There are multiple ingredients that make up a single recipe. There may be a number of different recipes for a chocolate cake but they all involve cocoa. Success, in any sector, shares this truth. Why do you think so many individuals began flocking to Crypto in 2017? It’s obvious, stories of success, average people becoming enormously wealthy. People arrive in the Crypto space for the money. They also leave when they lose it, which just goes to further confirm their true motivation. I am not going to play the higher ground and say that it’s not a relevant or applicable motivation. After all, strategies are developed in order to maximize returns. That’s the nature of markets and investing.
When I first became interested in Bitcoin and Crypto as a whole, I never ever imagined the gains that have actually taken place over the years. In those days when Bitcoin hit $1000, it was inconceivable that returns would continue to multiply. However, gaining an understanding of the deeper dynamics of Bitcoin, in particular, began to open our eyes as to what was actually possible. It is these enormous gains that are attracting people to Crypto who have never traded a single share or financial product. This is where the “blur” begins and ultimately lands up leaving many disappointed.
The Common Blur
The point I am about to make is true in every industry but is especially true in the Crypto world. Success is not indicative of the industry but the person. Why did everyone think they could become the next Robert Kiyosaki years ago? They saw success and linked it to an industry. Everyone rushed to get a second mortgage and begin their journey as the next Real Estate Mogul. However, many eventually had to sell, some at a loss. Why was that?
You succeed because of who you are and the disciplines you practice, not the industry you are in. Sure, Crypto is a new and developing market, which means that the odds are higher. However, this ultimately guarantees more risk, which will require knowledge and sound practices to overcome. It’s true that the opportunity is unparalleled but there is a synergy at work in this dynamic that requires a “certain something” from you in order to work.
Just as some did go on to become successful real estate investors, some will also go on to become successful Cryptoneurs. There will also be a large percentage that won’t and that’s reality. I have mentioned this before, success resists you. It does not want to surrender to you. It surrounds itself with difficulties and challenges designed to discourage you. Ideally, success would love to send you packing. Discipline, consistency, and the correct approach will ultimately secure victory. In closing, I will leave you with a well-known saying that is all too true! ” There are no free lunches”.