8 Lessons Every Serious Investor Can Learn From the Luna Crash
The Luna crash is an insane bloodbath.
Most investors lost a fortune, while others lost faith in altcoins. Almost everyone in crypto lost something.
Here are six solid pieces of advice for a Serious Investor (that’ll save you from being rekt’ed again)
1. Never invest more than you can lose
This may sound like a cliche, but it’s a piece of foundational investment advice that’ll save you a lot. You shouldn’t invest your entire life savings in crypto, no matter how excited you are about the coin. All that glitters is not gold.
2. Tame your greed
If you want to be in crypto for the long term, you must tame your greed. Some investors jumped on Luna, not because they were optimistic about the project but because of the juicy APY on Anchor.
I’d recommend you to read - Crypto Investor Mindset by Wolfgang Fallmann
3. Influencers are not always right
In crypto, no one knows it all. Absolutely, no one. Some of the hype you see on Twitter & Reddit is sponsored: Don’t fall for it.
I wrote more on it on the article below.
4. Never outsource your thinking
If you want to become an active investor in crypto, you can’t afford to be lazy. Always invest time before you invest your money. It’s okay to take hints from Twitter, but always DYOR before investing.
5. Dollar Cost Averaging
I can’t recommend DCA enough; it’s my lifesaver. You can set a certain amount to auto-invest on either Ethereum or Bitcoin monthly. Yeah, because they are kings. They have been tested by several bear markets, and are not going away anything soon.
6. Don’t beat yourself up
I learned some investors attempted suicide because of the Luna crash. I lost a lot as well, but I’m still here. Fall seven times, rise up eight. Pick the lessons and move on. It’s not the end of the world.
7. Never Put all your eggs in one basket
There are several reports of people who lost their entire life savings in the Luna crash. As a rule of thumb, please never put all your funds on an altcoin. Never. The crypto market is volatile and so unpredictable. Diversifying your portfolio is your best defense against a bear market.8. If it looks too good to be true, it’s ‘probably’ a scam
Here’s a golden rule in decentralized finance (DeFi), the higher the APY, the higher the risk. If you’re starting, always seek low rewards opportunities instead of high rewards. I know high APY options are tempting, but you need to abstain for the safety of your money.
If you must invest, use a tiny portion of your portfolio.
No retreat, no surrender.
NAGMI, my fren.
Follow me to stay updated on all my actionable, and insightful posts
