Top 10 Tips in Crypto!
Here are my top things I learned since I joined crypto in 2014 with $700!
Fast-forward 10 years and I am still here. Made life-changing money, lost life-changing money. All is a cycle, and you are part of it too.
If you want to turn $700 into $100,000 or $1,000,000, keep reading.
1. Risk vs Age
Risk more early in your life (bet on yourself), then de-risk as you grow older.
The younger you are, the more risk you can take. If you are young and take no risks, you’re playing this game the wrong way. This tip is universal and not applicable only to crypto.
Young people can bounce back from failure much faster. Plus, every failure will make them better and better at finding success. The earlier they start, the better.
Those early failures quickly compound at an early age to make you a successful person later in life. Bet on yourself, bet hard, and do it now. Don’t waste time. Taking no risks or playing it safe will get you nowhere.
As you grow older, your risk appetite should decrease proportionally. Your focus should shift towards consolidating and nurturing that which you have built. Don’t risk and lose it at that point! Protect it instead.
In crypto talk, aim to make money by betting on altcoins with potential or find asymmetric bets early on. Then de-risk and consolidate those gains into Bitcoin. Here’s a guide. Bitcoin should become the most important asset you hold as your portfolio grows (and you get older). By then, altcoins should be a small percentage of your allocation.
2. Asymmetric Bets
Be early. Seek low-risk/high-return opportunities. Find the right crypto community.
To be successful in crypto you need to meet three conditions. The first is simply being early. That means you are online and always on the lookout for the next gem. If you wait for it to be listed on Binance, you’re already late. Go where the opportunities are. Don’t wait for them to come to you.
Second, if you’re early, the risk/reward ratio should already be in your favour. That simply means if you risk $100, you can make $1,000 or $10,000. Losing $100 to make $10,000 should always be a bet you should take. Here’s an example how I turned $200 into $40,000 or a 200x return. We call these asymmetric bets. Find them.
Third, to find gems and be early, you need to be in the right crypto community. That means you got to surround yourself with the right people. I invite you in my community or seek similar places. We have hundreds of Patrons ready to support you. One key piece of alpha can make a huge difference to your success.
3. If you make life-changing money, SELL!
Greed will take over otherwise and you will lose it all.
If you make life-changing money that is your signal to sell. Sell without regret and enjoy your life instead. Forget about crypto for 1-2 years, then come back and re-assess new opportunities. If selling Bitcoin is life-changing for you, then you have a tough decision to make. Your call, but never sell it all. Borrow against it instead!
There is no perfect timing on when to sell, but the key to your success involves selling, lots of it! Here’s a guide on that. The priority of what you should sell looks like this: scam coins > meme coins > altcoins > major altcoins > ethereum.
They should all be sold at one point or another. You do not hold any of them long term. The only coin you should aim to hold for life is Bitcoin. Nothing else. At the end of a bull market you should only have Bitcoin, Gold, and USD in your portfolio.
4. Know when to STOP!
If you don’t stop playing, the game will eventually win.
Have an exit plan. If you don’t have an exit plan, then the game will make sure you exit the crypto casino with your pockets empty.
The best time to exit the casino is when your pockets are full of cash! In other words, the best time to sell and get out is when everyone is talking about crypto, prices are at an all-time high, and euphoria took over the market.
That’s when smart money exits. You should too. Crypto follows a clear cycle that I explained in this guide. There are times to make money and times to protect those profits. Make sure you don’t mix the two.
5. Crypto is a Casino
The only purpose of the casino is to drain players of their money. You are a player!
This tip is simple. Bet on the crypto casino. Bet on its infrastructure, new games, and hang out with the owners of the crypto casino. That’s how you are early.
However, be careful to not hang out too long in the altcoin section of the casino. That’s how you get burnt eventually. And don’t indulge in too many free drinks. I wrote a full guide why you shouldn’t do that.
Always pay for your drinks and always return to the Bitcoin section of the casino.
6. Losing money is IMPORTANT!
Expect it and embrace it. Losing money today makes you successful tomorrow.
There is no better teacher in crypto than losing money. Everyone passes through the same lessons. Expect it and embrace it. However, those lessons don’t have to be expensive!
If you’re just starting, bet small, and learn using small amounts. The lessons are the same regardless of size. Don’t make a lesson be a $20,000 loss when it can be a $200 one.
If you get lucky and make big money early, remember tips #3 and #4. Exit early and make Bitcoin your best friend, see tip #1. Regardless of what happens, if you persist and spend enough time in this space, you will eventually get better, and start winning.
Bet on your future success and when it comes, protect it. Your goal should be to become sovereign and find your comfort spot. More on that in tip #9.
7. Crypto is a Pyramid
The higher you are in the crypto pyramid, the more money you will make.
Know where you are in the crypto pyramid. Each layer serves a different purpose. The higher you are, the easier it will be to make money in this space. Try to get higher in the crypto pyramid if you can. If you can’t, then seek to master your level, and don’t let yourself be exploited by the levels above.
8. Bitcoin will hit $1 million
It’s only a matter of time.
You have only one purpose in crypto. To maximize the amount of Bitcoin you hold. Any altcoin profits or any 100x should be transformed into more Bitcoin in your portfolio. Altcoins serve no other purpose.
If you are in crypto to buy and hold altcoins long term, you do not know the game you are playing, and will leave the crypto casino empty handed. Please don’t fall for those altcoin narratives. They are there to empty your pockets.
Never sell Bitcoin for altcoins or fiat. That is the biggest mistake you can make on a long time horizon. See this post why, especially the last image.
9. Your most valuable asset is not Bitcoin!
It’s your time.
Outside of crypto your purpose is to find your comfort spot. This can mean anything and varies by person. Money only serves that purpose up until a point. If you don’t find your comfort spot, chasing more money becomes meaningless.
Use your time wisely and spend it on finding your comfort spot. You don’t have an alternative. Anything less is sub-optimal! That’s why you bet on yourself and take some risk as indicated in tip #1. You can’t find it otherwise!
10. This space will change YOU
Once you make your yearly salary in one day, your reality will shift.
All your life you were taught that you need to work hard for money. Crypto will quickly prove that is a false assumption. Your perception of money will change forever once you get a taste of how money is actually created.
Fiat money is printed from thin air and there is an infinite amount of it. The ones at the top of the crypto pyramid can print as much as they like, on demand, at no cost. This is what crypto exposes, and Bitcoin proved it already.
Altcoins are like fiat money. Printed from thin air and infinite. That is why there are tens of thousands of altcoins. As the hardest money ever invented by man, Bitcoin is the only thing you cannot print more of, or create out of nothing.
Altcoins are great at helping you become rich overnight, but are also perfect at ruining your wealth over time via dilution, inflation, and endless printing of more coins. Don’t fall for it!
Use your new-found awareness about money and protect your wealth using the hardest asset on the planet - Bitcoin. Then be smart about your investments.
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All info is provided for educational purposes only and is not financial advice.
This is very true. Years ago I owned almost 20 cryptos. Today I own 3, and Bitcoin is by far the largest allocation.
Early on we're all trying to find "the next Bitcoin" until we do enough research to understand that will never exist! =]