Crypto & Cardio #6: Layups over Alley Oops
In today's video I discuss how it is more resourceful to look for "layups" or "tap-ins" when investing in crypto as oppose to trying to do "alley oops" or "bicycle-kicks".
On my way back home from a shoulder session with @ivargereiko I was thinking about my early days in cryptocurrency. I would spend hours a day trying to earn a daily profit. On some days it was easy on over days it was akin to trying to score a goal by doing a bicycle kick from the half way line!
I no longer day trade cryptocurrencies. My goal is not to be a skilled trader but a smart investor.
When I was day trading I was thinking about the money I 'earned that day or week'
Now I invest I think about the return I will make in a year or two years time.
I find it easier to spot layups in crypto (e.g. getting in on a dip or crash during times of FUD) when my head isn't buried in the weeds of trying to eek out a daily profit through trading.
However it did require a shift from 'monthly wage' mindset to an 'annual return' mentality.
My video is at DLive
I made a lot of money when sbd was going up and down on Bittrex and many downhill battles as well but it sure did help me learn , don’t panic !! Some coins are here for long term investment and some short . I no longer want to risk all that I have left on the line
Thinking about yearly returns is a great way to keep a level head throughout the craziness that comes with the crypto world. I drove myself crazy trying to figure out how to day trade and I immediately lost money and I was stressed out. Learning that it is much easier (and more profitable) in invest when dips in the market occur and hold everything long term was a huge eye opener for me! I am not longer a stressed mess and I don't mind when the market dips because it is a great time to pick up some positions at a discount !:)
What are you in now for the long term?
Yep - being in a position where a dip or a crash looks like an opportunity is a great place to be!
I'm going put out a video later today about what I'm invested in long term at the moment. Thanks for the inspiration 😀
Thank you soooo much for posting that video! I just watched it and left a comment! :)
When I see @annemariemay workout posts, it motivates me haha :)
When I was day trading I was thinking about the money I earned that day as wel, at the same time it was really stressful, emotionally exhausting and of course involved sleepless nights. Sometimes we have to learn the hard way. Just like you, I’m a long therm investor and plan to withdraw my investments not before I retire. 😃 Remember, If you do the daytrading or short therm trading, in US you must fill tax returns each and every single year, otherwise they will send you a crazy bill for anything you sold (they don’t include what you bought). You have to deal with the paperwork then to proof how much you actually bought and how much you sold. It’s another headache added to this kind of trading.
The best way to invest is to invest long therm.
Great advice to anyone new in crypto though!
Yep - I see short term trading is more of an addiction than a profitable exercise.
As for taxes, we could really do with some more clarity in the UK. I'm not looking forward to trying to make sense of it all!!
I've found investing in cryptos over the long term easier, less stressful and more profitable.
Less stressful lol 😆
Man I freaking love this Series.
I also don’t trade. I‘m just hodling and earning my cryptos.
I think trading would only pay of if you’re nearly 24/7 on track and for me it isn’t worth the time.
Totally agree!
@nanzo-scoop I do the same buy some coins but for a future, I think it is better to invest in that way, the market is so volatile that one would go crazy, with the gains or losses or the market is red.
so many worries, many times things do not go well!
Hey @nanzo-scoop! Love your cardio VLOGS MAN! Been doing cardio for like 2 months... I'm seeing some gainzzz haha. Keep it up bossman!
Nice... You're looking lean! 👍
Check these coming man! I really appreciate hearing crypto tips from someone that has been in the game for a long time!!
The take away I got from this video is to be patient and take action on good deals.
Sir, I really you blog cause you remain me of the days I use to gym thank you for sharing with us.
great dtube video man, i like it, have a nice day...
i like you & like your work.