By following these five principles, I made my first one million of my life.
1. Mentor
To achieve great results, you need to have a big vision. You must have a spiritual leader to guide you forward. Trading in short-term waves will not make you big money. For most non-professional traders, frequent operations often result in being trapped or selling at a loss.
Those who believe in Satoshi Nakamoto, Vitalik Buterin, CZ, and Elon Musk have made big money, and this kind of profit doesn’t require any operation. You just need to believe in them and hold on. It is the easiest way to make money. You must choose your mentor wisely. If you choose a Twitter KOL as your idol, most likely they will sell their holdings to you. Your idol’s vision determines the ceiling of your earnings.
2. Luck plays a big role — everything is about timing.
Countries have cycles, economies have cycles, and the cryptocurrency market also has cycles. Timing is more important than effort. You have to be in the right place at the right time to take off, otherwise you will have to crawl. Obviously, the economy is currently in a downward cycle, and the cryptocurrency market has no new funds or new narratives. No matter how much you try, you are likely to return empty-handed. If you are an ordinary person like me, I advise you to conserve your energy, accumulate capital, and wait for the next bull market to make a big gamble and reap the rewards. Betting big now is just giving away money to the big players.
3. Use your brain — think.
The cryptocurrency industry has the most scammers in the world, and it’s like a big game of Werewolf where someone falls down with every fluctuation. The people who are killing you may be the group members who chat with you every day. Various KOL groups are plotting to fleece their fans. When someone offers to make money for you, you’d better think about how the money is made. If you can’t figure it out, it’s better to stay away. Many top projects have also succeeded just by being in the right place at the right time, and even their founders don’t know how the project makes money.
If you have been in the circle for three years and still don’t have your own thinking model, and all you can say is “I think” or “I feel”, then you will be a sheep that is always being fleeced.
4. Mastery: Master the Fundamentals of Blockchain
If you want to enter a new industry, the fastest way is to learn systematically. Blockchain has been developing for more than a decade, and there are many good books and courses. You don’t need to master everything, but if you read the white papers of mainstream coins such as Bitcoin and Ethereum, and watch the courses available at Stanford and MIT, you will surpass more than half of the people in terms of knowledge. Although this content is not the latest knowledge, the fundamentals of blockchain are always based on these things. Understanding some simple principles can help you avoid being fooled and add more things to the big picture, which will save you a lot of detours compared to having zero foundation and blindly following influencers.
5. Great Effort create miracles
Although the cryptocurrency industry has been developing for more than a decade, it is still rough around the edges and there are many opportunities for hard work. We must believe that great effort can lead to miracles.
For example, the greatness of Web3 began with airdrops. Without Uniswap’s airdrop, there would be no DeFi Summer. It was the first time that Web3 changed human production relations.
To develop a new business, there must be three elements: product, capital, and early customers. In traditional industries, only the team developing the product and investors can profit, while early users who greatly support the project do not enjoy the benefits of the company’s growth. Airdrops are a reward for these early users, encouraging people to try new products and helping new projects grow. Therefore, in the next five years, we must believe that great effort can lead to great miracles.
Apart from trading, other areas (such as community, marketing, development, and KOLs) are also important, and with more practice, one can become an expert.
