To prepare for the coming bull market in 2024 and seize the key moment, it is particularly important to cultivate one’s internal strength. Based on a deep understanding of the market and rich investment experience, the author shares several key principles: avoiding anxiety due to missing opportunities (FOMO), not blindly chasing the market, and continuous research in the investment field. These principles are intended to provide investors with a solid strategy to stand out and maximize returns in the bull market of 2024. This article is sourced from an article published by 0xFinish on the X platform, compiled, translated, and organized by Foresight News.
Table of Contents:
Go Crypto Full-Time
Pick a niche
Enjoy the process
Never marry your bags
Don’t over manage
Research -> Invest
Take profits
FOMO is your biggest enemy
Always pay attention to market sentiment
Stay humble
Very few people will become millionaires in the bull market of 2024. But “success only requires a simple set of rules.” After hundreds of investments, I have finally established a system! Avoid FOMO, conduct in-depth research, and gain an advantage over everyone else.
I firmly believe that 2024 will bring a super cycle. We have never seen a situation like this before, so we must be prepared. Without a solid foundation and rules, we will lose real profits while trying to catch fragments.
I have been in the market for over 7 years and have experienced several major bull markets, which helped me develop my current set of rules. The following are @0xFinish’s personal insights into the bull market of 2024.
This may sound a bit crazy, but I want to be honest with you. Cryptocurrency is the only place where you can make money that can change your life without requiring a large amount of startup capital or ten years of experience. It is suitable for people of all ages because it provides everyone with the same opportunity. Wavering between full-time work and cryptocurrency investment can lead to failure in both areas, or at least missing out on six-figure profits.
This advice may sound similar because they have similar purposes. Bruce Lee said it best, “I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.” If you jump from NFTs to leverage trading and then back to IPOs, you will not succeed, but rather waste a lot of time and energy.
This may be the most important part of true “success.” “Life is a journey, not a destination.” – Ralph Waldo Emerson. If your goal is to earn $1 million, but you hate your life every day, it is meaningless because in the end, you will hate money. Every day, you will encounter new ideas, problems, and opportunities. Learn to enjoy and overcome them.
This is a rule I learned through painful lessons. There was a time when I was very fond of the NEAR ecosystem because I did in-depth research and enjoyed the technology and NFT space. As usual, the market shifted to a bear market mode, and I held onto my position until it dropped to $4.
When you start building your investment portfolio, it is a mistake to make too many adjustments. It is best to form three types of portfolios: long-term, medium-term, and Degen/short-term. Hold your long-term investments for at least one year and then sell when the market is most greedy. For medium-term investments, it is more narrative-based, so try to track these narratives and be agile. As for Degen plays, it focuses more on meme coins/small market caps, so only invest an amount you can afford to lose.
Never invest in something you don’t understand. It is the worst thing if someone tells you to buy something. You know nothing about their due diligence, risk management, or portfolio size. If it starts to drop, you will sell on the first red candle because you have no idea why it should go up.
This may sound interesting, but I made this mistake 100 times. You see your profits, you’ve never seen such a huge number before, but you still decide to hold instead of locking in your profits because you are a diamond hand. Strong recommendation: always consider how to take profits; for example, sell 33% of your position when it reaches three times the initial investment. Of course, this part is very flexible as it depends greatly on the asset itself.
Many times, you will feel FOMO because someone has made a lot of money, and you feel like you could have had the same opportunity to make a lot of money. Always remember that opportunities come every day; you need to stay open to them, and the opportunity you seek will come. Everyone has their own journey; don’t try to walk someone else’s path.
If you closely monitor market sentiment and its reaction to different news headlines, you can identify market shifts early enough. This will give you a huge advantage to react to events faster than most participants.
Wherever you are, staying humble is the best thing you can do. Even if you earn $1 million overnight or lose everything, never forget where you came from and why you are doing all of this (remember your original intention!). Never forget the people who helped you in difficult times; always be ready to repay them tenfold.