Ready for the boom? Here’s 5 steps you should take now

You’ve heard me talk about it for weeks now – the market timing, the catalysts, the cycles and the mindset to help you navigate this crypto experience. Now, let’s cover the specific actions you should take (if you haven’t already) to ensure you’re fully prepared for what’s around the corner.

There are a few simple things you can, and should, do now. Because you will never regret being prepared when things start to really move!

1.  Know your exchanges
This is a basic step that you’re no doubt familiar with, but it pays to give it another practice run. Things can change, and a bank or financial institution could decide to throw up a roadblock at any time, so we want to have these sorted out in advance. Also, if you’ve acquired more speculative or DeFi assets, you may need to use an exchange that’s not as familiar in order to transact. Practice those transfers to get a feel for the process. The smoother you can handle transactions now, the better prepared you’ll be when the big moves start happening.

2.  Know your passwords and PINs
It’s easy to think we’ll remember our passwords when the time comes, but how many of us have been caught off guard before? Make sure you know your PIN numbers and passwords! Do a dry run to ensure you can log in and out without a hitch, and test your seed phrase for any wallets you own. Trust me, it’s better to sort this out now than to scramble during the heat of the moment.

3. Update your apps / devices
Trezor and Ledger both release regular software (app) and firmware (device) updates. If it’s been a while since you’ve engaged with your wallets, now’s the time to make sure they’re up to date, so you’re prepared to take action when required. These updates should only ever be initiated from within the respective applications (Ledger Live / Trezor Suite), never via email or social media links.

4.  Set up price tracking
This is a game-changer that will help you capitalise on opportunities within the bull run. Set up your price tracking so you can catch when something is performing well or when the perfect opportunity to accumulate more comes up. Being able to spot these moments quickly can make all the difference in your strategy. CoinGecko offers a free tracking app that you can download to your smart device.

5.  Create a cheat sheet
When the market heats up, the last thing you want is to be fumbling around trying to remember how to sell your specific cryptocurrencies. A cheat sheet will be your best friend in those high-stakes moments, so make sure you clearly write down every step you need to take and keep it safe.

Last but not least… have a plan! 

Having a plan when you are not emotional so that you have a plan when you are, is crucial. A good way to plan is to think about one core outcome you would like for this bull market. For example, would it be to pay off some or all of your mortgage, would it be to retire or take time off work for 2 years etc.

These are some basic but essential rules to keep your skills sharp and your mind clear. It’s crucial to be ready to handle everything smoothly when the time comes.

The last thing we want is to be caught off guard when the exponential growth phase begins.