12 Lessons to Boost Your Portfolio in the Bull Market

Crypto bull markets are a double-edged sword. If you play it right, you’ll laugh your way to the bank. But if you play it wrong, you could be missing out on massive gains. In this two-part article series, we’ll teach you how to boost your portfolio in the bull market. 

Before we begin, do note that this is the second article of this series. So, if you’ve not read the first article, hop on over here. We share the first 7 tips there, so you don’t want to miss it. Once you’re done with that, let’s begin!

1) Not Your Keys, Not Your Coins

This is important. To boost your portfolio in the bull market, you’ll need to protect your crypto! And, the best way to do this is to hold it yourself. Hence the phrase: “Not your keys, not your coins”.

To do this, you’ll need to have a non-custodial wallet. A non-custodial wallet prevents any third parties from accessing your wallet. This is as long as you have your seed phrase, or “keys”, with you. With these wallets, only you can control your coins.

Indeed, if you leave your coins in places where you don’t own the keys, you could lose your crypto. The recent FTX collapse is a great example. Because of FTX’s bankruptcy, many who held their crypto on FTX could not get it back. Now, if they held their crypto on a non-custodial wallet, it would have been safe.

2) Beware of Scams

You need to protect your crypto to boost your portfolio in the bull market. But, a non-custodial wallet doesn’t prevent this fully. This is because there are many scams around that try to phish your keys. Or, they try to use social engineering to get you to sign transactions. Once they achieve either, these scammers can rob you of your crypto.

To protect yourself from scams, consider the following:

  • Always check crypto token websites through CoinGecko. 
  • Always check a website’s URL. Do this before accessing it or connecting your wallet to it.
  • Never respond to DMs on Telegram. Especially after you’ve asked a question in a group. It’s likely always a scammer impersonating a support personnel. Always chat within the Telegram group itself.
  • Never give away your seed phrase or keys. Once you’ve given that away, your crypto is lost.
  • Never sign any suspicious transactions with your wallet.

For more tips on avoiding scams, refer to our previous research here.

3) Don’t Rotate and FOMO

To boost your portfolio in the bull market, avoid rotating and FOMO-ing (Fear Of Missing Out). Simply put, avoid selling your existing holdings to chase pumps. In crypto, coin prices will always move up and down. With all being similar, selling a token with its price down for another whose price is up doesn’t make sense.

If you rotate and FOMO frequently, you’ll probably lose money in the long run. Rather, you should do your research on the coins you hold. If the project’s fundamentals are good, you’ll likely see your gains soon enough.

4) Don’t Marry Your Bags

It’s a good idea to marry the love of your life. But, not so for your crypto bags. That does not help you boost your portfolio in the bull market. Rather, it could harm your portfolio. Hence, it’s not a good idea to get emotionally attached to your coins.

Why is that so? In short, emotions in the market cloud your judgment. Avoid these emotions and be objective in your analysis. For instance:

  • If something seems wrong with your favorite crypto project. You need to sell it ASAP. Being too attached to it prevents you from selling to cut losses.
  • Your favorite crypto project moons 10x. But you’re too attached to it. You don’t sell. Then, it falls back to your original buy price. You’ve just missed out on a 10x gain.

By being objective when managing your coins, you can maximize your profit.

5) Buy the Blood

It’s the mantra for all investing. The “Buy the Blood” strategy has helped investors make a lot of money over the decades. In crypto, it can help you boost your portfolio in the bull market too.

In a bull market, dips and retracements are shallow. This is unlike the bear market, whereby they can be prolonged. Knowing when to buy the dip can help you to get cheaper coins. With lower prices, you can increase your crypto gains.

Bonus Tip: Take Profits

Last but not least, we’ve got a bonus tip for you! In a bull market, always take profits off the table. Remember, you’re in it for the gains, not for the tech. As an investor, your job is to make money. So if you aren’t taking profits, you aren’t doing it right.

But when can I or should I take profits? Well, you can refer to our previous research to learn more. All in all, it boils down to your price targets and risk appetite.

Conclusion

That does it for our two-part article series on maximizing your crypto gains! Every tip discussed here will help you to get the most out of this bull run. So, don’t fade the tips shown here!

Note: This article was inspired by this tweet.

Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.