HOW TO MAKE IT IN CRYPTO (10 TIPS YOU NEED TO HEAR)
Well, i dont know the answer because i dont have any of those things and im still insufferable at thanksgiving, but i have made some pretty good gains so far in this video im going to give you guys, 10 tips on how to make it in crypto. Before we get started, im matt chase and were chasing games, 24 7 365.. I make daily content on youtube, be sure to drop me a like and subscribe to the channel and follow me on twitter mattchase99. What this video is not going to be is a step by step guide on any topic or a 100x. You know moonshot buy this to get rich yadda yadda. These 10 tips are from my experiences over the past few years in crypto, and the first one is whether youre a beginner or youre. An og get your crypto off exchanges when you buy crypto from coinbase kucoin binance crypto.com do not leave your crypto on the exchanges. In the case of a platform, an exchange lender going bankrupt. What happens to your funds lets not take a chance, lets not risk it. Get your crypto off the exchanges into a cold storage wallet like hash pack, metamask trust, wallet, all kinds of stuff or even better. A hardware wallet a ledger: nano x, like i have right here: affiliate link down below a decent wallet, an oculus wallet, doesnt matter. Whatever you choose, get your assets off platforms, exchanges, brokers, lenders whatever, because losing your bag that you think is safe is not worth it.
The next one, whether you were buying your first crypto or your 40th, what is the purpose of this new position? You are establishing. What are you looking for? What is your goal, for example, do you want to hold long term three, four, five years, ten years? Do you want to hold for a year two years? Are you looking for a long, slow, steady, less volatile price appreciation? Are you looking for a 5 10 15 x in the near future? The next time the market runs establish what you want when you open a position, look at it in terms of roi return on investment im not going to go into bitcoin and say: oh im, looking for a 20x man, cant wait to get rich in the near Future, no, no, no, we know thats, not gon na happen, going back to all time, high right now, bitcoins like what three and a half x not interested. On the other hand, i can say: hey im gon na buy lcx and look for a 20x. The next bull run, so these assets guys only examples but have a clear goal: have a clear plan outlined in terms of how long youll hold for and the roi youre looking for, invest with clear purpose and stick to your plan number three dollar cost average. You hear it all the time, but what does it mean? It means if you plan to invest five thousand dollars today. Instead, you say: hmm, you know what im going to actually take that money and spread it out over the next few weeks.
Few months, whatever the case may be, whatever time frame you desire, so you dont go spending 1 000. Today on bitcoin at 21, 000 and tomorrow it goes to fifteen thousand dollars and you go oh no. I should have waited, or you know, maybe not went all in yesterday. Damn dollar cost average in beat volatility by buying more frequently when your assets at any price you buy routinely. On the other hand, you can dollar cost average and take profits every day. If were in a bull market and were above a certain market cap, you can dollar cost average out and sell an asset sell a little bit every day. Every few days, once a week once a month, whatever the case is beat volatility, dont, try and time the bottom or the top. It never works out for you how you want it. Bar cost average in dollar cost average out and live a much more stress free mind. The next one number four drown out: the moon boys on youtube. You guys know theres, so many of them theyre, just insufferable, 100 theyll, say bitcoin is going to 100k. This year, 200k crypto twitter drown out the echo chambers youre in and drown out. The emotional people who are married to their banks do not diamond hand assets, because some bozo on youtube tells you that xrp is going to fifty dollars dont. Do it youre leaving gains on the table if you have time to sell and flip bags and take profits when were obnoxiously pumping you open your portfolio and you go.
Oh my god. These are numbers ive never seen before. Do it not financial advice, but do it make the money? Why not do not put your faith in your trust in you know me included. Do not put your trust in these influencers who make outlandish claims all day and pump the price up then dump on you. Why, for what dont do it number five dont chase green candles, youre hanging out with somebody in the space discord telegram twitter, whatever it is, and and assets pumping 20 up on the day 30. Your leg starts tapping start shaking yeah fomo, oh man better get in there and guess what you do. You buy a position when its already pumped 30 and guess what it goes down 30 and youre left saying damn. How am i gon na recover from that loss? Well, you got ta wait now until the next time that it pumps thats how she goes dont chase green candles. You hear hype around, you look at it. How much has it moved already? Am i due for more gains? Probably not if its pumped a lot am. I due for more downside – yes, probably especially on uncharted territory, read the macro environment. Read the rest of the market if were currently in a bear market and bitcoin is doing nothing and you have an outlier pumping guess what that outliers room to move. Is that much less so be careful number six dont use leverage.
I dont care what your liquidation price is at when you are in a position and you think you cant get liquidated, guess what you can. This market is volatile unless you are an active trader day, trader swing trader. You know the charts, youre trading off a strategy. Do not use leverage, you will lose money. You think your stop loss is tight. You think you have a winning strategy, but youve never done it for a extended period of time. Dont worry about it, trade spot and accumulate your bags. If you want to learn charts how to trade price action, how to day trade swing trade, i have a course ill link it down below price action trading course, im an investor first and foremost, i do not trade short term. If i do, i only use five percent, not even of my entire crypto portfolio thats, it very small amount to mess around with and practice. My short term trading do not use leverage number seven whats, your biggest bag, al grand h bar xrp hows, the community. Are you attached to the community? I bet you are, and some of you im sure, have felt, shame or been shamed and been so a part of the community that you could never turn your back on. Them betray them and sell your position and actually make the money right, because when you say youre gon na sell and were up there pumping out, you know we have 2.
5 trillion dollars in the market. Three trillion dollars in the market and youre being shamed for selling. For wanting to actually make the money, you should be saying no thats wrong. Im gon na go ahead and make the money that i see in my portfolio, its at new numbers im shocked. Im waking up going. Oh, my god, im rich ima go ahead and make the money which ties into number eight take regular profits. Do not let a community make you feel bad or shame you or anybody on crypto twitter, discord telegram, tell you. Otherwise. All of our portfolios positions are in different situations in different profit levels, different whatever the case may be, do whats best for you and do not listen to other people. Do not compare yourself to anybody else and take regular profits, have a plan. Nobody ever got upset making money. Nobody ever did. Nobody ever got upset making money and diamond handing the once again ties into the moon boy. You know on youtube stuff: do not listen to the moon boys telling you to diamond hand, because when it goes up and youre rich itll come back down and youre, not rich anymore, but you could have sold up here and you could have bought again when it Got low you could have had a plan, you could have bought h bar at 10 cents and said to yourself hey. You know what im gon na sell: five percent at 15 cents, five percent at 20 cents, five percent at 25 cents and im going to keep on doing that on the way up, im going to take healthy profits.
The whole way up have a plan, write it down and be able to look at it reference it during a pump because your emotions during a pump – oh, it can go higher. It can go higher. Stick to your plan, take regular profits and work on your emotions. The next one ties into it again see your emotions, trade, like a robot, look at what you have in your portfolio. What gains do you have on the table? Trade like a robot detach. Your emotion when we are down in the market were down right now. Some altcoins right now are down 80 percent 90 and if you got in say during the last bull market december or january march, youre, probably down 40 percent 30. Whatever the case may be, you are down. Are your emotions saying? Oh, my god, i cannot believe it. Ive lost so much money. Well, no because theyre unrealized losses and if your emotions get the best of you, guess what you could be selling at a loss when the market will be pumping back up in the next few months next year. Whatever the case may be, do not overextend yourself and only invest that you can afford to lose so its not that big of a burden on you. If you have over extended yourself hoping to get rich and you cant pay the rent, then guess what you bought high and now you got ta, sell low and were trying to avoid that so get your emotions out of it, be a stone, cold robot.
I me personally, my portfolio is down tremendous, not even a flinch, dont care, because that money, in my mind, is already gone whatever i get back from that now is gravy thats, where im at mentally guys i dont care. I can go days weeks months, even without opening my portfolio dont care im in the game long term. I know what my goals are. I know where the market is roughly im good to go, detach emotions work on being a robot number 10 good risk management. This is not just a stop loss when youre leveraged trading, no, no, no good risk management. If you are spot trading, investing like i am risk management can be. A number of things. Lets use hbar, for example, are you 100 or close to it? 90, whatever? It is the number is kind of you know. A high number invested in one project is your portfolio lacking severe diversification, because guess what happens if you have all your eggs in one basket? You bet the farm on one asset and that asset goes to zero or goes below. You know goes down. Eighty percent from when you bought in and never comes back, guess what youre screwed? What is risk management diversification if you have money spread across multiple different market caps, different assets? All you need is one sometimes to recover any previous losses and get you where you want to go betting, the house on one asset and if it works out for you great but uh more times than not, it will not work out.
That way and youll be saying, damn i should have diversified and had more chances had better odds to make a big return, so risk management. How many assets do you hold now, on the other side, putting a hundred dollars into 40 assets – probably isnt the best? So you dont want to over diversify, but you dont want to under diversify either you want to have a strong assortment of assets – maybe 10 20 30. Whatever the case may be, have it be a meaningful amount in each one? So if it does run up, you get a good buck back and its worth your while right, so its all relative, but guys good risk management. Also, d5 protocols, lenders say you are staking youre borrowing. How much of your asset do you have in one protocol? For example, did you have all your bitcoin on celsius and lost it all recently? Did you have maybe only five percent on there and had five on block five five on wonder, five: five on buy bid. Five on kucoin the rest in your wallet, whatever the case may be. This is all example. How was your risk management? So if celsius went down, what did you have left? Dont put all your eggs in one basket once again, it goes for everything, do not get caught lacking and guess what guys ive got a bonus. One here, number 11., one of the best tips i can give you watch matt chase on youtube.
Yep thats me watch me my daily videos. I cover all this stuff, much more nuanced, much more detailed. Every day we get into new stuff. We have a lot of fun joke around its a good time. So if you enjoyed the video, please subscribe, leave me a thumbs up ring that bell. The algorithm loves it its just a great time for everybody involved. Follow me on twitter, matt chase99. Follow me on tick tock chase crypto. Follow me on instagram matt chase underscore. I love you all thanks a lot for your time.