1. Don’t FOMO
Most people get rekt during a bull run because they FOMO into hot tokens on green days. This leaves you more exposed during corrections due to an inflated cost-basis.
2. Don’t Rush Decisions
Make money slowly. Protect money quickly.
3. Don’t Over-Rotate
Hopping from coin-to-coin is likely going to get you burnt. Ensure you have conviction in all of your trades, so you’re not constantly chasing gains on new, shiny objects.
4. Don’t Over-Diversify
Concentration builds wealth. Diversification protects it. I’m not saying to go all-in on 1–2 projects, but make sure you’re not spread too thin either.
5. Don’t Get Greedy
Crypto gains are paper gains until they’re realized. Make sure if you make money, you use it to actually get rich. Go more risk-off as the cycle progresses, not the other way around.
6. Don’t Get Complacent
If you hit a big winner, lock in some gains. You could round trip sooner than you think. I like to use an incremental (percentage-based) profit-taking system as the price climbs to ensure I’m consistently laddering out, rather than trying to time the market.
7. Don’t Use Leverage
Leverage is a tool to reduce risk (via increasing capital efficiency), not to increase it. Unless you’re using it with a clear purpose, avoid it altogether.
8. Don’t Panic During Flushes
Shakeouts are common during bull markets. Use these as an opportunity to scale in. The best risk/reward opportunities in the market are during bull run leverage flushes.
9. Don’t Lock Tokens
Many of us learned this lesson the hard way last cycle. Liquidity is key.
10. Don’t Ignore OPSEC
– Don’t keep all your funds in CEX. Utilize Binance Wallet.
– Store your seed phrase wisely.
These are just a few tips. Always be aware of your actions and maintain a sense of paranoia to keep you grounded.
My Profit today:
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10 Things to AVOID at All Costs If You’re Serious About ‘Making It’ This Cycle was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.