Well it was intended to show success. But I am glad that i documented the journey, either way. Thats why we are here right? To show what worked and what not.
I've been trying this bot thing since November. Which means that I have not been fortunate enough to experience a bullish period.
In my experience 10% per month is quite possible, in my case I take more risk and use leveraged tokens.
What does this mean? Let's use Solana as an example
- If Solana goes up 10%
- My leveraged Solana token goes up 30%.
- If Solana falls by 10%, the value of my leveraged token would then be -30% (so basically i m losing the 30% of my capital doing that)
In these months when everything is falling, you can create inverse bots that when the market falls, they increase in value.
I have been reading a lot of problems about this type of bots and it seems that the biggest problem is :
1 - The bots work well until the market drops (this can be solved with : choosing good coins, having inverse bots and PATIENCE... and this patience thing only works say top 30 tokens)
2 - Taxes (This factor you can control if you live in a low tax country or without taxes.... here we have enough control)
3 - Take Profits : It's funny how there are programs out there that talk about never sell and hold (this is a strategy and is fine) but in the case of Bots, you have a daily profitability... and in my case I use leverage which means my daily profitability can be very high but I know that the value of the token can be one day at +20% and the next at -40%.... (here the importance of not choosing new tokens or tokens out of top50)
I have only had one token that has never recovered and it was "Luna" but at the same time in Luna I had an inverse bot betting downwards (and there I recovered everything I had lost in the normal bot and even with benefits).
4 - Stop Loss : Well if you are choosing good tokens i dont recommend to use stop loss (because the idea is have patience and wait)
5 - Psychological Problems I believe that if most people really lose money it is because they can't control their own mind.
In this case I must admit that I was like that, but I had some time managing advertising campaigns, especially on fb... and this changed my mentality a bit regarding the importance of seeing results with a long-term
perspective.
Basically I was one of those who closed a campaign if I had no sales in 3 days because I was losing money... with time I learned that even if the first 3 weeks everything is lost it does not necessarily mean that the results in the fourth week can not make that campaign good.
It's a little complicated to explain but I'm sure that those who do advertising campaigns can understand what I mean.
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The topic of getting rich through entrepreneurship I think has some bullshit and a lot of positive marketing
It is true that the main way to build wealth is through a business but it is not the only way and each person should have some self-knowledge of who he/she is and what he/she wants.
Building a business is not easy that is the reality and the vast majority of businesses will fail .... very few will be privileged to become the next google or facebook.
On the other hand, I think we need an analysis of what an entrepreneur needs when building a business.
- Solve a problem or entertain (let's be honest there are products that solve real problems and that really don't need almost no marketing to attract people... for example curing cancer and others that really don't have a utility that we can consider very essential) like the fashion business.
- You will need to put your energy, time and money into it and there is no guarantee of success.
- Finding talent and managing people : As mj marco himself mentions in his book, this is not at all passive and can give you a lot of headaches.
- Regulations and taxes : This varies from country to country but can be very cumbersome.
- Knowledge : Let's be realistic, every industry has a very specific set of knowledge and it takes time to get it. On the other hand finding experts that you can hire and that will do a good job.
In conclusion ... the reality is that many paths can lead you to get rich ... some with more chance of success than others and everyone should do some introspection work and in a way try both ways until you know what fits better.
I personally believe that there are quiet investments (which will not make you rich... and are the typical ones recommended).
- Bonds
- Investing in index funds
- Investing in stocks
-
Real Estate (Personally I don't understand people who like this way of investing... I see a lot of headaches and in my case I would probably rather start a business than deal with this investment)
These are the basic ones and the ones that are recommended to earn 8 - 10% per year in the long term. And as Mj mentions in his book... of course you will be a millionaire but at a very late age with this form.
Then there are other more interesting ways in my opinion
- Pre-IPO : The problem is that it is so regulated that not anyone could invest here.... but this is still the equivalent of starting a business... it is putting money in a company in an industry that you like, that has a team of people prepared and with future projection (You can lose your money...). Sure, but you can also lose it if you are the one who creates the business.
- Crypto: The same is high risk and high profit but the difference with the first option is that it is not so regulated and anyone can access this investment.
