Source: thedefinvestor Translation: Shan Ouba, Jinse Finance
Over the past few years, I've often been asked, "If you had to start over in crypto today, what would you do?" Overall, I'm incredibly grateful for my journey in this industry. But I've also made many mistakes, and there are things I would do differently if I could do it all over again. So, I thought I'd write this article to help others. Here are five things I'd do differently if I had to start over.
1. Find your passion and focus on it
My advice to newcomers to the crypto space is to focus on 1-2 niche areas.
For me, DeFi is what fascinates me most. I've been a dedicated DeFi user for many years and truly enjoy researching new protocols, investing in DeFi projects, and participating in mining and yield strategies. DeFi has made me a lot of money. However, if I had chosen a direction I wasn't interested in (like GameFi), my returns would likely have been much smaller. For newcomers, I recommend trying as many different things as possible, finding what you truly enjoy, and then delving deeply into that area. There are countless ways to make money in this industry, but the key lies in combining hard work with passion .
2. Prioritize income growth over investment
I know this may be unpopular advice, but if you want to turn a few thousand dollars into millions through trading, the reality is: it's statistically impossible.
If you have some free time, I'd recommend focusing on increasing your income first and finding a stable source of income in the crypto industry before considering trading. Love writing? Create content on X or try ghostwriting. Can you code? Find a job developing smart contracts. Good at communication? Apply to be a community moderator on a project.
Why work in crypto? One important reason: If you live outside the US or Western Europe, the average local salary is likely far lower than what you could earn online in crypto. Of course, this is easier said than done. But there's one way to significantly increase your chances of success: give value first, then demand reward .
For example, if you want to become a Discord moderator for a project, start by being very active in the server. Avoid idle chatter and instead help answer new users' questions and demonstrate your value to the team. This won't guarantee you the job, but it will significantly increase your chances of success.
3. Adjust risk appetite based on fund size
Let's say you have a $1,000 portfolio. To have a real chance of success, you have to take more risk than someone with $100,000.
For example, instead of buying a dozen or so tokens, it's better to pick four high-conviction assets. If you only buy BTC or ETH, you might get a multi-fold return in the long run, but that won't be enough to change your life. So, if I were starting over with a small bankroll, I'd stick with Altcoin.
Strategy:
Enter the market boldly at the beginning of the upward trend and sell gradually when the market is excited.
Don't wait until Crypto Twitter is collectively bullish before taking action, by then it will definitely be too late.
As funds increase, gradually diversify investments and reduce risks.
The goal is not only to accumulate wealth , but also to keep it .
4. Expand your network and establish valuable connections
I recently did an interesting statistic. Over the past few years, approximately 30% of my biggest gains have come from opportunities brought about by my connections , opportunities I likely would never have discovered on my own. Knowing the right people can often accelerate your journey. How can you build valuable connections? One way is to increase your social media presence and share valuable insights on X. This makes it easier to connect with people in your industry. If that's not your thing, another path remains: provide value first .
For example, if you're a designer and see a KOL's X banner looks bad, you can design one for them for free. If you're a gem hunter, you can share potential money-making opportunities to build relationships. These small actions can help you gain valuable connections.
5. Remember: Patience is everything
I have witnessed this countless times.
I have a friend who's been in crypto for over two years. For the first 18 months, he failed at almost everything he tried. He couldn't make any money, and he felt like giving up multiple times, thinking crypto might not be for him. But just recently, he stumbled upon an opportunity that tripled his portfolio in a matter of days. That's the thing about crypto: it constantly tests your patience until the moment you finally win. If you don't give up, keep working hard, learn from your mistakes, and constantly improve, you'll eventually be rewarded.
