Circle of competence

Day 860 - Day 350 Q - Feb.23.21 - Circle of competence

‍

Don’t chase things you don’t know. Remember, circle of competence. You have to do so much background reading in a specific area to invest in it properly. Invest in what you know. Don’t chase the shiny new thing. I’ve been trying to learn NFTs now and I keep thinking about buying something just to understand what happens. That’s foolish though because what are you even buying? Remember, if you walk into a room and you don’t know who the idiot is at the table, it’s definitely you. Right now on crypto and NFTs, that’s you. Learn the space. Understand it. Study it. Look at the best. Learn from the best people then go in. Don’t do it blindly because then you’re just going to be a patsy. Don’t be a patsy. Know what you know and what you don’t know. The market makes more sense now than NFTs. You’re still super early on it so that’s fine, but do your homework. You didn’t start investing in the market until you spent years reading. NFTs have to be the same. Don’t jump into things you don’t fully understand. Know what you’re getting into and stay within that space. Don’t chase too many opportunities. Let them come to you. Let them show up on your doorstep and take advantage of them. Be patient, hold your conviction and if it changes, sell. Don’t chase, be patient.