I want to start off by acknowledging the hard truth that crypto isn’t an easy game. For the everyday person on the outside looking in, when they think of making a living in crypto, they think: fast cars, big houses and a bank vault FULL of money. This is a reality for few, but for every success story, there’s a thousand or more people who lost MUCH more than they’d like to admit. The success stories are all people who either got in the game VERY early, or who worked EVERYONE ELSE under the table…and since we don’t have a way to travel back in time, there’s only one way for YOU to make it in crypto.
Before we get into the nuts and bolts of this video, I want to acknowledge a couple of things.
- If you haven’t made it yet in crypto, that doesn’t mean you can’t.
- If you lost everything in crypto, that doesn’t mean you can’t make it back. The catch is, If you want to make it back, you have to be honest with yourself, reevaluate, and don’t make the same mistake twice.
- You have to be willing to put the work in, go the distance, and be confident in the fact that you’re working harder than everyone else.
First of all, trading crypto isn’t a hobby, it’s a lifestyle. When I got into crypto, I quickly learned that you can’t win today off of yesterday’s effort. You can’t just throw money at letters and you have to keep your finger on the pulse EVERY SINGLE DAY and know what’s going on, or you’re not going to understand why the chart is going on way or the other. You want to make it in trading, right? So, from this day forward, it’s your JOB to stay up to date on the news…and not just the news in crypto, you have to follow the macroeconomic news too, because it’s all relative. Cryptopanic.com is my home base and I leave a tab of it open every day next to my trading charts.
But before we get into the trading charts, you need to honestly ask yourself? Am I ready to trade? Do you I know what I need to know before I put my hard-earned money at risk? It’s OKAY if the answer is no, because at least now, you have time to catch up. Answer me this…Do you know what an oversold bounce is? What does MACD, RSI, or VRVP stand for? What’s the difference between a DAO and a DEX, What’s the difference between a ZK or optimistic roll up? Why would anyone use the total3 chart? What’s an ascending scallop? Why is Bitcoin Dominance important when trading altcoins? Sorry if your head is spinning, but the questions I just asked you are barley tipping toes into the tides of crypto, and if you don’t know the answers to those questions, my best guess is that you need to spend more time studying BEFORE you try your hand at trading. I’m not saying any of this to sound condescending, I’m saying this because I care. Understand when you trade crypto, you’re trading against the ELITES. You’re trading against and army of 200IQ whales who sit in front of 10 computer screens ALL DAY LONG. You don’t lose money in crypto, they TAKE YOUR MONEY. To be successful in this game, you don’t need to be better than EVERYONE, but you need to have a SERIOUS edge. My point is: If you’re willing to invest your money into crypto, then you should be MORE THAN OKAY with investing in YOURSELF! Take the time to read a few books on investing. Read endless news articles. Take a crypto class like Bitlab academy. Watch hours of youtube content of successful traders like frankie candles or crypto face. Look into to how indicators work and how you should use them, and which ones you should use. Get involved in communities on discord. Listen to spaces on twitter. My point here is that you can’t binge study your way into crypto…you have to systematically take small bites every day and be dedicated to knowing the in’s and out’s of the space before you even think about putting your money in. Be willing to learn, be willing to take advice, and most importantly, know that it’s OKAY to ask for help.
If you made it this far into this video, that means that you still want to learn more on how to be successful in crypto. This shows that you’re willing to listen, and that’s great, but are you willing apply what you learn into your habits? Step one. I want you to be on a SET routine. I want you to plan out every hour of your day from what time you wake up, what hours you study, what hours you’re doing TA, what hours you’re working…EVERYTHING. The next thing I want you to write down are your goals. What do you want? How are you going to get there, and how do you plan to keep yourself accountable when you do or don’t achieve your goals? I want you to write down a strategy AND STICK TO IT. Are you trying to strategically accumulate and patiently wait for new all time highs? Or are you trying to leverage trade 1000 dollars into 5000 dollars? THIS IS VERY IMPORTANT. A lot of people say they want to accumulate for years, but when the chart pumps 10%, they ask me if they should or shouldn’t take profits. My answer is, if you made a plan before you opened this trade, you would already know the answer. This is why it’s SO important to keep a journal, or even two journals. One to plan and stick to your routine and another one to keep track of every trade you make. Before you make a trade, I want you to evaluate how you’re feeling on that particular day. Did you lose your last trade? Are you feeling antsy or upset? Are you revenge trading? This is all VERY important stuff because you should NEVER trade when your emotions are getting the best of you, and if you revenge trade and lose another time, just know that nothing in this world is more important than your mental health…let me say that again. There’s nothing in this world is more important than your mental health. Don’t take this part lightly. Trading can drain you mentally and emotionally and it’s imperative you stay on top of where you’re at each day.
Think doing this. On Bitget, trading view, Phemex and other places, they have test nets where you can practice trade. I can’t stress how useful this is. And this is why. You can read every book ever written about skateboarding, but until you go out there and put the hours in, you’ll never beat Nyjah in a game of skate. I know I sound hypocritical here because I just told you how much you have to study, but hear me out. You need to know what your doing theoretically AND in practice, and trading on test nets is a great place to put those hours in before the stakes get raised. Another fun thing to do is to trade with 100 dollars, and pretend you’re trading with a thousand, or even ten thousand. This is a great way to do those mental gymnastics and get practice in with just a little bit of skin in the game.
Here’s the thing, if you got into crypto at the end of last year, or even during 2022, I’m sorry about your luck, but at least now you know how to handle a bad situation. People are defined by how well they cope with adversity. Legends are created or forgotten by how much pressure they can handle…and pressure makes diamonds. I know this bear market seems like it could never end, and it’s likely to get worse before it gets better…but keep your eyes on the prize and never budge when this market tests your conviction, because that’s what it’s designed to do. Take a look at these charts here from the rational root and coindesk. After every halving, we shoot up to the moon…and after about a year and a half, we’re at the top and we begin to fall back down. 64% after every halving, we trade sideways for a little bit, and eventually, we start climbing back up the hill. In the past, within a year before the halving, we have pumped 385%, 142% and 17%. We have just entered the new white box on the right and the next halving is going to be in March of 2024, so we’re only months away from being one year away from the halving, In the past, exactly one year after the halving, we have pumped 8079%, 284% and 559% The top of the next bull run is projected to be September or November of 2025…Considering it’s not even 2023, step back, take a breath, and know that there’s SO much to be optimistc about. Do you want to spend the next 15 months complaining about you “bad luck,” or are you going to spend it building the rest of your life? So what if you didn’t get to buy Bitcoin at 1000 dollars or eth at 100? That doesn’t mean you can’t make a living in crypto. That doesn’t you can’t put both feet into the game and make life changing money. The way I see it, your journey in crypto, just started today!