A good mindset
What is my exit plan?
Well it involved having enough to not have to work for the next 3 years (the upcoming bear market), if I didn’t want to. I could then take these next three years to travel and learn, in time for the big push. Although this bear market is likely to be shorter than past ones, so it could be about 1 and 1/2 years.
At the same time, I don’t want to take out too much at the wrong time, especially since this run could go any which way. I’m not looking to take that much out because I prefer to HODL through -although I want to HODL through most of my gains, not all of them.
So basically, it’s about having around 50K to take out, and then HODL the rest through.
But how much is that of my portfolio? Well, it changes, as the markets fluctuate.
It could be that I decide “right, well it’s not hitting the desired range to take out that amount, and so I’ll just leave it in”.
*Cue 80% drawdown*
All gains were lost. I then effectively HODL huge losses through a bear market, waiting for it to come back up. Any chance of learning through this time has been limited.
Instead, it’s travelling here and there, while looking for jobs, internships, and anything I can find to keep me sustained for the next couple of years. During this time, my priority has to be my time, and having a good position from which to launch my own projects.
Learning in crypto is more important to money. With a couple of good calls, and time to research, I could easily make back any money that I took out.