Hi there,
Christmas is upon us, and the end of the year is near, so I would like to wish you all happy holidays! 🎄
This past week I've taken some time off and I've been visiting the family, disconnect a bit from the double life of a daily job and crypto owl. And honestly, without realizing it I was kind of needing to live a little bit, which reminded me of one of the rules we have posted in our discord FAQs, "Remember to pay yourself when you have made good".
Compounding is a very good strategy for a bullish market, but life is also here, and you only have one chance to live it, so it is good to remember to pay yourself in order to see a materialization of all of the hours you have putted into it, and enjoy life while you still can, the markets will still be here tomorrow, along with fresh new opportunities to make some more capital.
Until yesterday the crypto markets have been mostly side ways, with the exception of Terra, $LUNA, OMG that ecosystem is starting to gain some very good traction, but in summary, I haven't missed much, and although I've been able to close some red bags, we still need a stronger overall bullish action from the market to start seeing a real recovery trend for them. So my current plan is to be patient and wait a bit more to have a clearer picture of where we're heading next, because with this Omicron outburst and a lot of countries starting to enter lockdowns I think it is advisable to exercise some caution until we see clearer signs of recovery.
For the time being I haven't started any bots, neither have I been spot trading, I have indeed decided to close some positions and pay myself for the hard work done during this year. My ideia is that in the next couple of weeks I will be deciding on the strategies to follow for the next year, and how to better use my investment capital for 2022. On my mind currently is the need for diversification in order to better shield me from some possible aggressive crypto market moves, more effective use of capital with trading bots, and take some time to think about what are the possible trends for 2022, indeed some good points for full new posts... :)
But for the next couple of weeks I will continue to mainly focus in enjoying the current free time with family and do some stuff I haven't done for a long time, like going to the movies to see The Matrix Resurrections (not like the first one, but a really cool reboot of the franchise IMO).
On the topic of paying yourself, if you haven't taken money out of the exchange for some time you will be greeted with some KYC complexities that you will need to go though before you can move any FIAT to your traditional bank account. If you're in Europe and using Binance there is no longer the option to transfer money from Binance directly to your bank account (SEPA), in order to do it they give you only two options, Transfer to Card or transfer to the 3rd party ADVCash, from which you can then transfer to your bank account after a thorough KYC check. So the card option might be good for small amounts, but if you need to move larger mounts you will need to use ADVCash, which will allow you to transfer up to 10k a day, but only after you complete their full KYC which includes facial recognition, ID Documentation upload and home address validation using some bill statement that is in your name. I had some difficulty in the home address part because they were not accepting my mobile phone bill invoice, only when I sent them also my Electricity invoice they finally fully validated my account and enabled the option to transfer money to a SEPA bank account. So my advice is don't send any money to AdvCash until you don't have your account fully KYC validated or you might have some trouble to get the money out of the AdvCash platform once there.
The alternative method to get your money out from Binance is to use their P2P Order platform to sell your crypto, from there you can buy and sell crypto directly from/to other users, and Binance has been able to make it very easy to use, which seams like a great way to have your crypto transformed into FIAT and moved into your bank account, but you will be exposed to other users (and scammers, so take extra caution), who might take sometime to do their part, if at all. I've tried to use the P2P service but both buyers I've tried it with have not accepted my request and it ended up cancelled both times. I had to use AdvCash and the SEPA transfer took only 1 day to arrive, so once you are able to complete their thorough annoying KYC it is a viable option that is readily available.
Thank you for your time and I hope you have a great Christmas holiday in the company of the ones you love. See you soon, until then, trade safe!
- Sellium -