How to Survive and Succeed in the Crypto Market for the Long Term

The cryptocurrency industry is a field full of opportunities but also full of challenges. To survive and succeed in this market in the long term, it is essential to have the right mindset and strategies. This article will share some key advice to help you establish a foothold in this rapidly changing industry.

1. Protect Your Capital

Market volatility is the norm in the encryption industry. After the market plummeted by 75% in January 2018, many investors learned their lesson and took profits during the bull market of 2020-2021. Protecting capital is key to long-term survival.

Remember not to disclose your mnemonic phrase or private key to anyone. The world of encryption is like a dangerous jungle; once you expose yourself, it is difficult to get help. Safeguarding your assets is the most basic requirement.

2. Choose Trading Strategies Wisely

In the crypto community, both long-term investors and short-term traders have their supporters. Long-term investors advocate for regular buying and holding, while traders believe in the need to flexibly adjust positions according to market changes.

For long-term investment, Bitcoin and Ethereum may be better choices. But remember, the crypto market is rapidly changing, and many once-popular tokens may gradually be phased out.

Do not invest more than you can afford to lose. Learn some basic technical analysis knowledge to understand the timing and positioning of trades. Even if you do not intend to trade frequently, this knowledge can help you better understand the market.

If you are a beginner, you can practice in a demo account first. Although it may feel different from a live account, it can help you get familiar with concepts like leverage and understand the rapid fluctuations of the crypto market.

3. Continuous learning and constant progress

Connect with like-minded individuals. Look for industry professionals such as founders and developers who are curious and share common goals. Regularly exchanging ideas can spark inspiration and accelerate the learning process.

But remember the importance of independent thinking. Before making important decisions, be sure to conduct thorough research and reflection.

4. Coping with a Volatile Market

The crypto market is relatively inefficient, and early entry into new projects may bring substantial returns. However, market trends change rapidly; today's hotspot may become a trap tomorrow.

Position management is crucial. Before entering a project, it's important to conduct in-depth research and detailed calculations. If you cannot easily explain the source of returns from a DeFi platform, then you are likely the source of returns.

5. Enhance Influence

To succeed in the crypto field, one must maintain flexibility in thinking. Don't stick to a single ecosystem; adjust strategies according to market changes. Unlike stocks, cryptocurrencies can go to zero, so it's important to learn to acknowledge mistakes and cut losses in a timely manner.

The easiest way to increase influence is to gain more followers on social media. You can create content through the following methods:

1. Video
2. Article
3. Podcast
4. Blog

Choose a medium you are most proficient in and focus on its development. Consistency and regularity are key.

Identify your areas of strength and delve deeply into them. For example, if you excel at writing, focus on written creation. Concentrating on a specific field can help build your personal brand and credibility.

6. Value Opportunity Cost

The concept of opportunity cost applies to multiple areas. In portfolio management, it is important to avoid becoming overly attached to a losing token. Sometimes, selling a losing token and reallocating the funds into more promising projects may be the wiser choice.

In terms of career choice, fully committing to the encryption industry may have more potential than a regular job. However, before making such a decision, it is important to ensure that you have sufficient financial reserves and a clear plan.

7. Cherish Time

Outsource some tasks as much as possible. While being frugal is a good thing, excessive penny-pinching can waste your time. If you have specialized expertise, you should value your time even more and avoid wasting it on trivial matters.

8. Leverage Expertise

If you want to join a crypto startup, make sure to work in an area you excel in. Besides developers, other positions like marketing are equally important. A great protocol that no one knows about is hard to succeed.

Share your thoughts on public platforms. You will be surprised at how many people are interested in your views. Even if you think a certain field is saturated, there may still be a place for you.

9. Set Goals

Set a clear financial goal for yourself. With a goal, it will be easier for you to stay focused and consistent. Remember, this is a long-term process, and do not expect to achieve all your goals in a short period of time.

It is also helpful to reward yourself appropriately when reaching certain milestones. For example, buy yourself a small gift when you reach 25% of your total goal.

There are various ways to make money in the crypto market, such as trading, DeFi, and NFTs. You don't have to limit yourself to one method, but it's best to focus on the area you excel in.

10. Maintain Balance

When you achieve certain accomplishments in the encryption field, you may find that money is not the ultimate goal. Ensure that your life goals are not limited to financial aspects. Maintaining diversity and balance in life is essential to achieving true happiness and fulfillment.