4 Lessons I Learned In 2017

Photo by Aaron Burden on Unsplash

2017 was a transformative year for me. In an effort to improve the narrative I tell myself and to uncover important truths, I’m going to write out some of my reflections.

By the way, these will be about crypto because I live and breathe crypto.

  1. Leverage specialized knowledge

The internet allows you to gather the specialized knowledge from millions of people.

To be a successful crypto-currency trader, you need to hold a lot of information in your head, like news, prices, project details, and other investors’ opinions. Instead of trying to gather all this info myself, I spent some time researching other investors and tracking their progress. Once I figured out which investors I could trust, I started relying on their research which they published for free. They’re free virtual assistants!

One example is Ian Balina. I don’t research ICOs to the extent that he does, but he freely shares his findings! I build on his findings to make my own investment decisions. He has a dynamic spreadsheet that ranks current ICO’s. I simply check the spreadsheet, do some basic reading about each ICO and then invest a portion of my capital based on his projections. I would never do this unless I had confirmed his track record and accepted the risk involved. This strategy hasn’t let me down yet, and even if it does I’ve already gotten a great ROI from him and extracted my cost basis for this strategy.

In school we’re taught that copying is bad, but in investing it’s not. It’s smart and it’s how you get ahead ... as long as you’re copying the right person of course.

2. Read like a maniac

Every significant financial achievement I’ve had can be traced back to a book and an inkling. My investing journey began with The Bogleheads’ Guide to Investing. From that book I learned that index funds (a form of copying :] ) was the best way for me to invest in the stock market. As my money grew I wanted to find new ways to diversify. That led me to forex and then to crypto-currencies.

I can’t stress enough the importance of reading. Read something everyday that piques your curiosity and makes you want to act.

If you don’t know where to start, write down all the questions you have — about anything. Then google/read until you find the answers. Once you start on this path you’ll find other paths to travel down too.

3. More time spent != More money

In a dollars-per-hour economy, it’s hard to get out of the mindset that your reward is directly proportional to the time you put in. In my experience with investing, it can actually be the very opposite (less time = more money).

I used to sit in front of the charts all day. I took way too many trades. Later I discovered that if I would have just let my money sit in Ethereum or Bitcoin, I would have ended up with the same amount of money in the end.

It is true that more time spent researching, preparing, and analyzing will increase your reward in the end, but it’s very easy to over-trade or spend too much time checking your portfolio balance. I’ve learned to set and forget.

4. When one ship sails another one is docking.

(phrase borrowed from Peter McCormack. Thanks Peter!)

It’s easy to get disappointed in yourself for missing investment opportunities. I could write a book about all the opportunities I’ve missed. I had a huge chunk of my portfolio in Cardano earlier this year, but I sold most of it to invest in other coins. The same thing happened with Humaniq. I missed multiple multi-million dollar opportunities.

This sort of thing has happened so many times this year and I often caught myself thinking “If only I had put more money in”. Thanks in part to my wife, I have learned to focus more on the ships that are docking rather than the ones that have sailed.

There are countless opportunities in the crypto world. It’s futile to fret over the coins that have “mooned” when you could be researching to find the next one. This goes hand in hand with lesson #3. I’m much happier when I shake off lost opportunities and focus on the present.

Here’s to an amazing new year. We’re just at the beginning.

Reach out to me if you have questions. I’m here to help.

You can find me at…



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Twitter: @investyounger

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Websites: younginvesting.net, bryceyoung.me