Losing money in cryptocurrency?
Invested every single dollar you have and now regretting life because the entire market dropped 50%?
Well let me tell you something. The market in any industry is made up of amateurs and professionals. And the money flows from the hands of the impatient to the patient.
So find out in today’s video on how the real entrepreneurs are still making a killing no matter what the market conditions are.
KNOW WHEN TO BUY AND WHEN TO SELL.
The first thing that you guys gotta understand is you need to make sure that you buy when everyone is PESSIMISTIC and sell when everyone is OPTIMISTIC.
So when my mom starts calling me and tells me that bitcoin is crashing, that’s an indicator in my brain telling me that I need to go ahead and buy.
Why? Because she’s kind of like what most retail investors think.
Like my mom, everyone panics when bitcoin crashes because they don’t understand it yet. But for me, that’s a go signal to get on coinbase and buy some more bitcoin or ethereum.
On the other end when people are too optimistic, that’s when you need to start selling.
I learned this personally the hard way, and it actually started out with a really funny story.
I was on tinder swiping away, trying to find some love in a hopeless place while I was traveling back in Thailand.
And one of the people that I ended up on a date with was this Thai girl who, out of nowhere, just started asking me about bitcoin.
She’s kind of wanting to invest in bitcoin after hearing a lot of people are making money out of it. Well it caught me thinking, hell yeah, that’s like my reality.
And if someone from the villages of Thailand is already asking if there’s potential in bitcoin. . Then I’m thinking that the market at that time is way too optimistic because it all way ended up in the village of Thailand.
That led me to feel the need to start selling ASAP so that I could buy again when the market crashes and then I could recoup when everyone else is pessimistic.
Now this leads me to the second point..
NEVER DAY TRADE.
Guys, make sure that you never day trade. .
Unless you’re like my friend who literally has over a thousand bitcoin and day trades every single day.
And he doesn’t care if he lose his 50BTC because that’s only 1% of his portfolio. He’s literally invested 40, 000 hours a day trading, so he understands the charts.
But here’s the thing for most average entrepreneurs or most average day traders: THEY WILL LOSE WHEN IT COMES TO DAY TRADING.
Now for those that are day trading, what you guys got to understand is some of them are looking at this as a get-rich-quick thing.
They’re trying to take advantage of the volatility and they kind of overdo the “buy at the lows and sell at the highs”.
And plus, they try timing the market where they end up losing all of their money.
At the end of the day if you really want to make money, understand that all you have to do is H-O-L-D. Hold on to dear life, my fellow freedom fighters.
Look at a project or a company, and look at their team and their idea. Observe what it is that they’re trying to do and see if there’s someone that’s reliable. Now check what’s their background experience on how they end up taking a project into existence.
Because this is the thing that you guys need to understand. .
Probably most of these ideas are gonna fail.
But there are a lot of projects that if you do your research and you saw the idea and the roadmap to get there. .
And there’s a team that have the background experience to bringing this idea into reality, then you just know as long as you trust the process guys, THAT IS WHAT AN INVESTMENT IS.
Understand that a lot of these people are still in the beginning stages. And even though it’s going up and down, many of these companies could be like bitcoin where it went from 1,000 to 300 and then shoots up to 10,000 to even all the way up as high as 20,000.
So guys, do not day trade and just H-O-L-D on. Literally hold on to dear life and do not sell at lows. Hold on for a couple of years if you need to. Don’t just get in there for a couple of months guys.
Because even though you are losing money right now, the only time that you actually lose money is when you realize your losses and you sell at a loss.
Understand that this is a LONG-TERM GAME where you’re trying to create long-term wealth. However that’s gonna be impossible for short-term actions.
DO NOT DEPEND ON IT.
As this thing is suppose to be a long-term vision, do not fall into the trap of fear of missing out or the fear of uncertainty and doubt.
Which is why you should never depend on cryptocurrency as your main source of income.
This is what you guys got to understand. .
You’re just depending on the volatility and living off of the growth of companies that may not even have the products or the actual services.. They’re just all literally based on speculation and hype.
Now if you do depend on crypto, you’re literally shooting yourself in the foot because now you are reacting to the marketplace.
And as an entrepreneur, you’ll never do well when you react to the marketplace.
The best way you can do is to BE PROACTIVE and BUILD OTHER INCOME STREAMS and live off of that. .
While this cryptocurrency thing is in your “RISK PORTFOLIO” (say that 10% that you’re willing to lose) so that you can actually get the long-term gains.
That’s why I recommend that no matter what you do, do not depend on cryptocurrency.. Or wait until bitcoin is maybe like $100,000 or $300,000 before you could actually start living off of cryptocurrency.
And this is an exception, since I have a lot of whale friends that invested in a lot of earlier projects.
Right now they’re living off of their cryptocurrency investments.
But for an average person, do not depend on that or on the gains that you’ve made in a day or two. Because at the end of the day, the market could crash 30-40% in a blink of an eye.
And if the market crashes, your net worth goes down to 30-40% and if your entire income was based on this thing, you’re gonna be one sad puppy.
So what definitely helps is YOU becoming a senior entrepreneur!
Start a YouTube channel, jump-start a blog site, or create a dropshipping store. Find a way to bring in money elsewhere and live off of that so that you could really experience the games. .
Because in the long run, it doesn’t matter how much these things could grow.
Can you imagine the people that bought bitcoin at $1 dollar and then they sold it eight dollars thinking they 8X their income. .
And then they fail to realize the crazy growth in everything else.
That’s the biggest thing guys… Do not just live off your bitcoin because my friend literally bought a $5 dollar hamburger a couple of years back..
And now that $5 dollar hamburger that he bought in BTC is now worth $450.
That is one hell of an expensive hamburger guys!
Now to bring it all together:
- Buy when others are pessimistic and sell when others are optimistic.
- Do not day trade and just hold on for dear life as your long-term strategy.
- Do not depend on cryptocurrency.
And if you let #3 affect you emotionally, you will surely fail as an entrepreneur.
Because as entrepreneurs, WE CREATE OUR OWN REALITY…
We create our own life..
And instead of us reacting to the environment, we have to proactively create the reality that we want.
So hopefully that helps guys.
Take it easy!
Like This Post? Do Me a Favor and Share it!
And for more tips on how to make money online make sure you check out the following:
- Subscribe to My YouTube Channel
- Follow My Entire Blueprint from Zero to $1.5 Million in 12 Months
- FREE eBook: The 3 Principles to 3x Your Income in Half The Time