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. If you’re not new to crypto, you can skip down to investing advice.
Getting Started
For starters, learn and research the different types of cryptocurrencies and how they work. What is the functionality? You always want to know what you’re investing in.
General Safety Precautions
The crypto police are not coming to save you if you have problems. It’s always better to be safe than sorry.
Create a separate email only used for crypto. Use an email that’s not used for work or social media. The reason I recommend this is that if someone gains access to your email, they have access to anything linked to that email address.
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.
Create a separate checking account for deposits and withdrawals from the exchange. Link this checking account to the exchange you use. This is an optional step you can take to enhance security measures. It also makes accounting easier.
Important
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, 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.
Pictured above is a crypto hardware wallet, which I highly recommend for everyone.
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.
This Saved Me
Never keep funds or crypto on any exchange for an extended period. Move your crypto from the exchange to a wallet. This actually saved me from losing a lot of Ethereum I mined when FTX went down. People still haven’t received their money back from FTX. This step is very important.
You’ve probably heard the saying, “not your keys, not your crypto?” This means the crypto is not actually yours until you move it to a wallet you control. 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 the 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.
In the next few weeks, I’ll be elaborating more about investing advice.
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 Out and Donate
If you find anything on this website that helps you, and you want to give back. Here’s some information on how you can donate.
Good luck on your crypto journey.