Mistakes I made in the Last Bull Run. Lessons learned

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8 Feb 2024
9

If you don't ride the Crypto bull run for all it's worth then you're doing it wrong. You need to get as many gains as possible in the bull run without losing 90% when the bear market hits. This is easier said than done. 
I started in crypto back in 2018 and have some thoughts on gaining wealth in crypto based on the last cycle. I don't claim to be a true expert. These are just mistakes I made in the last cycle and what I learned.

Mistake 1 

 
There's a time to turn your big wins into Stablecoins and a time to turn it into Bitcoin (or another blue chip coin like $ETH or $SOL). It's important to recognize if you're in crypto Spring or Crypto Summer. If it's Spring you want to get into blue chips because these blue chips will likely increase in value over crypto Summer. If it's Summer you want to go into Stablecoins because the bear market could hit at any time and you don't want a falling asset. If you get into Stablecoins in the Summer you will be able to buy blue chip coins with your winnings in the Crypto Winter. This is how you gain wealth. 

But I did the opposite.Great info I will sold in the Spring for Stablecoins (I did buy something important with them though) but lost on big Bitcoin gains in the process. And then bought blue chips at the end of the Summer for a high price. I still made gains with my Altcoins and am better off now than before I started in crypto. But I left a lot of money on the table.

Mistake 2

My next big mistake was not paying attention to super succesful projects. I tend to focus on my projects and keep my head down. It's a good thing because it keeps me from foolish FOMO but it also keeps me from some important airdrops. Did I miss ENS? Yes, I did. Could I have bought a cheap Web domain 2 years ago? Yes, I could have. Looking back it was obvious that I should have participated in this project. 
I also missed out on a lot of farming opportunities in 2020/2021. I was too focused on my own projects. I should have paid more attention to the popular narratives of the market. I didn't need to go all in but I should have aped into more DeFi opportunities. I missed out. I still believe in picking your projects and keeping your head down but don't keep your head down so much that you miss out.

Mistake 3

Not selling into strength. I held too many bags and rode them through the bear market. Some of my coins still have not recovered. If you get a coin that is in obvious profit you need to take that profit and turn it into $USDC. Don't ride your bag through the bear market if you can help it (except for perhaps blue chips that you plan on holding long term). 
 
Don't screw up like me! Did you make any mistakes? Let me know!
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Notes and Disclosures
This post is provided for educational and entertainment purposes only and should not be relied upon for business, investment, taxation, or legal advice. Certain information presented is gathered from third parties and has not been independently verified. The views expressed here are those of the individual author and are not the views of 1.2 Labs Inc. or its affiliate firms. If you decide to buy or invest in anything, then your returns and potential losses are your own. No statements about taxation are taxable advice and you are encouraged to consult your own tax professional. No statements are legal advice and you are encouraged to consult your own legal professional. No statements about investing constitute investment advice and you are encouraged both to do your own due diligence research before investing and to consult an investment professional in that process.
Finally, as the author of this report, you should recognize that I do actively invest. Many of my trades are quick and I do write about many investment items, whether stocks, coins, collectibles, and the like which I do not own. For the purposes of disclosing any conflicts of interest, assume that if it is covered, I own the investment item. Or if my coverage is negative that I am short the investment item.

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