If Everything Went To Zero Will Your Life Still Be Okay?
Few months ago I wrote an article about being a cryptoneur, someone that makes a living off crypto one way or the other. I call myself a crypto hustler, because I make money from different crypto means, could be DeFi, Move To Earn, Spot Trading, or being a P2P crypto merchant. Sometime ago I got a crypto job for a move to earn startup and my job was to teach people about move to earn. I got paid for that, and I was paid in BUSD, so you get my point? At the end of the day, I receive my payment through crypto and my life revolves around it.
I was talking to my friend one day and we started re-evaluating our lives and how it revolves round crypto, and how we need to diversify our earnings outside crypto. I have plans I want to make to earn outside crypto but everything needs to be done step by step with no rush. So one of the reasons we had that conversation was because of financial safety, security and ”what if”. Crypto is the future, crypto is inevitable, the technology is amazingly great, but at the same time one needs to be careful. This is why, one needs to take risk management really seriously especially during the Bull market season.
We know, we scream Diamond Hands a lot, but that is a very big risk, learn to take profits some times, not all the profits but some of it. This is because, in as much as we are riding the crypto wave really hard, it’s always advisable to be safe, don’t over invest, because if everything went to zero, how would your life be? Will you be okay? Will you still survive? If your answer isn’t yes and it’s No, then there is a problem and that problem is that, you have over invested. In the next Bull Market, take like 30% or half profit of your investment as a safety net should incase crypto goes to zero, this way you are stuck in the safe zone. You have something to fall back to, should incase crypto goes to zero, if crypto never goes to zero and still soaring high, good for you.
While Risk Management makes you safe, some people are ready to take the Risk Tolerance high road, where they are willing to tolerate the risk. They are the “Go Big or Go Home” kind of people. When the risk goes well for them, they end up making an enormous amount of wealth on another level, not a financial advise but choose your weapon.
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