Not only does The Defi Edge often share all kinds of DYOR (Do Your Own Research) steps on Twitter, but he even encourages people not to stay in the currency world all day long, because being a person who looks at the world from a well will make you narrow-minded. Therefore, I'm going to organize The Defi Edge's articles and introduce them to you again!
Top 4 Cryptocurrency Research Indicators
Technical Understanding
What is Bitcoin? What is Ether Merger? What is the underlying technology of cryptocurrency based on?
A simple example of how you can do your own research:
Blockchain technology is an advanced database mechanism that allows transparent information to be shared across a network. Blockchain databases store data in blocks linked to the same chain, and the data is chronologically consistent, so you can't delete or modify the chain without consensus.
It's easy, right? Wrong, because a lot of people don't want to put in the time and effort, and all they want to do is make money, are you one of those people?
Profit Skills
Just because you understand the principles of cryptocurrency and blockchain technology doesn't mean you can make money, you still need the right mindset. There are a lot of people who know the technical aspects of cryptocurrency, but most of them don't make a lot of money, why? Because learning to make money is a separate skill set, and that's why some people with poker skills have an advantage when it comes to investing in cryptocurrencies.
The Defi Edge mentions that we can learn about Profit Skills: Decision Making, Cognitive Bias, Trading Psychology, Portfolio Construction, Profit Taking Strategies, Risk Management Strategies and more. Earlier on his Twitter account, he mentioned taking profits while the price is moving up, and putting profits in BTC, ETH and stablecoins.
It's worth noting that moving profits to higher risk projects is not a profit-taking exercise! He also suggests a simple rule, which is to take profits when you've already doubled them, and let the rest flow, which is psychologically and portfolio-wise better.
Personal Skills Crypto Skills
Learning to analyze data on the chain, tracking the wallets of big investors, expanding your network in reality, finding the next Narrative and so on are all skills that you can learn on the currency path, which of course will not only help you with your portfolio, but will also help you train better critical thinking and analytical skills in your daily life.
The Defi Edge has some advice on tracking down whale wallet addresses, for example, you can go to Nansen Use the Smart Money function to get the address of the whales' wallets in the Big Account, and then in the Debank Create your own list so you can keep track of what the big players are doing.
For those of you who don't know what a Debank is, it's actually a must-have for the Defi Farmer.Wallet ControllerThe tool allows you to view the income status of all supported farms in real time, and you can choose to "link to wallet" or directly "search for address", which is a tool that focuses on wallet management and monitoring.
Study Outside of Crypto
The Defi Edge mentions the 'T-Shape' skill:
Horizontal (Breadth): Broad understanding of multiple disciplines.
Longitudinal (in-depth): To study an area in depth.
The concept of "T-Talent" was proposed by Harvard Business School professor Dorothy Barton in her book "The Fountain of Knowledge". The T-word is a horizontal and a vertical, which means that the best talents not only need to have broad general talents, but also need to have vertical and deep professional skills.
Not only do we need to have broad general knowledge horizontally, but we also need to have deeper understanding and insights into vertical specializations. For The Defi Edge, in order to study the field of cryptocurrencies, he starts by lining up the relevant aspects, with a couple of master-classics on each topic, for example:
Finance
Accounting
Tokenomics
Cryptography
Decision making
Macroeconomics
Risk management
History of Markets
Behavioral Finance
Then, in the vertical perspective, we want to gain the most in-depth knowledge in a given topic. The cryptocurrency world is moving so fast that we need to prioritize which tracks you should focus your attention on that you are most interested in and know exactly what material to lock in beforehand in order to learn cryptocurrency in the most effective way.
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