Risk is the currency of the Gods
Want to get rich faster in crypto? You need to take on more risk since where there is risk there is usually reward. As they say you never get rich keeping your money in a savings bank account. You need to invest your money where the risk to reward ratio is high. How can you do that? Here are some ideas and not financial advice for those who are risk takers.
Buy crypto on margin when the trend is your friend. Just remember to have tight stop orders to prevent your losses from wiping you out. Also never buy on crazy high ratio margins like 100x unless the amount is really, really low like say 20 dollars.
Short crypto in a bear market. The crypto market is sometimes bullish and sometimes bearish. If you only invest when the market is bullish then you miss out on the profit potential of the down treads too. However the general trend in the crypto market is bullish so you need to be able to close out your short positions when the trend reverses otherwise you may get caught in a short squeeze which might wipe you out. Again this is risky but profitable.
Take profits when you have made 5x to 10x. If you never take profits like all those hodlers you will never realize your gains. Worst of all perhaps your investment in that crypto coin might go extinct into the below 1 cent price range. Take profits from time to time. It's healthy for your fiat wallet and nobody has gone broke selling with a profit. Then go find another crypto coin to invest in. New coins are constantly appearing so there is no shortage of opportunity.
Get in on an ICO (intial coin offering). If the crypto coin pops early you will have some nice early gains maybe 2x to 5x. If you miss the ICO then invest in fairly new coins which have yet not become popular yet. When they do become popular you sell for your nice tidy profit and move on.
Split your investments into many coins. Say you have 10,000 dollars and invest it into one coin. If that coin goes no where or goes down then you have either stayed even or lost your money. If you instead you invest 1K into 10 coins if all 9 coins goes to 0 and 1 coin goes up 20x than you are ahead.
Sell your loser coins if they are not moving over a period of time which you decide say 1 week to 1 month depending on your trading style or impatience. Life is short. Go find a better opportunity with your investment funds.
If you are artistic then sell your art as NFTs. You might get lucky and become the next Beeple and get super crazy high sums of money for your digital art. There's not much risk except for the gas money and fees to mint and publish your NFT.
Remember again, "no risk, no gain" and "no profit taking, no real gains".
The gods favor only those who take calculated risks and not who take reckless risks. Throw those lightning bolts of risk.
