If you spend any time on Crypto Twitter (aka CT), you’ll see plenty of mentions of ngmi and wagmi.
We’re gonna do a quick explainer of what these terms actually mean, and then explain how wagmi – and how you can make sure you don’t ngmi. If that makes any sense… which it kinda does.
What does NGMI mean?
The acronym ngmi means ‘not gonna make it’.
It’s normally used as a putdown to people who aren’t following a specific strategy, or who aren’t invested in a particular project.
People often used ngmi to generate a sense of FOMO, or if someone is doing something genuinely stupid with their investments.
What does WAGMI mean?
WAGMI is the opposite of ngmi… ‘We are gonna make it’.
This is normally used to assure people that a pattern is about to play out, or that a project will eventually deliver on it’s lofty goals.
So now you know what ngmi and wagmi mean, let’s have a look at how you can make sure you’re more likely to be on the wgmi side.
How to succeed in crypto
This entire site is built on the theory of helping people succeed in crypto, financial trading and other investment strategies. But if you wanna make it in any industry, especially those as volatile as crypto, you need to follow the steps outlined below.
DYOR
DYOR, or ‘do you own research’, is shorthand for making sure you understand the fundamentals of any project. Before you commit your hard earned funds to any investment portfolio, you need to make sure you know what the project actually does.
When doing your research with crypto, this normally means taking a glance the projects website, their social media channels and maybe their Telegram or Reddit pages.
Some people say that investing in meme coins is a waste of time and a rookie play. But done right, you can make some serious money with meme projects. Like any project, research it, understand where the project could go and crucially…
Always have an exit strategy
This one is tricky, but oh-so essential. Whenever you put your money in a crypto project, or any investment, make a plan where you will take money back. And, no, ‘when lambo‘ is not a valid strategy.
Say for example you’ve identified a project that you think has a good use case, and you’ve decided that the project is likely to 5x (multiply by 500%) at some point.
If you invested $1000 today, it could be worth $5000 if all goes as planned.
So you could set sells at 2x (when your money has doubled, take back a small percentage).
Then at 4x, and finally identify the potential price that you’re aiming for and take the rest of your investment back there.
This means you’re not left holding a coin for an indefinite amount of time, and instead you take profits as the price action moves. This is the best way to avoid ngmi and ensure you do wgmi in some capacity.
Bear in mind too that projects can take time to move. So if you invest and you’re expecting that 500% move, allow a suitable period… Anything from months to potentially years before you get that target price.
Don’t FOMO into projects
So you have seen that a coin has suddenly shot up by 1000% and you wish you’d been in that. People all over social media are shouting ‘TO THE MOON’, and you’re thinking, ‘I’ll have some of that’.
Whoa there!!
FOMO-ing in when a project has already gained a huge percentage is a surefire way to end up in a losing trade.
If you want to get on-board with a project, take for example $SHIB which has done incredibly well lately, you need to identify a buy in opportunity.
After every pump, a project will pull back to retest its support. Peaks and troughs are natural in crypto and all financial markets, so try to identify if and when there will be a correction and when a good buy in price might present itself.
And, again, follow the two steps above…
Understand long term vs short term strategy
There are different ways to trade – and your strategy can vary depending on your finances, your time, your ability and your willingness to learn.
Some projects are built for long term investment, some might make you quick gains. Understand which is which to make sure you do make it.
If you have done your research and you understand the project, you can make a plan to take money at the right points and truly get your financial freedom.
Don’t be a NGMI….
WAGMI!
A motivating discussion is worth comment. I do think that you need to write more on this subject matter, it might not be a taboo subject but usually folks dont talk about these issues. To the next! All the best!!
Thx