As the cryptocurrency market enters a new bull run, many investors are eager to capitalize on the potential for massive gains. However, making money during a bull run is easy; keeping it is the real challenge. Miles Deutscher, a seasoned crypto investor, shares his top 10 mistakes to avoid during this exciting period, drawing from his own experiences and the lessons he learned during the 2021 bull run.
What you'll learn 👉
1. Don’t Chase Pumps
Chasing pumps is the easiest way to lose money in an up-trending market. Every day, new coins and narratives emerge, making it crucial to adhere to your investment thesis and resist succumbing to short-term hype.
2. Don’t Go In Without a Plan
Before investing in any coin, clearly outline your buy and sell plans, along with specific invalidation levels. Having a well-defined strategy can help you stay focused and avoid impulsive decisions.
3. Don’t Blindly Ape
While hype often trumps fundamentals during a bull run, conducting basic research into a coin’s tokenomics and fundamentals can help you spot potential red flags and make more informed investment decisions.
4. Don’t Over-Rotate
After hitting a 10x trade, it can be tempting to roll profits into other altcoins. However, over-rotating can result in a volatile situation where your hard-earned gains can quickly disappear when the market shifts.
5. Don’t Get Greedy
Taking profits during extreme green days is a smart strategy. By consistently replenishing your stablecoin balance, you’ll be better positioned to take advantage of bull market dips.
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Show more +6. Don’t Fade Strength
During a bull run, the market can exhibit insane strength and remain irrational for extended periods of time. Instead of fighting the trend, submit to it and use it to your advantage by investing in market leaders.
7. Don’t Outsmart Yourself
When retail investors flood the market, they gravitate toward easily understandable narratives. Focus on investing in projects with clear value propositions rather than complex, niche solutions.
8. Don’t Quit Now
If you’ve survived the challenges of the bear market, remember that you’ve already been through the hard part. Now is not the time to give up; instead, stay focused and committed to your investment strategy.
9. Don’t Waste Time
Maximizing profits during a bull run takes sacrifice, especially for younger investors with fewer obligations. Recognize that these opportunities are fleeting, and take advantage of them while you can.
10. Don’t Upgrade Your Lifestyle
It can be tempting to upgrade your lifestyle based on paper profits or the promise of future gains. However, reinvesting those funds in the market or saving for the future could be a more beneficial use.
By avoiding these common pitfalls and staying disciplined, investors can navigate the bull run more effectively and potentially emerge with substantial, long-lasting gains.
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