The current market is booming, with reaching a new all-time high, making it easy for people to take on more risk than usual due to the fear of missing out (FOMO).
Advice for those with limited funds and new to crypto
First, ask yourself what you are good at. In this industry, perhaps the most important skill is perseverance. Even if you are not particularly smart, but are willing to invest 12 to 14 hours a day, I believe you have an advantage.
Therefore, for those with limited funds, time is your most valuable asset. Be willing to learn and improve yourself. So, what areas should you focus on? Writing content, trading on centralized exchanges (CEX), research, trading, , YouTube, news briefings, Telegram, Podcasts, etc., there are many options.
If you enjoy writing, you can consider publishing content on Twitter, news briefings, or Telegram. If you prefer oral expression, YouTube or Podcasts may be more suitable for you. Good at digital and like to observe market dynamics? Then focus on improving your trading skills and establish contact with the excellent traders you admire on Twitter. You may be surprised to find that many excellent traders on Twitter only have 500 to 2000 followers, and they may not necessarily be big names like Hsaka, ENAS, or Nachi.
Are your skills sufficient to monetize?
After finding your strengths, ask yourself: "Are my skills sufficient to earn income?"
If not → Then look for internship opportunities. This can be at a crypto company, a startup, a venture capital firm, or a family office, or you can assist KOLs with various tasks, or help the traders you admire complete tasks (if you perform well, they may share some insider information with you). Internships usually do not pay well, so the focus should be on gaining experience and wisdom that may be useful in the future.
If yes → Do you choose to realize your own profitability, or apply for a job at a crypto company?
Realizing your own profitability may be a difficult and long road, requiring great investment and dedication. But if you are confident in your abilities and believe that the long-term returns may far exceed a regular job, I suggest trying this path.
Applying for a job at a crypto company is a relatively safer choice, as you can get a fixed salary (usually higher than a traditional 9-to-5 job). Moreover, who says you can't focus on your own projects outside of work? Although you may not have enough time to fully devote yourself, the fixed salary can allow you to focus on your side projects with peace of mind. Here's a small suggestion: Many people may think, "The bull market is here, I need to focus on trading, no time to find a job." In fact, it is easier to find a job during a bull market, and if you have almost no capital, why would you focus your energy on trading?
If the price of Ethereum quadruples, then your current $1000 will become $4000. This amount you can easily earn through a entry-level job in one or two weeks. Most people will not become the kind of coin winners who can turn $1k into $1m. If you really have that ability, you actually don't need to consider finding a job.
If you are applying for a job, you should choose a company that you respect and hope to obtain equity or token compensation. If your financial conditions allow, you can request as much salary as possible to be paid in the form of tokens (provided that you have confidence in the company). If the company succeeds, you may receive a substantial return. Think about the 16-year-old boy at EigenLayer (@gajesh), he is a good example.
Suggestion to operate a Twitter account
Twitter account: In this industry, the best way to connect with top people is to increase your exposure on Twitter. Write down the topics you are interested in and the content you want to delve into, post some lighthearted and humorous posts, and interact with the people you admire. Post tweets every day, even if it's just a simple "good morning (gm)". Send private messages to people with some suggestions, without expecting anything in return. This is a way to build friendships, who knows, you may have the opportunity to collaborate in the future. Just be friendly, helpful, and actively participate every day.
In the crypto industry, Twitter is like your resume. You don't need LinkedIn, and if you want to apply for a job, the best resume is the content you create on Twitter. Not only that, recruiters often look for people with influence on Twitter and offer various opportunities. This may include collaborations, paid projects, referral links, funded trading accounts, and even angel investments and KOL opportunities when your influence is strong enough.
Regarding collaborations or paid content: As long as you disclose the relevant information, I think it is acceptable. In this cycle, we see some behaviors being accepted (although I find it strange): some people just share a contract address (CA) for coins and say it's a must-buy bargain. Don't do this. It's better to just share these contract addresses in group chats with friends.
For traders or those aspiring to become traders: This may be the most challenging path, but if you have the ability and unique advantages, it can also be the most profitable. You need to find your own trading style. You can't blindly follow traditional trading rules and expect to outperform others. You must find a unique and effective way to do things that others haven't done. A top trader on crypto Twitter (CT) once said he had never used Tradingview. I share this because many people rely on too many indicators and fictional trend lines, which is actually unnecessary.
The cryptocurrency market has many inefficiencies that can be exploited. For example, when Andre Cronje announced on Twitter in March 2022 that he would shift his focus away from DeFi, the market reaction was slow, and tokens like FTM and YFI only started to decline at least 10-15 minutes later. In retrospect, this may have been one of the simplest short trades I've done on Fantom. For me, it was just a short-term trade, but given the poor performance of the market later, I should have held it longer. In my view, the cryptocurrency market is not as efficient as the stock market. When there is news in the stock market, the price almost reacts within seconds. The cryptocurrency market has attracted a large number of retail investors, many of whom are not professional. I'm referring to those who casually buy meme coins and expect them to skyrocket. There is a clear difference between the savvy people on Crypto Twitter (CT) and those who rely on TikTok influencers or BitBoy for investment advice. By the way, I don't consider myself one of the savvy ones. I'm talking about people like GCR, Cobie, Light, and more than 50 others. For those who actively track cryptocurrency dynamics and seek excess returns, this is indeed an advantage. As the cryptocurrency market matures, I expect it to become more efficient, and future trading will be more challenging. It's important to have a probabilistic mindset, common sense, self-awareness, resilience, patience, and the ability to delay gratification. Furthermore, having obsessive-compulsive or mild autistic traits may even be an advantage. The market is cyclical. The market is only in a trend 20% of the time, and 80% of the time it's in a range, which is very important because these two situations require completely different strategies. Oh, if you think you're getting ahead in trading, I have bad news for you, my friend, you're probably still in the early stages (F). If you want to move up to stage E, you can check out this list and read this article. In trading, don't expect someone to guide you through the entire process. We often talk about profiting, but in reality, you're taking money from other traders. When you go long on BTC and make a profit, it means another trader who went short on $BTC is losing. Therefore, trading is essentially a player-versus-player (PvP) competition. You may receive a lot of advice on platforms like Twitter, Discord, and Telegram. But sometimes you need to reflect on the motivations behind their information sharing. Are they doing it out of goodwill, or do they want you to become their bagholder due to fear of missing out (FOMO)? For smaller-cap coins, you need to be more cautious about advice from others, as their prices are more volatile. That said, you should learn from better traders. Good luck.
