08-14-2021, 11:54 PM
My recipe for success in crypto after 8 years
<!-- SC_OFF --><div class="md"><p>So I'm pretty much a whale by now after 8 years in crypto. I started with nothing but a normal source of income and I didn't strike lucky on a megapump or anything like that. Just steady profit taking and a simple rule I <em>never</em> break.</p> <p><strong>If anyone wants to play the long game, here's how I play it</strong> (initially shared in comments, then people asked me to share it)</p> <ul> <li>I sell 20% of my bag after 40% profit, as a hard rule. Then I DCA back in during dips and bear markets using my main source of income and post-tax staking rewards. Works reliably every time. It's worth rewriting that as "taking profit, but still with 80% of the portfolio intact"</li> <li>The 40% profit level is usually hit 2-3 times during bull runs, but sometimes only 1. Profits end up in a composite index fund, and I prepay taxes.</li> <li>I'm fairly diversified (around 30 coins), with a mix of oldcoins, solid midcap projects and a few microcaps. I do a lot of research and immerse myself into the communities of most of these coins. If something starts to smell bad, I sell immediately.</li> <li>I stake whenever I can, some coins are up to 20% APY <em>without lockup</em>. This is now a significant stream of passive income.</li> <li>I completely ignore fads and shitcoins. Just solid projects with a good plan.</li> </ul> <p>Key takeaways: I make no attempt to time the market, and "hodling" across bull runs is <em>not</em> effective.</p> <p>This is a powerful strategy, because you get to have a crypto exposure, yet benefit from the magic of compound interest in fiat.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/unprotextor"> /u/unprotextor </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/p4f8pi/my_recipe_for_success_in_crypto_after_8_years/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/p4f8pi/my_recipe_for_success_in_crypto_after_8_years/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>So I'm pretty much a whale by now after 8 years in crypto. I started with nothing but a normal source of income and I didn't strike lucky on a megapump or anything like that. Just steady profit taking and a simple rule I <em>never</em> break.</p> <p><strong>If anyone wants to play the long game, here's how I play it</strong> (initially shared in comments, then people asked me to share it)</p> <ul> <li>I sell 20% of my bag after 40% profit, as a hard rule. Then I DCA back in during dips and bear markets using my main source of income and post-tax staking rewards. Works reliably every time. It's worth rewriting that as "taking profit, but still with 80% of the portfolio intact"</li> <li>The 40% profit level is usually hit 2-3 times during bull runs, but sometimes only 1. Profits end up in a composite index fund, and I prepay taxes.</li> <li>I'm fairly diversified (around 30 coins), with a mix of oldcoins, solid midcap projects and a few microcaps. I do a lot of research and immerse myself into the communities of most of these coins. If something starts to smell bad, I sell immediately.</li> <li>I stake whenever I can, some coins are up to 20% APY <em>without lockup</em>. This is now a significant stream of passive income.</li> <li>I completely ignore fads and shitcoins. Just solid projects with a good plan.</li> </ul> <p>Key takeaways: I make no attempt to time the market, and "hodling" across bull runs is <em>not</em> effective.</p> <p>This is a powerful strategy, because you get to have a crypto exposure, yet benefit from the magic of compound interest in fiat.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/unprotextor"> /u/unprotextor </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/p4f8pi/my_recipe_for_success_in_crypto_after_8_years/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/p4f8pi/my_recipe_for_success_in_crypto_after_8_years/">[comments]</a></span>Kind Regards R