This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $3600 worth.I have frequent conversations with friends and family covering the basics of successful cryptocurrency investing. I tend to find myself repeating the same pieces of advice, regardless of who I am speaking with. I know that most of my readers are not beginners, but these tips are often forgotten or willfully ignored as time passes.How many of the ideas below do you need to work on?Know Your ExitNew investors typically want to jump right in, but have no idea when they Intend to exit. Do you plan to hold to a certain price level? Do you plan to hold until mass adoption is reached? Do you plan to hold until your stop-loss is hit? Do you plan to hold until a major upgrade comes? Are you holding forever? If you don’t have a clear plan for an exit, don't enter.Are You A Trader Or An Investor?Different personality types and skillsets cater to different market approaches. I am both a trader and investor, with separate portfolios and allocations dedicated to each. My trading portfolios is a fraction of my investing portfolio, which should always be the case if you are doing both. It can be tempting to trade your way through the market, but most people are better off investing. Define what you are and stick to it.Lean Into Your StrengthsThere's no reason to reinvent the wheel. There's no reason to spend time and waste money improving on your weaknesses if you already have clear strengths. Some investors excel at digging through endless white papers until they find the next gem. Others are good at diving into an industry like play-to-earn and finding their niche. Perhaps you enjoy joining Discord groups and networking with everyone you can. Other investors are patient and disciplined, always dollar-cost averaging into the majors. Some are great swing traders but terrible at scalping. Stick with what you are good at!Start With The MajorsIf you are new to the crypto space, it’s probably wise to educate yourself on the majors and consider investing in them first. After all, most coins are just iterations of Bitcoin and Ethereum to some extent, so it’s wise to understand the coins that comprise the majority of the market cap. It can be really enticing to start on the lower market cap alts for a bigger return, but these also bring bigger risks. Crawl, then walk, then jog, then run.Explore Safety FirstIt is important that you learn how to be a safe investor from the beginning. Use your time learning how to set up a wallet, initiate 2FA, enable whitelisting, protect your backup codes, avoid sim swaps and hacks and practice safe social habits. There are a lot of steps to properly storing your cryptocurrencies, but all of the information on how to do so is free. The harder it is for you to access your coins, the harder it is for someone else.Own Your CryptocurrencyIf you don’t own the private keys to your crypto, then you don’t truly own your coins. I’m fully aware that this level of responsibility isn't for everyone and that exchanges have improved their security dramatically. I hold some of my coins on exchanges earning yield.If you are reading this letter, chances are you can probably manage your own private keys and want to at least hold a portion of your coins in cold storage. Popular platforms that don't allow crypto withdrawals hold your coins for you. This is convenient for some investors, but it doesn’t align with the ethos of your investment.Broaden Your Scope Of InvestingIf you have been investing heavily in cryptocurrencies but want something fresh, consider investing in the infrastructure. This could be mining companies, exchanges, companies that own crypto, VC funds, ATMs, software companies etc. Alternative investments within crypto can serve a variety of purposes. Some act as accelerators, while others are a good mix of traditional finance and decentralized finance. Pick your poison.Of course, you should also be heavily diversified in other asset classes outside of crypto as well.It never hurts to fall back to the basics to be a more well-rounded investor. If you are missing some of these suggestions, you have some homework!Chart Request Live Stream at 1:30 PM EST. Please follow the rules. I cannot take requests at any other time, so if you send them during a different window they may not get charted. Remember, no more email requests.1 chart per person, per weekSubmit your request between now and 12:30 PM EST.You can only submit your request through the link below.If it is not on TradingView, there is a chance I will not able to chart it.REMINDER: I can only do so many charts on the livestream. My assistant picks 25 random requests from everyone’s submissions and those are the coins I chart.Chart Request FormIf you are a new member, please refer to THIS BLOG for instructions on how to make my charts your own.In This Issue:Back To The BasicsIs Bitcoin A Safe Haven? IntoTheBlockBitcoin Thoughts And AnalysisAltcoin ChartsEthereum 2.0 Gets A RebrandIMF Attacks El SalvadorWatch FOMC TodayMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #422 - Back To The Basics
The Wolf Den #422 - Back To The Basics
The Wolf Den #422 - Back To The Basics
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $3600 worth.I have frequent conversations with friends and family covering the basics of successful cryptocurrency investing. I tend to find myself repeating the same pieces of advice, regardless of who I am speaking with. I know that most of my readers are not beginners, but these tips are often forgotten or willfully ignored as time passes.How many of the ideas below do you need to work on?Know Your ExitNew investors typically want to jump right in, but have no idea when they Intend to exit. Do you plan to hold to a certain price level? Do you plan to hold until mass adoption is reached? Do you plan to hold until your stop-loss is hit? Do you plan to hold until a major upgrade comes? Are you holding forever? If you don’t have a clear plan for an exit, don't enter.Are You A Trader Or An Investor?Different personality types and skillsets cater to different market approaches. I am both a trader and investor, with separate portfolios and allocations dedicated to each. My trading portfolios is a fraction of my investing portfolio, which should always be the case if you are doing both. It can be tempting to trade your way through the market, but most people are better off investing. Define what you are and stick to it.Lean Into Your StrengthsThere's no reason to reinvent the wheel. There's no reason to spend time and waste money improving on your weaknesses if you already have clear strengths. Some investors excel at digging through endless white papers until they find the next gem. Others are good at diving into an industry like play-to-earn and finding their niche. Perhaps you enjoy joining Discord groups and networking with everyone you can. Other investors are patient and disciplined, always dollar-cost averaging into the majors. Some are great swing traders but terrible at scalping. Stick with what you are good at!Start With The MajorsIf you are new to the crypto space, it’s probably wise to educate yourself on the majors and consider investing in them first. After all, most coins are just iterations of Bitcoin and Ethereum to some extent, so it’s wise to understand the coins that comprise the majority of the market cap. It can be really enticing to start on the lower market cap alts for a bigger return, but these also bring bigger risks. Crawl, then walk, then jog, then run.Explore Safety FirstIt is important that you learn how to be a safe investor from the beginning. Use your time learning how to set up a wallet, initiate 2FA, enable whitelisting, protect your backup codes, avoid sim swaps and hacks and practice safe social habits. There are a lot of steps to properly storing your cryptocurrencies, but all of the information on how to do so is free. The harder it is for you to access your coins, the harder it is for someone else.Own Your CryptocurrencyIf you don’t own the private keys to your crypto, then you don’t truly own your coins. I’m fully aware that this level of responsibility isn't for everyone and that exchanges have improved their security dramatically. I hold some of my coins on exchanges earning yield.If you are reading this letter, chances are you can probably manage your own private keys and want to at least hold a portion of your coins in cold storage. Popular platforms that don't allow crypto withdrawals hold your coins for you. This is convenient for some investors, but it doesn’t align with the ethos of your investment.Broaden Your Scope Of InvestingIf you have been investing heavily in cryptocurrencies but want something fresh, consider investing in the infrastructure. This could be mining companies, exchanges, companies that own crypto, VC funds, ATMs, software companies etc. Alternative investments within crypto can serve a variety of purposes. Some act as accelerators, while others are a good mix of traditional finance and decentralized finance. Pick your poison.Of course, you should also be heavily diversified in other asset classes outside of crypto as well.It never hurts to fall back to the basics to be a more well-rounded investor. If you are missing some of these suggestions, you have some homework!Chart Request Live Stream at 1:30 PM EST. Please follow the rules. I cannot take requests at any other time, so if you send them during a different window they may not get charted. Remember, no more email requests.1 chart per person, per weekSubmit your request between now and 12:30 PM EST.You can only submit your request through the link below.If it is not on TradingView, there is a chance I will not able to chart it.REMINDER: I can only do so many charts on the livestream. My assistant picks 25 random requests from everyone’s submissions and those are the coins I chart.Chart Request FormIf you are a new member, please refer to THIS BLOG for instructions on how to make my charts your own.In This Issue:Back To The BasicsIs Bitcoin A Safe Haven? IntoTheBlockBitcoin Thoughts And AnalysisAltcoin ChartsEthereum 2.0 Gets A RebrandIMF Attacks El SalvadorWatch FOMC TodayMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO