For several different years, people could make money in crypto whether they knew basics like how to buy Polkadot or not. In years like 2017 and 2019, it was possible for blind people to throw darts at the wall and nail winners.
However, if you want to maintain perpetual success in digital currencies, then you need a long-term plan for success.
One proven path to potentially six digits or more involves seven distinct steps:
1. Research Everything
Investigate any cryptocurrency you might invest in as thoroughly as you can using crypto apps like OKX. Know its current value and trends, and look at its past values and volatility. See what experts are saying about its future.
Knowing the cycles of anything helps you get in and out at the right moments. You’ll also have a better idea of which cryptocurrencies are worth taking a risk on or not.
2. Have the Right Temperament
Tuning your mindset properly is your biggest weapon. Staying calm throughout all the volatility is essential. Truly investing in your own personal development is something that will pay off far more than any digital currency ever will.
3. Simplify Your Strategy
Making investment decisions without a plan in place is just a recipe for disaster. Any plan is better than none, but having a sound plan and sticking to it over time usually pays off in the end.
4. Timing Matters
Don’t jump on trains too soon, and don’t cash out of a winner before it’s all over. Know the market cycles so you can pinpoint the right moments to start investing in certain things while backing out of others.
Cryptocurrency still has a lot of future left, no matter how much it looks like Bitcoin has already peaked.
5. Minimize Your Risk
Set up a cold storage wallet or hardware wallet. Only use exchanges that are reputable and insured. Double-check crypto addresses, and do test transactions you can confirm. Never hand out your private key, and only give your public key when necessary for transactions.
6. Be Patient
Put together a good plan, but then wait for the market to head in your direction. You have to wait until the right moment to strike. Knee-jerk reactions are never going to lead you anywhere but astray.
7. Don’t Go Into It Alone
Find mentors and experts. Take advantage of the cryptocurrency community. Boost your knowledge with the wealth of resources that are now so widely available.
This industry is constantly growing and changing, so keep up with everything that is developing along the way. You’ll need it just to hold your ground, but it also means you will be in a position to take advantage of new opportunities as they present themselves.
Cryptocurrency may be a new industry, but you should also recognize that many of these fundamental steps toward high-profit success are valuable lessons learned from previous industries. They still hold just as true for digital currencies as they do in older sectors.