Carving Out My Own Crypto Niche

More Than Speculation

For many, Crypto is merely a speculative investment, and in some instances, even a downright gamble. However, there is a lot more to Crypto than immense volatility and price appreciation. It’s a sector rich in opportunity, and given you are willing to apply yourself, can be a tremendous enhancement to your financial life. However, many tend to travel the well-worn path of asset value appreciation. In other words, hodling.

This continues to be a great approach, especially if you are familiar with the cyclical nature of the Crypto market. The only problem is that this is an investment approach and not an income strategy. Over time, you will experience gains. However, it’s not an approach for someone looking to create and develop an ongoing form of income. Regular readers will know that much of my writings have been directed at income models.

This has predominantly been concerning passive income, trading strategies, and other models. My initial introduction to the finance world was through trading, and this continues to be my primary focus, in terms of an income model. The development and enhancement of trading strategies over the years has been an extensive journey, but one that is now starting to pay dividends, in terms of percentage profitability and consistency.

I plan to make this a full-time income source during 2024. Essentially, this will turn additional models into “bonus income”. The idea would then be to compound additional earnings through long-term investment vehicles, to create a significant buffer, as well as backup trading capital. This outcome is however reliant on several factors, and factors that need to play out during next year.

I would ideally like to see this transpire in 2024, but there is a chance it will only occur in 2025. I guess time will tell. It’s always good to have a plan, and not just be in search of gains. Measurable goals are imperative in the world of Crypto and financial markets. Even productivity-based goals are a great way to keep your head in the game, and on the right track.

The Enormous Benefits Of Trading

In relation to other income models, trading is head and shoulders above the rest! For me, the aspect of true independence is the most attractive. There is no customer base or audience required. In other words, it is solely reliant upon your knowledge and skills. In terms of traditional business models, you are only as good as those who surround you. This can be a two-edged sword.

In other words, a great team can be beneficial to your results. On the other hand, even a talented individual can be impacted negatively by a poor team. I enjoy the idea of enjoying the fruits of your labor, and so prefer independence and the responsibilities that come along with it. Essentially, this protects your “business” from lockdowns and other tragedies.

It’s probably the most resilient and independent model on offer, in my opinion, which is why I am ultimately looking to eventually make it my primary income model. This would not have been a viable option, were it not for the efficiency and consistency of my latest strategy. You have to maintain consistency with a healthy percentage margin, regarding trading profits if you want to consider trading as an income source.

Sure, as an additional income source, it doesn’t make too much difference. However, a primary source of income is another story. It has to be consistent and within a certain bracket. Finding a way to maintain profitable consistency should be the goal of anyone looking to become a full-time trader. This often requires a fair amount of time, so tenacity is key!

Final Thoughts

Choosing to use Crypto as collateral is a great idea, but only at the commencement of a new bullish cycle. The appreciation of collateral over the next year should aid in making this objective a reality. There are several other “victories” I wish to achieve during the bull market. However, this particular objective is key. The hour is drawing near… see you next time!

Disclaimer

First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.

This article was first published on Sapphire Crypto.