Unstoppable Commitment
Success is guarded by many difficulties, challenges and setbacks. However, those who persevere with a plan and are willing to adjust that plan from time to time, will ultimately experience some level of success. Depending on where your journey starts and the decisions you make, this could take years, or even many years. Success is seldom instant and when it is, it is often not success at all. Sometimes knowing the "right" people has the ability to create an illusion of success. Many of us are currently facing challenges as our governments and regulators begin to clamp down and make it extremely difficult to operate. Some will obviously choose to take questionable measures in order to continue, while smart operators will find legal ways to continue and even advance.
It can be challenging to redesign your economy and for some may prove to be too much of an ask. However, when you study history, you may be surprised by what you might find. Many successful individuals were once forced to change their approach to business, which later turned out to be the making of their success. At the heart of this idea is the message that wealth and success are achieved by people who do not allow any challenge to stop them but rather choose to be more creative, working ever harder to reach their desired goal.
This is the Crypto wealthy mindset and shares the same ideals as most other industries. There will be challenges, there will be losses and their will be times when it is just easier to give up. Bearing in mind that there is a tremendous weight of negativity attempting to drown the Crypto market currently. You have Elon with his unrelenting tweets, global regulatory pressure, China banning mining, as well as a BTC price of 33K. This is all very bad news and serves to prove how one always needs to have multiple income streams within Crypto. Traders waiting for a juicy trade have been in a desert for some time now. Sure, use high leverage, you might as well head over to the casino. When I trade with leverage, it is very modest and I ensure that I have a massive buffer to secure my position. If trading, or price appreciation is your only source then you may become rather impatient and even hopeless.
The beauty of Crypto is the opportunity! A real estate investor for example is bound by a very limited and restricted business model.
Always Consider The Worst Case Scenario
Successful traders will be quite familiar with this school of thought, as it is the substance to remaining realistic and successful as a trader. Some people refer to themselves as traders but that does not actually make them a trader. Anyone can open up a position on a trading platform, that does not necessarily make them a trader. As a trader, you need to have a course of action when A happens and a course of action when B happens. There needs to be strategic planning and execution. This type of thought pattern needs to be adopted by every Crypto investor. The market can often throw curve balls and this can happen in terms of price action, regulation and even platforms and companies going under.
There is no safety in the world, as even the so called security of a job has recently been proven false. Covid has managed to reveal the vulnerabilities in the things we once considered safe and sound. This is why I am always on the lookout and busy creating alternative and additional income streams. I know that I cannot rely on any one particular source of income, which motivates me to continue building. Never become complacent with what you have achieved in regards to income mechanisms but always look to improve and increase your sources of income.
Constant improvement, complimented by additional growth is one of the few ways you can actually protect yourself from unforeseen challenges that may arise in the future. Once you have made provision for a worse case scenario, imagine an even further worse case scenario and begin planning. This is how you stay ahead of the game and effectively, keep yourself in the game.
Try & Compound Existing Models
Even if you are utilizing your Crypto earnings in order to live, try and compound a minimal amount in order to see long-term growth. Regardless of compounding, your investment stack should appreciate in dollar terms over time. However, by compounding, you will also be simultaneously increasing your coin holdings as well! Over the longer term, this will drastically increase your net worth and prove to be a very wise move.
I have found these principles to be effective in my own journey, helping me to accomplish my own personal goals. These are my own views and not investment advice. If you are looking for investment advice, seek out a professional. This content is merely informative, in order to stimulate thought process and encouragement.
