Disclaimer: This post doesn’t contain any advice. This post is information only.

This isn’t a feeble attempt at trying to impress you with a 10X. And it isn’t me trying to shill Solana because I’ve got a vested interest. Shill by the way (for any crypto newbies) is when an influencer goes on YouTube telling anyone who will listen that a certain coin is going to 100X or even 1000X. Certain influencers are shilling to advertise and benefit their own portfolio – their own bag….  I’m just going to be talking about how I invested in crypto in 2021.

I am the expert on how not to invest. I’ve made very questionable investing decisions in the past, especially between 2008 and 2018. Fortunately, I got it right with Crypto in 2021. One of my successes was with Solana.

At the start of 2021, I bought a few alt coins (Alternative to Bitcoin). One of those coins was Solana and I got myself 600 tokens for around $2000. If I’d of held on until November (the all-time high for 1x Solana token was around $250), I would have been sat on $150,000. Unfortunately, I cashed out (most of it) around $20,000 before this happened. But I’m very happy with my profit and still see it as a success.

This was me investing with skill and I’m going to tell you why later in the post. One of the things I’ve learned with crypto investing is that you must take some profits along the way. And you’ve got to be happy with the profits you make.

What is Solana?

Solana is a public, open-source blockchain that supports smart contracts, including non-fungible tokens (NFTs) and a variety of decentralized applications (dApps). It was created in 2017 by Anatoly Yakovenko.

It’s very fast and has the potential to get to 65,000 transactions per second. Another bonus is that the gas fees are very low. In comparison to Ethereum, it’s much faster and the gas fees are much lower. I’m not saying it’s going to overtake Ethereum as number 2 in terms of market cap, but I do think it’s a legit project. And I’m glad I was lucky enough to get in early.

For more information, look at the solana website and read up on it. Find out who the software developers are behind it. Read the whitepaper and maybe listen to the solana podcast.

With congestion causing issues on the Ethereum network, crypto users have gone to different blockchains like Solana or DOT. If Ethereum 2.0 works, then I feel it could remain number two for the foreseeable. But what if it doesn’t work and Ethereum ends up being the AOL of the internet? This could open the door for a project like Solana to climb up to number two. This is just me thinking out loud and we’ll just have to see how the market plays out.

My Solana 10X

Over the last 3 years, I’ve started to learn from years of being a very poor investor. I’ve had some wins in property, stocks and shares and even crypto. One of my wins in crypto has been the way I’ve invested with Solana.

For me Solana was a big deal psychologically. Prior, to 2021, I was roughly £8000 down in crypto. Give or take a few hundred quid anyway.

I’m not sure of the exact date but it was around April when I first cashed some of my Solana tokens in. My Solana bag (my investment) had gone from $2000 to $30,000. I hadn’t checked coinmarketcap for a few months and I was very excited. More on how I’m an emotional investor later…

I cashed in 200 tokens for $10,000 and it felt good to be in the black with my crypto investments. After investing since 2017, I was finally in profit.

A few months later, Solana went up again and I decided to cash some more out. Withdrawing another $10,000, this meant that my little investment was a 10X. A big win for someone who wasn’t so sure about crypto until late 2020. It had taken many books, blinks, podcasts and YouTube videos to convince me.

In my opinion, it’s wise to take some profits out. Although, I believed Solana was legit and would be around for many years to come, I’m very happy with my 10X. A big bonus is that I still have Solana that is now part of my long-term investing plans.

Any plan?

From my experience, it’s important to have some form of a plan when it comes to investing. It would be easy for me to be a bit down about how I had 600 Solana tokens and could have cashed out in November 2021 for $150,000. This would have killed me back in the day between 2008 and 2018.

Times have moved on and I’m learning how to invest with skill. This has taken years of mistakes and I’ve also pushed myself hard over the last few years. Like reading a book every week on business or investing or any other topic that will help me learn more about money and investing.

With crypto, my plan is long-term buy and hold. If I am fortunate enough to invest in an alt coin that goes up in value, I’ll take some profits. With the remaining tokens, I will sit on them long-term.

If you are new to this space what about a few scenarios:

  • You put £1000 in, and your alt coin does a 10X – you could take your initial investment out, and keep the rest long-term
  • You put £1000 in, and your alt coin does a 10X – you could take £5000 out and keep the rest long-term
  • You put £1000 in, and your alt coin goes down by 50% – you could sit on it long-term

Whatever your plan, there are a few fundamentals I want to reiterate. Do Your Own Research. Only, invest with money you are willing to lose. Educate yourself with some books or podcasts.

Earning my right to risk

I touched on how excited I was last year with my 10X. This was me still being an emotional investor. You see, I am serious about becoming a full-time investor one way or another. If I am serious, I have to try and remove them emotions. I have to try and become neutral when it comes to money?

WHY? The reason is that emotions are not good for investing. They lead to questionable investing decisions – trust me I know.

My main goal is to become financially independent. To do that, I see trading the markets as a way of accelerating me towards that goal. If I want to trade, I need to earn my right to risk. Im looking to start buying single shares over the next few months and Im working towards trying my hand at trading. Trading the markets with forex trading…

2021 I got my head right into crypto. One of my issues was that I was far too emotional during certain periods throughout the year. Like checking on coinmarketcap every 5 minutes. This is me being an emotional investor.

Things are changing in 2022. Like checking the crypto charts every few weeks instead of every 5 minutes. The penny is starting to drop. Im going to work hard at being more neutral with money and investing. And then maybe later in the year, early next year start trading. I could rush in now but as the saying goes fools rush in….

My plan is to keep on investing despite whats going on with property prices. If im priced out of properties – ill turn my attention to the stock markets and crypto. One way or another Im determined to become financially independent – and that’s what I want for anyone reading.

Work on your personal finances – then on your investing and push hard towards some financial freedom. Then start living life on your own terms ….

Leave A Comment