it's easy to make money in crypto it's easy money the hard part is keeping it and you know how to keep it this is because the crypto Market is basically designed to tempt and trick you into making mistakes that can turn a 100x gain into a 100% loss that's why today we're going to tell you about the 10 biggest mistakes in crypto and the 10 things you can do instead so that you walk away with life-changing gains instead of Life questioning losses so if you hold crypto or are considering it this is a video you
need to watch until the end something to note before we begin I'm not a financial adviser so I can't help you with your bling this video is educational content that's our only thing so please contact a financial advisor if you're trying to make your portfolio go cha-ching now the first crypto mistake to watch out for is picking the wrong exchange this can be a very costly mistake because fees to deposit trade and withdraw Fiat or crypto can be extremely high on exchanges the result is that you can lose tens sometimes hundreds of dollars just to
try and buy the crypto you want the worst part is when you sign up for an exchange and deposit money only to find out that it doesn't support the crypto you were trying to buy we know from experience what this is like and just how costly it can be never mind all the exchanges that go offline when you need to use them the most logically then what you should do instead is find the crypto exchange that's right for you but this is of course easier said than done that's because the biggest exchanges tend to charge
the highest fees the smallest exchanges tend to lack adequate crypto support and there are literally hundreds to choose from fortunately though the coin Bureau has no shortage of resources that you can use to figure out which exchange is the right one for you you can check out our recent video about our top five crypto exchanges using the link up there now the second big mistake to watch out for is not taking profit if you've been in crypto for a while or know someone who has then you'll know that a very common mistake is round tripping
a crypto buying it at a low price watching it go to a high price and holding it all the way back down this is a mistake that everyone here at the coin Bureau has made at some point and it's a hard one not to make that's simply because when a crypto starts going vertical we all get the feeling that it's just going to keep on going higher sometimes we buy even more because we're so convinced that it will the worst part is every time we got the feeling that a crypto we held was going to
keep going up only that was the time we should have sold or at least taken profits obviously even taking just a little bit of profit is difficult because of that nagging question that we get what if it goes up another 5x 10x or more the answer is that it could indeed keep going higher which is why you should instead ask yourself this question how much should I sell so that I make some decent gains if it goes to zero but don't feel too much fomo if it goes to Infinity of course the answer will vary
depending on the circumstances these include how much money you invested how much that investment is worth now and what that money is worth to you if you have a small amount invested then you probably don't need to take as much profit as you would if you had a large amount invested this is something you'll need to assess for yourself you'll know you're on the right track when you don't feel too much fud or fomo from taking profits managing your emotions is the secret to success in crypto and this ties into the third big mistake to
watch out for and that's aping into to whatever is pumping this is another common mistake that afflicts even the most experienced crypto Traders and holders it is just human nature when we see something going up we want to jump on the ride along with everyone else the worst part is that we often rationalize this ape Instinct we justify aping into ourselves and others by citing whatever narrative is being used to explain the pump and why it's supposedly going to continue in retrospect The Narrative always comes after the pump has started it's seldom the cause and
this ties into another crypto secret and that's that most cryptos start pumping because of manipulation by whales or insiders this initial manipulation can sometimes cause short squeezes which cause prices to spike a lot in the short term this gets new investors interested they ape in and push prices higher that's why what you should do instead of aping into what's pumping is to look at which cryptos haven't pumped but could pump in the near future these could be cryptos that belong to the same Niche or narrative but they could also be cryptos that belong to a
related Niche or narrative that could pump one example is what we saw with AI cryptos and decentralized physical infrastructure AKA deepin cryptos after AI cryptos started pumping lots of deep in crypto started pumping too that was because people realized that AI would require decentralized physical infrastructure like storage and compute another example is what we're seeing now with mem coins and decentralized finance or defi most mem coins are traded on decentralized exchanges which are a part of defi as such it was only a matter of time before Capital started rotating into Defi and that's exactly what
we've seen in recent weeks and side note if you're enjoying this video so far smack smash that like button and subscribe to the channel and ping that notification Bell so you don't miss the next one now the fourth crypto mistake to watch out for relates to the third and that's overtrading this mistake goes hand inhand with aping into whatever is pumping that's because we all have a habit of selling cryptos that are lagging in order to buy cryptos that are pumping and the ones we buy end up lagging or crashing entirely as soon as we
do am I right the worst part is that the crypto industry actively encourages all of us to trade as much as possible this is done directly with articles and videos about people who got rich after trading crypto and done indirectly by exchanges and coin tracking sites which often look no different from literal casinos to be clear it is possible to make a lot of money trading but only a small percentage of Traders actually do not only that but if you look at the win rate of the best Traders it's usually somewhere between 50 and 60%
put differently they win slightly more than half the time which makes them profitable overall that's why there are two things that you can do instead of overtrading the first is to take the time to learn how to trade properly that means spending thousands of hours researching and practicing different trading strategies to see which ones work best for you and the cryptos you trade the second thing you can do instead of overtrading is to just buy cryptos you believe in and hold them until they hit the targets you've set taking small profits along the way this
will be the most profitable strategy for 99% of us if only just because it's the one that keeps our emotions under control and this pertains to the fifth crypto mistake to watch out for and that's trading with high leverage and no stop losses whereas aping into whatever is pumping goes hand inhand with overtrading overtrading goes hand inhand with high leverage and zero stop losses a gateway drug to getting wrecked so to speak if you've heard about crypto Traders getting rich chance aners are it's because they were using High leverage now for those unfamiliar leverage trading
essentially involves trading using borrowed crypto so suppose you have $100 10x leverage will let you trade $11,000 with just $100 as a deposit I.E as margin the catch is that if prices go down by just 10% then you lose your $100 deposit now I'm not sure if you've noticed but cryptos frequently go up and down by 10% or more especially altcoins that's why trading with leverage can be lucrative when the volatility is to the upside but very costly when it's to the downside in theory this downside risk can be mitigated by setting a stop- loss
a price level at which the trade is automatically closed to minimize losses hence the term in practice though most people don't do this and we reckon that's because most Traders aren't experienced enough to know where to set their stop losses that's why what you should do instead of trading with too much leverage and no stop-loss is to subscribe to coin Bureau trading our trading Channel it features Mariano and Aaron who are both expert Traders with years of experience as well as Dan our very own head of research the link is up there now the sixth
crypto mistake also pertains to the fourth and that's not self- custody your crypto if you've acknowledged the fact that you're not going to become the next Warren Buffett or Michael bur then it means you're going to be holding and chances are you're holding all your cryptos on exchanges we say this because a coin gecko survey from 20123 found that seven out of 10 crypto holders keep their crypto on exchanges this is wild because this survey was done at a time when only hardcore crypto holders were around what this means is that the actual figure is
probably much higher than 7 in10 or it will be soon enough now to be fair holding crypto on an exchange is incredibly convenient and setting up your own crypto wallet is comparatively cumbersome even so the fact of the matter is that keeping your crypto with a third party runs the risk of a massive loss unless you're dealing with a Bonafide crypto custodian even then there's risk that's why what you should do instead of keeping your crypto on exchanges is to find a wallet that supports the cryptos you hold ideally a hardware wallet AKA a cold
wallet as with exchanges this isn't so easy to do as there are lots of wallets out there and not all of them are secure or userfriendly as you might have guessed though the coin Bureau has got you covered there too we have no shortage of resources to help you find and set up all kinds of crypto wallets and we'll leave a load of links in the description to that end there's just one very important thing to note though before you check them out if you have a newer crypto that doesn't have widespread wallet support it's
best to stick to the official wallets provided by that crypto project these wallets can almost always be found in the documentation of the project in question or on its website the last thing you want is to use a third party wallet where your balance is invisible half the time now the seventh crypto mistake follows from the sixth and that's not doing your own research and instead blindly following crypto influencers such as yours truly make no mistake many crypto influencers exist only to promote whichever crypto exchange or crypto project is paying them without disclosing it to
add insult to injury most crypto influencers put minimal effort into their research resulting in low quality crypto education for everyone including themselves it is honestly mindblowing how many just read off the website of the crypto projects they analyzing you can easily do that yourself in case you haven't noticed we do things a bit differently here at the coin Bureau we don't do paid Shilling and we disclose which cryptos we hold when we talk about them we reckon this is why we've become the biggest crypto YouTube channel over the years still this doesn't change the fact
that you should always do your own research and question what crypto influencers are saying including us besides the fact that we don't always get it right sometimes the information we provide is outdated or irrelevant by the time you get to see it which can be a problem unfortunately there's not much we can do about that as we don't have the capacity to be on top of every crypto project all the time for what it's worth we do this as best we can through our various resources including our secondary Channel more coin buau the link to
that will be in the top right and in the description if you're interested all right so you've picked the right exchange youve found some promising cryptos that you're keeping in your Hardware wallet you're periodically taking profits and not making all the other mistakes most crypto holders make this is where the eighth big crypto mistake comes into play and that's too much or too little diversification at first glance diversification seems futile because crypto is so highly correlated upon closer inspection though you realize that diversification is possible and that you haven't been doing it or you've been
doing too much of it at one extreme this means being entirely allocated to one crypto at The Other Extreme this means being allocated to maybe hundreds of cryptos both extremes result in smaller gains relative to the risks involved being entirely allocated to just one crypto significantly increases risk whereas being allocated to hundreds of crypto will result in significantly lower rewards just because you won't have the capacity to keep up with them or sell them on time as with taking profits the ideal level of diversification depends on the circumstances but here's one rule of thumb that
works for everyone make sure you're allocated to cryptos in different niches and narratives especially those that haven't pumped yet because they could have the biggest gains and that's why you should join the coin Bureau Club it's where we do reviews of promising small cap alt coins and actively investigate the most promising niches and narratives we also showcase our personal crypto portfolios along with the cryptos we're considering adding you can become a member using of course the link in the description now the ninth crypto mistake is being unable to change your attitude towards a crypto or
the crypto Market in general the scientific term for this is marrying your bags and it's when you're unable to admit that it's time to change up your Holdings before you marry your bags it's common to fall in love with the narrative which you'll recall tends to come after a crypto has pumped often because of whales or Insider manipulation alas many a crypto holder has succumbed to this siren song and insisted that the sweet narrative means the crypto in question can never crash and that when it does it's only time to buy more and keep ignoring
all the others take meme coins for instance for months many memec coin enthusiasts were insisting that meme coins would continue pumping and altcoins would continue lagging they gave all sorts of scientific reasons for this like mem coins being a Pur expression of the speculation we find with most altcoins naturally their conclusion was that memes would pump instead of altcoins over the last few weeks though we've started to see the Paradigm Shift even though a lot of capital is still moving into mem coins more and more of it is starting to rotate into altcoins consider that
this is exactly what happened in the previous cycle Dogecoin Traders were rotating their gains into altcoins suddenly all the new mem coins that were supposed to be the next Pepe have collapsed and flatlined in the coming months we're going to see the same thing happen with other narratives and eventually we'll see the same thing happen with the entire crypto Market itself that's why instead of falling in love with narratives and marrying your bags you should think about how you're going to adjust your positions as the crypto Market evolves and when you're going to take most
of your profits we promise that your bags will still be there tomorrow and history suggests you'll be able to buy them back lower in the bare market and this brings me to the final crypto mistake to watch out for and that's not taking care of your mental and physical health news flash the two are intertwined if you're not sleeping enough not eating well and not exercising and not keeping a schedule it will do damage to you both physically and mentally in case you missed managing your emotions is the secret to success in crypto the only
way you'll be able to do this consistently is to get enough sleep eat well exercise daily keep a schedule and spend time with friends and family instead of coin market cap and coin gecko you folks know who you are after all those crypto gains aren't going to be worth much if you end up spending most of them fixing the mental and physical issues you picked up along the way they're also not going to feel as sweet if you have nobody to celebrate and share those gains with just don't go too crazy with the spending because
you're going to need some dry powder when the next crypto bull market inevitably comes around remember that life is a marathon not a Sprint this applies to your mental health your physical health and your Financial Health too so take care of all three and pace yourself if you do it properly you will make life-changing gains have life-changing experiences and might even change the lives of others so don't go making any of those mistakes folks and don't forget that you can see our portfolio video here and our top exchanges video here see you again soon [Music]
