Performance in a bull market differs significantly from success in a bear market. Shorting at the right time or buying and selling short bounces at the right time is needed to be profitable in a bear market. In any case, you must continuously scan charts for opportunities to buy/long and short/sell, understanding that any miscalculation could result in liquidation due to a large red candle.
In a bull market, however, success is quick, which is why amateurs can make a lot of money. This is due to the fact that being good in a bull market necessitates being lazy and doing as little as possible. In a bear market, you must work hard to make gains, but in a bull market, the hard work is done for you if you do it correctly.
Below is a three-step guide to winning a bull market that can help you get in the right mindset for taking advantage of this once-in-a-lifetime opportunity and not looking back a year later.
Purchase the Correct Coin
Regardless of how long you intend to keep your cryptocurrency, selecting the right cryptocurrency is important. Overhyped coins with no demonstrated value will not be able to support a bull run; once the buzz dies down and the influencers have dumped their bags, they will collapse.
Coins that have been around for a while and have done well in past bull markets, as well as new ventures with strong fundamentals, are the way to go. As is customary, doing your own study is important.
Purchase at the Appropriate Time
If you want to hold for the length of a bull market, as you should, timing is critical. Of course, jumping in at the end of a bear market when no one else is talking about a bull run is ideal, but getting in a few months into a definite bull run, as we are now, is perfect. Bull runs last years rather than months, so you'll have plenty of time to choose your poison. Anyone preparing their alt coin bag a year into a bull run, on the other hand, should be aware that they have cut their holding time (and future gains) in half.
If you're thinking about buying a coin that's 10 times higher than it was a year ago, think twice. That coin has less juice than others that haven't had such a run. The later you buy into a bull market, the less time you'll spend owning and profiting.
Remove Your Coins from a Coin Exchange
Leaving your coins on an exchange implies that you are able to sell them, whether consciously or unconsciously. At the very least, it makes them simple to sell on the spur of the moment, which is a tactic you can only use in a bear market. A bear market requires many buys and sales, while a bull market only requires two: a buy at the beginning and a sell at the end.
Send your coins from the exchange to a wallet after you've purchased them. This should ideally be a cold wallet, or at the very least one that is more difficult to access (and secure) than your phone. The idea is to keep them out of reach so you don't get tempted to sell them too soon or too often. It only takes a few minutes to send them back to an exchange if anything goes to hell, but this can only be done when the bull run or the world is obviously coming to an end.
The Lazy Profit from a Bull Market
Of course, no one can predict when a bull market will end, but there are several signs we can look for. Send your coins to the exchange and sell them only when you've hit a personal goal or the market is showing signs of a long-term turnaround.
You've successfully navigated a bull market, so congrats! Wasn't that simple?
