How To Make Your First Million With Cryptocurrency - Ten Steps To Conquering Crypto Trading - ReadySetCrypto PDF
How To Make Your First Million With Cryptocurrency - Ten Steps To Conquering Crypto Trading - ReadySetCrypto PDF
How To Make Your First Million With Cryptocurrency - Ten Steps To Conquering Crypto Trading - ReadySetCrypto PDF
CryptoCurrency
Ten Steps to Conquering Crypto Trading
Charlie Severson
Doc Severson
Be Deliberate 41
Take Action 47
Appendix 64
2
happened. On September 15th, Lehman Brothers filed for
bankruptcy.
3
On October 3rd, the Troubled Asset Relief
Program (TARP) is signed into law by President
Bush authorizing the United States government
to purchase 700 million dollars’ worth of toxic
assets and equity from financial institutions to
strengthen the financial sector.
Compared
to traditional
centralized
payment
networks, banks,
and payment
processors, the
blockchain offers a
distributed ledger
where every node
on the network
contains the entire
transaction history.
Return On Investment
If you’re considering investing in cryptocurrencies,
you’ve likely heard how an investment in Bitcoin years
ago would be worth millions today. While it’s easy
to feel like you’ve missed the boat, you still have a
massive opportunity to get into this space while others
are dismissive or apathetic. Ethereum once traded
for a few dollars, and now trades for a few hundred
as people have found its technical aspirations exciting
and innovative. Litecoin once was pennies on the
dollar, and has rocketed to new heights as it became
apparent it was doing everything Bitcoin was doing,
but faster and cheaper. We could go on, but the point
is that each of these was once traded for a fraction of
their current worth. There are opportunities like this
everywhere, and new crypto millionaires are being
made every day, not strictly with Bitcoin anymore. The
opportunities within CryptoCurrency are very much
alive and possible today.
Currency Hedge
Never before in our history has monetary policy
been as ubiquitous as it is today. Banks are “too big
to fail,” and every major sovereign country is printing
money to keep their economies afloat. Every single
one. It’s hard to see the effects now, but in the long
term, wealth and retirement accounts are vulnerable
to possible aggressive inflation. Meanwhile, major
cryptocurrencies have built-in mechanisms to be
deflationary. Bitcoin, for example, will only ever have
21 million coins. The increasing price causes growing
incentive to hold, while scarcity will continue to drive
Not sure if you are trading risk capital or not? Take this
test: can you set up a position and walk away from it
if it does not work, without regret? I tend to use the
“Viking Funeral” analogy to positions; I assume that
every position that I set up will burn the boat down to
embers and sink into the swamp. If the trade actually
produces a return, great! If not, then my expectations
were met, and I move on without a second thought.
Early in my career, I used positions that were far too
large, using funds that were not part of my “risk capital.”
I paid for this mental anguish with lost sleep and poor
decisions, leading to bad results.
Coinbase
For most traders, the best fiat exchange (where you
exchange your money into cryptocurrencies) out
there is Coinbase. Coinbase allows you to deposit
money and buy CryptoCurrency for a nominal fee, but
we have guides on how to purchase CryptoCurrency
without paying fees. You may also purchase crypto
on Coinbase using a credit card at a higher fee, which
cannot be waived. Coinbase only currently offers
Bitcoin, Ethereum, and Litecoin. So, if your intention is
only to purchase these three, Coinbase may be all you
need.
Bittrex
If you intend to trade Altcoins, then our favorite
cryptocurrencies exchange (where you trade
cryptocurrencies for cryptocurrencies) is Bittrex, an
American based altcoin exchange. We particularly like
the coin diversity and volume, along with responsive
service and functional trading. But remember that
you will not be able to trade every altcoin on this one
exchange. www.bittrex.com
Binance
We also use Binance, a Chinese-based CryptoCurrency
exchange. Binance is relatively new to the space, but
has quickly risen to be a powerhouse exchange. They
aggressively add to their offering of new coins and
their service is also very responsive. Between Bittrex
and Binance, you should be able to trade most of the
larger cryptocurrencies. www.binance.com
Creating And
Compounding Success
OK, let’s wrap How do you get to be a profitable CryptoCurrency
things up in trader? And how do you build up your first million in
this book by wealth through trading crypto? Should we just buy
talking about a bunch of coins today and hope for positive price
performance. movement? Do we have to hit a home-run trade to
accomplish that goal? Let’s back up for a minute and
start by looking at the larger “how” first.
By this point, you might be at the level where you’ve
already made a couple of crypto trades, or maybe you’ve
executed some trades in a stock account. Unless your
experience is different from 99% of other retail traders,
you’ve had some winning trades and some losing
trades, and overall, you’re probably dissatisfied with
your performance. (Unless you have the premonition
to buy Bitcoin in 2013 and are still holding it.)
What you’d be surprised to find is that behind every
winning and losing trades, there is usually one “root
cause” explanation of why the trade worked or did not
work. There is a “cause and effect” which you can learn
from. To this end, there is the potential of a “learning
loop” or “continuous process” that you can employ to
constantly examine and improve your results.
Rules
Rules are how your Goals are going to get executed in
the market that you choose. Without a concrete set of
rules that you will trade by, then you are just shooting
from the hip with “impulse” trades. If you find that your
trades always seem to reverse at the exact moment
that you enter them, there’s actually a very tangible
reason why this occurs, and it’s because you’ve chosen
that moment to join the investing “herd,” which will get
“faded” by the professionals. Rules come through a
careful study of how to build an edge in a marketplace,
and good entries rarely occur when it feels comfortable
or rational to enter. We will discuss trading rules on
a daily basis within ReadySetCrypto so that you can
Results
Once you have goals and execute those goals into the
market with a Rules-based system, you’re bound to get
some sort of results. Now comes the hard part: were
those good results? Bad? Did the system work as it
should? Did you ALLOW the system to work properly
or did you introduce errors? Now is the time to capture
that information so that we can make decisions going
forward.
Corrections
There is a reason why cars have a steering wheel; it's
so you can make corrections, even while driving in a
straight line. You probably won’t learn much from a
winning trade that performed as expected; however,
you can learn TONS from a losing trade that did not
work. What was the error, the root cause of failure? You
have a chance to do some forensic work here so that
you can fix the errors before the next trade. If there is a
difference between consistently profitable traders and
ones that get discouraged and fade away, it is precisely
this step that gets skipped by the despondent trader
who wants to kick the losing trade under the rug and
pretend like it did not happen.
Appendix
www.readysetcrypto.com
Our website where you can sign up for our free
newsletter, watch informational videos, learn more
about CryptoCurrency, and sign up for classes.
www.coinbase.com
Our recommended fiat exchange for turning your
money into CryptoCurrency. Visit our website for a
link to get $10 in Bitcoin free when you sign up at
Coinbase and invest your first $100!
www.bittrex.com
Our favorite CryptoCurrency exchange where you
trade cryptocurrencies for other cryptocurrencies.
Most of the biggest cryptocurrencies are traded here.
Signing up is free, and their trading fees are low.
www.binance.com
Another favorite CryptoCurrency exchange. Binance
is a great place to trade crypto and is known for
being extremely active with their community. Highly
recommended.
www.coinmarketcap.com
A great resource for researching cryptocurrencies to
invest in.
www.coindesk.com
One of the best places to read news about the
CryptoCurrency space.
www.cointelegraph.com
A personal favorite resource for news and education