Lark Davis - Take Your Profits and Run Away

BIO: Lark Davis is the Founder of the weekly crypto newsletter Wealth Mastery, which combines insider insights and in-depth market analysis to offer cryptocurrency investors the best opportunities to grow their wealth, stay ahead of the curve, and avoid costly mistakes.STORY: Lark invested in the Terra Luna cryptocurrency, which had a famous implosion. The volatility of the crypto market saw him lose all his profits and part of his capital.LEARNING: Never put your profits into something that could go down. Fully understand all aspects of risk exposure. “The learning curve is massive in crypto, and even after years in the industry, I still get surprised by how I can get screwed.”Lark Davis Guest profileLark Davis is the Founder of the weekly crypto newsletter Wealth Mastery, which combines insider insights and in-depth market analysis to offer cryptocurrency investors the best opportunities to grow their wealth, stay ahead of the curve, and avoid costly mistakes.The newsletter has 100K+ subscribers and covers DeFi, NFTs, Altcoins, Technical Analysis, and more. Lark has been a crypto investor for more than seven years and has made millions of dollars—while also suffering significant losses—in the markets.He has been featured in leading digital currencies media platforms, including Coinpedia and CoinDesk, providing insights that help audiences consistently make money from cryptocurrency investments.You can find him on Twitter and YouTube.Worst investment everLark invested in the Terra Luna cryptocurrency, which had a famous implosion. The currency went up, and the investment was worth hundreds of thousands of dollars. The company also had a stable coin worth $1 linked to the Luna cryptocurrency. The more stablecoins were minted, the more the Luna token was taken off, and the market price increased. The reverse eventually, of course, applied as well. But this was the big hype coin everybody was talking about. Big venture capital firms were in it, and the Founder was the poster child on social media.It all came tumbling down eventually. Interestingly, shortly before Lark invested, his research assistant, who does the deep dives for the Wealth Mastery reports, did a report on the Luna crypto and concluded that it smelled fishy and didn’t like the idea of investing in it. Lark, however, went ahead and invested.By the time the coin started going on a downward spiral, Lark’s Luna position was around $100,000. That went to zero in about three days. Luckily, he didn’t ride them to zero. He sold them for around $6, but his profit fell to zero. He also had about $700,000 of stablecoins, in which he took a 20% loss.Lessons learnedNever put your profits into something that could go down.Take your profits, put it in your bank, and run away.Fully understand all aspects of risk exposure.Crypto’s learning curve is massive.Andrew’s takeawaysSeparate your wealth or profit from speculation money and put it in a safe place that won’t go down.When it comes to human behavior, always expect a herd mentality.Actionable adviceGo slow on-chain and test the waters first before you put 100% of your money into it. You’re not missing out on anything; there’s always going to be something new happening tomorrow.Lark’s recommendationsLark recommends reading his newsletter, Wealth Mastery, for updates on the latest market trends. He also recommends checking out various local exchanges to learn how trading indicators and coin mechanics work and all sorts of things regarding cryptocurrencies.No.1 goal for the next 12 monthsLark’s number one goal for the next 12 months is to 10x his crypto portfolio in this bull market.Parting words “With crypto, remember to take your profits, or the market will take them for you.”Lark Davis [spp-transcript] Connect with Lark DavisLinkedInTwitterYouTubeWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramThreadsTwitterYouTubeMy Worst Investment Ever Podcast