Here’s some advice I would like to share with you if you’re new to crypto and thinking about getting into it. Below is a list of ideas to keep your crypto journey as safe and sane as possible. I practice what I preach; ask anyone in our trading group.
One item on this list has already saved me from a lot of trouble.
Getting Started
For starters, use a fresh email that’s not used for work or social media. Create a separate email only used for crypto. The reason I recommend this is that if someone gains access to your email, they have access to anything linked to that email address.
General Safety Precautions
When checking your email, do not click links sent to that email unless you’re 100% sure who it’s from and that it’s safe. This keeps you from becoming a phishing victim.
Same thing with text messages, do not click links.
Don’t put your exchange and wallet on your telephone. If you lose your phone, you’ve just given someone all of your crypto. Putting your exchange and wallet on your phone can also expose you to a new fad called SIM jacking.
Whichever device you keep your exchange and wallet on. Highly recommend it to be a device dedicated solely to crypto. On this device, you want to be careful which websites you browse. All it takes is for you to click on a website infected with malware designed to drain your wallet and or exchange account.
Have a hard (physical) copy of your seed phrases and keys. Do not share this info with anyone under any circumstances! No one.
Be careful using browser extensions that connect your wallet to websites. Do this only if you trust the website. Lots of hacks target browser extensions.
Create a separate checking account only to be used to deposit and receive money from the exchange. Link this checking account to the exchange you use. This is something optional you can do to enhance security measures.
This Saved Me
Never keep funds or crypto on any exchange for a long period of time. Move your crypto from the exchange to a wallet. This actually saved me from losing a lot of crypto I mined when FTX went down. People still to this day haven’t received money back from FTX. This step is very important.
You’ve probably heard the saying, “not your keys, not your crypto?” What this means is the crypto is actually not yours till you move it to a wallet where you control the keys. If an exchange gets hacked or goes out of business, you will not get your crypto back. If you’re lucky enough to get your crypto back, it will be a small percentage of what you had years ago after the court ruling.
Don’t link your wallet to any exchange. It’s okay to send money from a wallet to the exchange and vice versa. Don’t link them together if the exchange has this option.
Investing Advice
- Never invest more than you can lose or do without.
- Set up, use and learn Tradingview. The free account works just fine; it has ads and limits you to a certain number of indicators you can use. Paid version removes ads and lets you use more indicators.
- Trade less, trade the big market moves. This increases your odds and takes a ton of stress out of crypto.
- Stay away from the news. Don’t be swayed by influencers.
- One of the sayings I hear during every cycle is, “This time is different, we’re going higher.” Make your moves based on the knowledge you have and the rules in place. Don’t get sucked into the fake news.
- Take self-custody of your crypto. It’s not your crypto if you do not control the keys. If the exchange you use will not allow you to take custody of crypto, don’t use it.
- Remove emotion from your trading and stay away from the herd. To win, you have to separate yourself from the herd. Everyone can’t win!
- Take profits off the table. Never be afraid to do this. You’re in this to make money, right?
- Build a trading strategy that works for you and stick by your rules.
YouTubers
On average, I recommend that you not watch YouTube for crypto investing advice. If you must, these are the only 2 people you can trust on YouTube.
- Ben Cowen – Into the Cryptoverse
- Steve – Crypto Crew University
I’ve learned a ton from these guys, even taken a few classes at Crypto Crew University.
Help us Out
If you find anything that helps you on this website and you want to give back. Here’s some information of how you can donate.
Good luck on your crypto journey.