Table of Contents
Introduction
The crypto market is a rollercoaster of opportunities and challenges, and it’s no wonder that many investors are eagerly preparing for the next bull run. But before you dive headfirst into the world of cryptocurrencies, it’s essential to have a plan in place. In this Lazy Guide for Preparing for the Crypto Bull Run, we’ll take you through the steps to ensure you’re ready to make the most of this exciting ride.
Start with the Why?
Ask yourself why you want to invest in crypto: The first step in preparing for the crypto bull run is understanding your motivation. Are you looking to build wealth for the long term, or are you seeking quick gains through trading? Understanding your “why” will help shape your strategy.
Cryptocurrency offers a vast array of investment opportunities. You can take the “buy and hold” route, where you purchase assets and patiently watch them grow. Alternatively, you might explore “play-to-earn” games in the crypto world, where you earn rewards while having fun. The key here is to select a strategy that aligns with your interests and aspirations.
Now, let’s talk about two common strategies: “HODLing” and active trading. HODLing is all about keeping your crypto assets for the long run, believing in their potential for significant growth. On the other hand, active trading involves buying and selling frequently, chasing quick profits like a skilled day trader. The choice between these approaches depends on your comfort with risk and the amount of time you can dedicate to crypto.
Remember, there’s no one-size-fits-all approach in the crypto world. Your strategy should reflect your unique goals and circumstances. Whether you’re looking to steadily accumulate wealth or ride the waves of rapid market changes, the key is to stay informed, stay patient, and stay true to your “why.“
When navigating the world of cryptocurrency, it’s vital to tune into the right channels for valuable insights and information.
Tune into the Right Social Channels
Follow Quality YouTubers
In the vast landscape of crypto content, one of the first steps is to find quality YouTube influencers who provide unbiased and educational content. While the crypto space is teeming with influencers, not all of them prioritize providing accurate information over promoting their holdings. Seek out content creators who focus on education and analysis, as they can be valuable sources for staying informed. We at The Lazy Society love watching Guy from Coin Bureau. For more news recommendations and time-sensitive alpha, feel free to jump into our Discord here.
Join the Discord channels with packed alpha
Discord communities can be a goldmine of knowledge and updates on the latest developments in the crypto world. These communities often house passionate crypto enthusiasts who engage in discussions and share valuable insights. To make the most of this resource, look for active and reputable Discord groups. By participating in these communities, you’ll be well-equipped to stay in the loop and gain a deeper understanding of the crypto landscape.
Find a Community and Mentors
Finding a supportive community and experienced mentors can significantly boost your crypto journey. Consider joining communities like The Lazy Society Discord to immerse yourself in a network of like-minded individuals. Surrounding yourself with those who share your crypto interests can provide you with a sense of camaraderie and a platform for learning from one another.
Furthermore, connecting with seasoned mentors who have successfully navigated the crypto markets can be a game-changer. Mentors can offer guidance, answer your questions, and help you sidestep common pitfalls that new investors often encounter. Their experience can accelerate your learning curve and provide you with valuable insights that textbooks and online resources may not offer.
These steps will help you stay informed and provide you with a supportive network to lean on during your crypto adventures.
Plan a Crypto Portfolio and Take Profit Strategy
Newbie Portfolio Allocation
If you’re new to the world of cryptocurrency, crafting a smart portfolio is a critical first step. Start by considering a diversified approach. Allocate approximately 60% of your investments into long-term assets like Bitcoin and Ethereum. These are like the bedrock of the crypto world, known for their relative stability. Then, set aside around 30% for medium-term holdings in major altcoins, which can offer significant growth potential. Lastly, reserve about 10% for riskier altcoins, where higher rewards often come with higher risks. This balanced portfolio approach helps you manage risk while exploring the exciting crypto world.
Take Profit Strategy
A clear strategy for taking profits is essential in the crypto game. Determine in advance when and how you’ll lock in your gains. One savvy approach is to move profits from riskier assets into safer ones or convert them into fiat currency. This lets you capitalize on your successes and provides a safety net, protecting your investments in case of market fluctuations.
Risk Management
In the unpredictable crypto landscape, mastering risk management is your safeguard against unexpected market swings. It includes using tools like stop-loss orders, which automatically sell your assets if their value drops to a certain level, limiting potential losses. But it’s not just about that – it’s also about having a well-thought-out risk management strategy. Diversify your portfolio by spreading your investments across various assets and sectors. This diversification helps ensure that a single setback doesn’t wipe out your entire investment. By carefully managing risk, you can confidently navigate the crypto world.
Exploring Airdrop Opportunities
Here’s a little insider tip: watch for airdrop opportunities! Think of them as free money in the world of crypto. Airdrops happen when cryptocurrency projects distribute tokens to holders of a specific crypto. To discover these hidden gems, consider joining The Lazy Society Discord. This community is about sharing insights and the secret sauce on the latest airdrop opportunities. It’s your chance to grab some crypto rewards without making significant investments.
With these strategies in your toolkit, you’re well-prepared to build a balanced portfolio, secure your investments, and even uncover exciting opportunities in the vast and ever-evolving world of cryptocurrency. Whether you’re just starting or already a crypto enthusiast, these principles can help you make the most of your crypto journey.
Onramp and Offramp Safely
Choose the right onramp and offramp options for your location
When it comes to dealing with cryptocurrencies, it’s essential to start and finish your journey safely. First and foremost, choose the right onramp and offramp options that align with your location. Different regions have different platforms for buying and selling cryptocurrencies, so take the time to research and select ones that suit your specific needs and preferences.
Using Centralized Exchanges Wisely
Centralized exchanges such as Coinbase and Binance can be valuable allies in your crypto endeavors. They provide convenient tools for trading and converting fiat currency into crypto and vice versa. However, it’s crucial to use them wisely. Avoid leaving your funds on these exchanges for extended periods; instead, think of them as a bridge for your transactions. Consider transferring your assets to hardware wallets for long-term storage and added security. By doing so, you’ll take an extra step to safeguard your investments and follow best practices in the world of crypto security.
Do the Basics Brilliantly
Emphasize the importance of education and mindset
When it comes to navigating the crypto landscape, simplicity and a solid foundation are your best allies. Emphasizing the importance of education and the right mindset is paramount. Success in crypto trading and investing goes beyond numbers; it requires emotional discipline and a commitment to continuous learning. Seek guidance and knowledge from mentors who can provide valuable insights along your journey.
Book a one-on-one session with our crypto mentor @gotsauss and download a copy of the book “The Seven Steps to Riches” by our mindset guru Alex Holland.
Secure Your Crypto Assets
Security is non-negotiable when dealing with cryptocurrencies. To protect your investments, consider using hardware wallets like impenetrable vaults for your digital assets. Enable two-factor authentication (2FA) for an extra layer of security, and ensure your email accounts are fortified against unauthorized access. These simple yet effective measures can safeguard your holdings from potential threats.
Understand Tax Implications
Tax rules can be a bit of a maze in the crypto world, so it’s crucial to be aware of the regulations in your country. Keep meticulous records of all your crypto transactions, which will be essential for tax reporting. Staying on top of your tax responsibilities ensures you remain compliant and minimizes any surprises come tax season.
Join The Lazy Society and Stay Updated
Preparing for the crypto bull run doesn’t have to be overwhelming. The Lazy Society can help you establish a strong foundation for your crypto journey while keeping things straightforward and efficient. Remember, success in the crypto world is a blend of strategic thinking, continuous education, and the support of a knowledgeable community. So, get ready to ride the crypto rollercoaster with confidence and embrace the exciting opportunities it presents!
The crypto space is a dynamic and rapidly evolving ecosystem. Staying informed is not just helpful; it’s a necessity. Keep a keen eye on news and developments that have the potential to impact your investments. Being aware of market shifts, regulatory changes, and emerging trends can empower you to make informed decisions.