Crypto Confidential: Winning and Losing Millions in the New Frontier of Finance

But that is the first rule you need to follow: make rules, even though they can’t be perfect. Whenever you buy something like DOGE or a Bored Ape, you need to know in what situation you will sell it. You need to have a rule on both ends: a rule for if it goes up and a rule for if it goes down.

You never buy or sell the exact right amount at the exact right time. No matter how well you do, you can always imagine doing better.

if you own something but you wouldn’t buy it for what it’s worth today, then you should sell it.

But how long was I willing to live in this exhausting online world trying to get rich from it? Aside from Sutton’s birth and moving, most of my memories since January took place behind a screen.

but the whole ‘diamond hands’ idea that you should never sell your coins no matter what is a way to turn you into exit liquidity.”

Other people use technical-analysis rules, which require tracking the price of the asset with fancy software to make decisions like: If the price goes back above the average price over the last two hundred days, sell; when it drops below again, buy more.

Crypto has this speculative, casino-like underbelly to it, but the technology making that possible has some fantastic uses. Bitcoin is slowly but successfully establishing itself as a store of value akin to digital gold. Ethereum is powering an increasing number of decentralized applications. Stablecoins are clearly the first major one, but many mo

You can create a simple rule, like: If it goes down 50 percent, sell; if it doubles, sell half to cover the initial investment. Or you can create a rebalancing rule, like: If this shitcoin becomes more than 10 percent of my total active-investing portfolio, sell half.

I was starting to understand why I’d seen people on Twitter say you couldn’t do crypto part time. You either hold Bitcoin and Ether and don’t touch it, or you fully dive into the mania. Doing it halfway is how to lose money.