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Crypto industry is filled with opportunities: Trading, De-Fi, NFT, Yield Farming, MEV bots.
You will FAIL if you concentrate on all of them. FOCUS is essential, but HOW do you multiply it?
Here's a MENTAL MODEL to diversify your learning curve while not giving up on PERFECTION:
You will FAIL if you concentrate on all of them. FOCUS is essential, but HOW do you multiply it?
Here's a MENTAL MODEL to diversify your learning curve while not giving up on PERFECTION:
We see posts & threads about successful people who MADE it in crypto, and we overestimate our ability to succeed in that field.
The reality is every domain is filled with SMART people who WORK HARD to get to the top.
It is tough to succeed for any newbie, but not impossible.
The reality is every domain is filled with SMART people who WORK HARD to get to the top.
It is tough to succeed for any newbie, but not impossible.
Focusing all your attention on one domain is the PATH to success. Successful people don't FOCUS on multiple domains.
@thedefiedge specializes in De-Fi, he's got some SKIN IN THE GAME.
He doesn't do NFTs.
@thedefiedge specializes in De-Fi, he's got some SKIN IN THE GAME.
He doesn't do NFTs.
But if you are a person like me who is hungry to try and master new skills, then what you want is DIVERSIFICATION as well as SPECIALIZATION.
But we have to do it in a way so that we don't end up failing at everything.
Interesting, how do you do it?
PUT YOUR SEATBELTS ON!
But we have to do it in a way so that we don't end up failing at everything.
Interesting, how do you do it?
PUT YOUR SEATBELTS ON!
1) ITERATE:
Some people have a day job, family, responsibilities, etc. Some people are young and have a lot of time & energy.
You need to try out EVERY domain before adopting one to learn the rules.
Don't randomly pick your favorite domain and specialize in it.
Some people have a day job, family, responsibilities, etc. Some people are young and have a lot of time & energy.
You need to try out EVERY domain before adopting one to learn the rules.
Don't randomly pick your favorite domain and specialize in it.
I see a lot of people who want to achieve in the TRADING domain, but it takes a lot of self-mastery, discipline, time & patience to master it.
Only some of us have all of it. So we need to identify our strengths & weaknesses to see whether we are capable of pursuing them.
Only some of us have all of it. So we need to identify our strengths & weaknesses to see whether we are capable of pursuing them.
If you want to relax, instead of losing money by trading you can get good staking rewards if you just focus on De-Fi.
EXPERIMENT & ITERATE to see which domains might have a 'TAILORED FIT' for you.
FOCUS only on that domain in the beginning.
NOTHING ELSE. LITERALLY.
EXPERIMENT & ITERATE to see which domains might have a 'TAILORED FIT' for you.
FOCUS only on that domain in the beginning.
NOTHING ELSE. LITERALLY.
2) CREATE LAYERS OF IMPORTANCE:
Now that you have iterated and found your TAILORED domain, you are now hungry and you want to master multiple domains.
Note: You adopt this model only when you have enough TRACTION in your TAILORED domain.
If not, go back to the previous point.
Now that you have iterated and found your TAILORED domain, you are now hungry and you want to master multiple domains.
Note: You adopt this model only when you have enough TRACTION in your TAILORED domain.
If not, go back to the previous point.
These are nothing but CRYPTO DOMAINS which has their importance relative to others.
LAYER 1- Most important domain(Your tailored fit).
LAYER 2- You have enough knowledge about it but no experience.
LAYER 3- You just have the curiosity to learn about it.
LAYER 1- Most important domain(Your tailored fit).
LAYER 2- You have enough knowledge about it but no experience.
LAYER 3- You just have the curiosity to learn about it.
LAYER 1:
You have already gained traction in layer 1, but you still need to LEARN and GROW to play in this domain.
So you set aside the required time that is necessary for LAYER 1.
Note: You only go to LAYER 2 once you have passed the threshold limit for L1 on given any day.
You have already gained traction in layer 1, but you still need to LEARN and GROW to play in this domain.
So you set aside the required time that is necessary for LAYER 1.
Note: You only go to LAYER 2 once you have passed the threshold limit for L1 on given any day.
Never JUMP layers b/c you are interested, it's easy to just wander off wherever your mind wants to go.
My L1 consumes the majority of my morning until lunch. Until then, I don't even touch my L2.
My L1 consumes the majority of my morning until lunch. Until then, I don't even touch my L2.
LAYER 2:
Remember this: ALWAYS STICK TO YOUR CIRCLE OF COMPETENCE.
If you are playing games where others have an EDGE and you don't, YOU ARE GOING TO LOSE.
In this layer, you just learn about it every day and observe what MISTAKES other people do and possibly bet small.
Remember this: ALWAYS STICK TO YOUR CIRCLE OF COMPETENCE.
If you are playing games where others have an EDGE and you don't, YOU ARE GOING TO LOSE.
In this layer, you just learn about it every day and observe what MISTAKES other people do and possibly bet small.
@Route2FI is a De-Fi king, but the king himself tried crypto trading and lost money in a matter of minutes, but he risked only a small portion of his capital.
This is a prime example of adopting LAYER 2 into your playbook:
This is a prime example of adopting LAYER 2 into your playbook:
LAYER 3:
This layer must ONLY be reached if you crossed L1 & L2.
You are just here b/c you are curious about it.
Keeping an eye on this layer might serve you in the future. The curiosity might make you turn this layer into an L1.
Until then don't put any money on the table.
This layer must ONLY be reached if you crossed L1 & L2.
You are just here b/c you are curious about it.
Keeping an eye on this layer might serve you in the future. The curiosity might make you turn this layer into an L1.
Until then don't put any money on the table.
Our curiosities and interests are what drives us to learn new things.
So it's vitally important for you to always keep an 'INTEREST' layer.
Don't add too many layers, you won't get anywhere if you pursue everything. @Route2FI made the same mistake too!
So it's vitally important for you to always keep an 'INTEREST' layer.
Don't add too many layers, you won't get anywhere if you pursue everything. @Route2FI made the same mistake too!
But that also shouldn't stop you from pursuing multiple domains at once.
Create LAYERS and specify the TIME & FOCUS for each LAYER.
Always stick to the RULES of the layer.
If you don't the LAYER will make you do it.
Create LAYERS and specify the TIME & FOCUS for each LAYER.
Always stick to the RULES of the layer.
If you don't the LAYER will make you do it.
3) CHANGE LAYERS:
Change your layer's importance when you NEED to.
This industry is changing continuously, every $ETH miner who benefitted from high gas fees has to change his LAYER now.
Every person who is flipping #nft right now might not be able to do it in the future.
Change your layer's importance when you NEED to.
This industry is changing continuously, every $ETH miner who benefitted from high gas fees has to change his LAYER now.
Every person who is flipping #nft right now might not be able to do it in the future.
This is the benefit of having L2, now he can just move on and start growing his L2.
Please don't fall for SUNK COST FALLACY, just b/c you have put in the time doesn't mean that it continues to benefit your life.
Have the HUMILITY to accept failure and move on.
Please don't fall for SUNK COST FALLACY, just b/c you have put in the time doesn't mean that it continues to benefit your life.
Have the HUMILITY to accept failure and move on.
A real-life example of this mental model:
1. I started my journey by investing in $DOGE.
2. I iterated a bit and started learning about each sector.
1. I started my journey by investing in $DOGE.
2. I iterated a bit and started learning about each sector.
3. I fell for SURVIVORSHIP BIAS, I saw that so many people are rich by leverage trading $BTC. I thought I could do it too!
The first couple of days I made so much money & I thought I was going to be a millionaire very soon.
No surprises, I lost so much capital trading crypto.
The first couple of days I made so much money & I thought I was going to be a millionaire very soon.
No surprises, I lost so much capital trading crypto.
4. After a massive failure, I jumped into the world of De-Fi.
I have a mechanical background and I had no idea about coding, economics, finance, and risk management.
Thankfully I was broke at that time. So I couldn't chase after those high APYs.
I have a mechanical background and I had no idea about coding, economics, finance, and risk management.
Thankfully I was broke at that time. So I couldn't chase after those high APYs.
5. But that ITERATION made me realize that I also don't have enough money to invest in any de-fi protocol.
-My TAILORED FIT required a way to EARN a daily pay first.
-Then invest it in de-fi protocols to GROW my earnings.
This is why ITERATION is so important.
-My TAILORED FIT required a way to EARN a daily pay first.
-Then invest it in de-fi protocols to GROW my earnings.
This is why ITERATION is so important.
6. So I double down on trading and I decide to make it my LAYER 1.
Remember that $DOGE investment?
Well, I was just soaked in FUD, but I got an opportunity to sell it at a profit for financing my trading career.
Remember that $DOGE investment?
Well, I was just soaked in FUD, but I got an opportunity to sell it at a profit for financing my trading career.
7. I slowly grow my L1, I didn't create any new layers until my L1 was good enough to sustain.
8. Then I curate my L2 & L3 according to my interests:
L1:DAY TRADING.
L2:DE-FI.
L3:NFT & FLASH LOANS.
8. Then I curate my L2 & L3 according to my interests:
L1:DAY TRADING.
L2:DE-FI.
L3:NFT & FLASH LOANS.
Some rules that I follow:
L1:I shut down L2 & L3 if I have to focus on trading.
L2: I have never invested in any De-Fi projects, I only learn about them. I might bet small, once I am good enough.
L3: I don't do any research on NFT but I read the news and watch trends.
L1:I shut down L2 & L3 if I have to focus on trading.
L2: I have never invested in any De-Fi projects, I only learn about them. I might bet small, once I am good enough.
L3: I don't do any research on NFT but I read the news and watch trends.
This is a personal strategy of mine, so feel free to modify it to your needs.
Thank you for spending your valuable time here.
Laugh & enjoy:
Cc:
Thank you for spending your valuable time here.
Laugh & enjoy:
Cc:
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