Can Cryptocurrencies Make Me a Millionaire in Over a Year?
To answer this interesting question with Yes or Not, we have to determine, verify, and probably give examples. But, I would like to give rules and tips mentioning all secret details to set a white file about the power and the gift of cryptocurrencies. Therefore, the answer is yes.
If we take Bitcoin as an example, it makes many people rich or millionaires. If we go back over 5 years and exactly in January 2017 when the price of Bitcoin was equal to $1,100, and compare it with last year, when BTC hit 60K. Obviously, Bitcoin's investors and holders make real money. Not only Bitcoin but also many other coins. If we take an altcoin Shiba Inu as a great example for over only one year, when it was listed on the market equaling $0.000000001335 in August 2020 and turned to $0.000079 in October 2021. Let us imagine if we were holding 1000 USD of SHIB value. How much is the profit?
Nevertheless, being a rich person through cryptocurrencies is real and legit, but the matter requires some strategies to be a winner, or you are going to lose the asset.
Top 5 Cryptocurrency Rules to Become a Millionaire
1- Never Sell Out Of Fear
For many people who set the first step on stocks, the only main goal is to earn very quickly and likely over a night. But, when the crypto starts dropping out, they run to sell fearing the price keep going down more. Honestly, Cryptocurrencies drop out quickly and that is possible can be a little risky, but the only risk people do when they sell crypto during the price is down. Or, they used to withdraw the money and give up keeping it.
Seemingly, Cryptocurrencies are not stable to stay in the graph waving correctly, while the price goes down and up by minutes. For example, you bought Dogecoin at $0.2, and after half of the hour, the price went down to $0.15. And it can be the opposite when the price climb over minutes. This matter is normal and happens many times, especially with me. But, I never sell any coin at the price I first bought it, even though the price goes down over 50%. Because I'm pretty sure that the price will go up again in upcoming days. Therefore, I only sell crypto when I have a profit and buy when the price is low. Moreover, I'm holding until my assets explode.
2- Minimum Hold is over Years
Holding Cryptocurrencies requires some patience if you are looking for real wealth. Because coins mostly need over years to be top in the moon and take that from Bitcoin. This is a reality about other cryptocurrencies like SHIB and DOGE. But in general, to keep holding for a minimum of over 4 years knowing that the profit is around 10,000 percent to get a big profit.
There is another strategy to earn a monthly income through trading daily. This matter is likely lucrative when you buy a coin under 5% and you sell it immediately when the price becomes 5% or more. Many people handle this kind of trading and earn a great income. But, the aim is to win a gold trophy that possibly equals thousands of dollars.
Apparently, it is possible to do those tips at the same time. In my case, I used to trade almost every day on Binance buy and sell due to get a monthly income, the main time I'm holding an amount of money pending to be equaled more than 1,000 percent.
3- Ignore all price Volatility
It is very hard to see your investment go up in value one day while down the next. Or, it is even the worst to see them go down day after day. That is what they called a volatility show, but there are strategies to deal with.
- Invest regularly - in both good & bad times
- Avoid jumping In & Out of the market
The market has made it impossible to be not fixed at all for many benefits, and that requires getting out at the right time while getting back in at the right time. Because getting a successful timing market is absolutely hard to be in.
- Maintain a diversified Portfolio
- Do not forget about the history
- Talk with your Financial professional
4- Stack Through Bear Market
The Bear market is unlike the Bull market has no straightforward definition. When the market is down 20% for at least 8 weeks. So, stay attached to the market situation and never sell your stocks unless you are very needy to withdraw the money. And stay connected with your financial professional, so that will help and calm you down.
5- Always Build Conviction
Perhaps the most dangerous threat to your trading career is the failure to develop confidence in your trading itself. As a result, to be successful, it is essential to build and improve your conviction as you go about the business.
The first key to build conviction is to have a fundamental view of the cryptocurrencies you are trading by. The second key is to be completely in control of your risk management. Because the risk will probably occur, and it only requires to have rules on how to limit it. While the third key is to trade as a team. That means a team can be very helpful when we are surrounded by other traders that provide us with ideas and the direction of trades.
Conclusion
Trading is real life, complex, and a highly uncertain environment full of risk, even before you factor in the competition. Moreover, it is not what we are seeing in social media, because of what is happening behind the scene, not many traders can tell you the reality when it comes to lose assets. In other words, trading is magic life, easy, and highly profitable, after you win the big trophy.
All in all, don't forget the top 5 rules that may make you a successful person, a rich person when you submit it deeply successfully. Plus, be sure that some of the smartest and most well-resourced people in this world are playing the same game you are.
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