Why I Stopped Chasing Cryptocurrencies in 2022.
It’s not that I don’t believe in cryptocurrencies anymore, to be honest, I still do think that cryptocurrencies will soon replace our conventional cash tenders and standards; plus I would literally sound like I’m clowning given the fact that I am a blockchain developer.
Cryptocurrencies are on the rise right now, with over a million cryptocurrency assets that one could trade for another or even sell for fiat (for crypto-muggles, that’s USD and regular cash for you.). Also, not to mention the ever growing demand on NFTs and the opportunity that it could open to everyone who owns an NFT where I’ve seen people buying crappy artworks for more than $1,000 and flipping it twice of it’s price in the next hour. Now with all that and a lot more, what got into my head and stop chasing cryptocurrencies this year?
Sustainability. To what extent?
Given my experience as a trader, I technically grew the habit of looking at the market as a milking cow to support my lucrative hobbies and spoil myself. Imagine creating extra streams of finances from a $100 to more than $1,000 in just a matter of hours on a daily basis. It could easily fall under get rich-quick schemes if you know what you’re doing; and I wouldn’t deny that. But my extensive background on blockchain developments gave me a deeper knowledge on cryptocurrencies and showed me a different perspective towards the above mentioned opportunities. As a blockchain developer, It gave me a better understanding on how transactions could affect that certain financial stream by knowing how transactions work and how the blockchain networks process each every seconds. The ecosystem itself is a separate entity that could give both positive and negative factors that a simple trader could easily miss if they aren’t that careful and knowledgeable on how blockchains work.
Crypto-chasing is what I perceive to be as the very first symptom of an early stage day trader who haven’t taken much attention on FUDs, FOMOS and other stuff while mistakenly being attentive to overly hyped less effective technical analysis from wannabes (there I said it.) and end their financial stream instead of creating a new one. Crypto-chasing is also what my mentors warned me about before I jumped into the crypto-world. It’s where people try to reach the floor price of a skyrocketing crypto and HODL. Imagine spending $200 every entry signal you take from these wannabe whales and HODL until you reach the $60K mark. It only creates you a fund pool or an asset pool and god knows where, and when would you be able to cash it out.
I day trade US and PH stocks and as a day trader it’s not really an option for me to HODL stocks. Remember, I’m doing this to create a stream to sustain my lifestyle and everything that I cared and worked for.
With both perspectives at hand I was left with a million dollar question. Would I be able to take it if I lose everything? Would I still be able to sustain my lifestyle, my job, my ventures and everything that I have worked for if ever my crypto-chasing boat topples over?
Sadly, No.
But here’s what I did.
- I rearranged my trading pattern wherein I placed crypto trading at the end of my trading stream preceded by PH Stocks and US Stocks.
- I only jump into FOREX entries on my free task time, (FreeTask time is something that I learned from one of my Senior Developers. It is a specific slot on your schedule, similar to a break time, but less the rest and snacking part. It’s that specific timeframe where you work on something not related to the current task at hand.)
- I take the greed out and push the grit deeper.
- I focus only on the native coins of the nodes and networks I’m working on as a blockchain developer ( right now I’m on Solana, ADA and DOT).
These things helped me jumpstart my 2022. And so far, I’m on stable waters, on a much more stable raft in the open sea, enough for me to survive until the next bull run. What would you do? Let me know on twitter! www.twitter.com/TheMakkiavelli