. They've weathered market downturns, risen above setbacks, and steadfastly forged ahead.
The Costly School of Hard Knocks
Crypto millionaires contend that the lessons learned from the market are priceless, as they've often come at a steep price—in every conceivable way. They've had to pay for their misjudgments and blunders with their assets and capital. This hard-knock schooling turns out to be the most effective. Financial setbacks became the catalyst for a meticulous analysis of their errors to prevent repetition, for the reshaping of trading strategies and systems, and for efforts towards reducing risk exposure.
Trust is Good, but Verifying is Better
Numerous high-achievers in the crypto industry reminisce about the early days when nobody believed that the cryptocurrency narrative would last. Traditional economy adherents and those in the fiat-banking industry dismissed Bitcoin and other cryptocurrencies as merely a Ponzi scheme. They perceived Bitcoin as a geeky hobby or a time sink. However, the ones who persisted, despite Bitcoin's dramatic plunge in 2013 (from over $1,200 to $200), ultimately reaped substantial rewards.
Hold Fast to Your Trading Strategy, Shun FOMO and FUD
Crypto millionaires who indulge in speculation maintain that the key to their success was a steadfast adherence to their trading discipline and plan. Amid the market crashes of 2013 and 2017, many an investor succumbed to panic, selling off assets and incurring losses. Conversely, some savvy traders, having taken short positions, managed to rake in sizable profits. Then there were those crypto investors with nerves of steel who weathered the downturn and secured profits by patiently waiting for a fresh all-time high.
Carve Out Your Profitable Niche
The journey to becoming a crypto millionaire isn't solely through speculating on assets. Some have built successful businesses offering unique services in this arena, while others have struck gold with mining. Some dove into countless ICOs until they struck upon their "unicorn" (Ethereum, NEO, etc.), and others who systematically secured early access through whitelist presales, amassing assets to later sell at the peak. It's certainly worthwhile to explore different niches within the crypto industry to discover which one resonates with you and yields the greatest returns and satisfaction.
Manage Risk and Capital
Successful traders and investors stress the necessity of following money and risk management rules. There are times when a single stop-loss order could rescue a deposit, which then grows exponentially due to successful market trades.
Utilize Algorithmic Trading
Another effective approach is using trading bots with diverse strategies. These bots can conduct numerous transactions while a trader might only place one order. When combined with a sound trading strategy, trading automation can yield significant results.
Delegate Operational Activities
Seasoned crypto millionaires often recommend entrusting a portion of your capital to a reliable investment fund. This method frees up valuable time as the fund handles operational and exchange tasks, while your portfolio keeps expanding. Some successful crypto enthusiasts have even created their own venture firms, providing capital management services.
Embrace Collaboration and Networking
Accomplished crypto miners and traders concur that expanding one's contacts within the crypto industry is vital. Synergies from multiple crypto startups can result in new services or products. Mining collaboration in a pool offers stable profits to all participants. Even the networking of several crypto enthusiasts can birth inspiring ideas, projects, and new sources of revenue.
