One more bull run for attaining financial freedom
I was talking to some of my crypto friends who have been investing heavily in the current bear trend. I was very happy to tell them that I have been a part of both bull run as well as bear trends in the last 5 years and I was sharing my personal experiences with them. But after continuing the conversation with them, I came to know that they are way more experienced and all they need is just one more bull run to attain financial independence.
It was a motivating conversation I should say. Last year one of my office colleagues who quit his job a few years back to do share market trading told me that he already attained his financial freedom in the last crypto bull run. Right before the bull run he had invested a huge amount of money in one of his favorite cryptocurrencies and Ethereum was also part of his investment. Last year when I spoke to him he told me that he sold most of his assets and has secured enough money to keep going for several years and he is still staying invested and continuing his journey.
Keeping the returns safe
Sometimes it can only take one or two bull runs to give us a huge profit from our investments. In the first bull run, I was only an observer with no investment or money in hand. I was observing what others were doing and wondering how they could do it. Later after the first bear market started, I started finding opportunities to earn from the crypto world instead of investing a huge amount of money here. That happened to some extent.
The funniest thing is that during the last bull run, I was watching my portfolio cross over 100k dollars and it was only momentary. Today they are not even 20% of that. I thought the investments were going to make me super rich and I was literally waiting for it to reach 10x the price. It was a good dream but not a practical dream I should say. That is when I felt that I should have booked my profits and kept my returns safe somewhere.
The importance of keeping the returns safe comes only here. Whenever we see a good profit, we have to convert that to either a stablecoin or a stable investment and take the money to a safe place. Most of digital money is not very safe. At least digital money in the FIAT world is less risky compared to the money in the crypto world.
Not going to miss the next bull run
I personally thought that I shouldn't be missing the next bull run. I'm planning to do some real cash out next time when a bull run happens. This way it is motivating that I would have kept some of my earnings safe in the real world. I don't know where I would be investing all the money that I withdraw from the crypto world but at least the satisfaction of profit booking is definitely better than seeing the portfolio value going down day by day.
Have you also started making plans for the next bull run? I keep hearing good news that the next bull run is not far away and we have to start making plans for the same. If we plan it very well, we should be able to make a decent profit out of it. Some of my friends have been investing heavily now to book their profits when the next bull run happens.
If you like what I'm doing on Hive, you can vote me as a witness with the links below.
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Good plan! Cash out some profits during a bull run. I am planning to cash out at least 20% of my holdings, probably 30%. Invested into dividend stocks this should give a nice backup.
Booking profits is something that many didn't do during the last bull run. Definitely not planning on making the same mistake twice. I have a plan that I'm working on while waiting for the bull market to come. It's getting closer :)
You are absolutely right that we took out some of the profit that was there, the same mistake we made, we did not take out the profit, so what we are today is at a much greater loss than what we had invested are inside. Every human being keeps up with time the way we have learned. We haven't even sold any of our coins yet and are waiting for the next bull market.
https://twitter.com/lee19389/status/1663332554429145104
#hive #posh
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The problem is we don't know exactly when TradFi is going to suffer a major crisis. So while it's a good idea to take some profits, you don't want to be completely stuck in the old system when that major crisis hits.
As you have mentioned in the next bull run, you will take profit on the table. Maybe you get like your colleague and be and new FI member. :)
Solid advice. I have been investing in Btc and Eth during this period and holding.
Very nice. Let's hold till the next bull. 👍