The Ten Rules Of Trading Cryptocurrency

by Charles Severson | Jul 7, 2019 | Uncategorized | 418 comments

If you’re investing in crypto, you’re joining the investor class. But what does that mean? Being an investor means being educated. Before you even touch investments, especially those as high risk as crypto, you need to understand the fundamentals.

One of the key realizations is how you look at money. To most people, money is a paycheck. Money is a sore subject, they don’t have enough of it, and when they do, they spend it unwisely. You need to look at money as a literal representation of your time.

When you work for someone, you are trading your physical time on this earth, your life, which each of us only has so much of, for money. Put that way, it really doesn’t seem like a good deal does it.

This is why I recommend “Your money or your life” by Vicki Robin as a great way to reframe your relationship with money. It was life-changing for me, and I hope it is for you too. I also really love Mr.Money Mustache and his blog about financial independence, even though he doesn’t like crypto.

But people then say to me, ok, I’ve cut out Starbucks, I’ve cut the useless gym membership, I’m really frugal, I’ve sold all my useless possessions for extra capital. But I still feel like I’m barely getting by and I really don’t have much to invest.

Ok, so good job getting your personal finances under control, it’s what I refer to as bottom-up investing and when you’ve done that you’re ready for the next step, the top-down investing. You need to expand your streams of income. Are you working a job? That’s just one stream of income. What happens if you lose that job. You have nothing to fall back on. Did you know millionaires have an average of 7 streams of income? Let’s put this another way, Warren Buffett said, “If you don’t find a way to make money while you sleep, you will work until you die”. That’s not hyperbole, that happens to people every day, unfortunately.

I can’t get into all the possible methods you can employ to expand your streams of income — real estate, owning a business, whatever — but investing is one of, if not the best additional streams of income you can have. Why? Because you make money without having to do anything.

This is capitalized in some additional books we recommend. Check out The Four Hour Workweek by Tim Ferris to understand how this lifestyle can be yours.

We also really like The Millionaire Fastlane by MJ Demarco as it really eloquently describes being in the slow lane, i.e, being an employee and working until your 65, versus being in the fast lane as an investor and retiring to a beach and a pina colada when you want to. Remember: Your money should always be doing something, that’s why you’re part of the investor class.

Just for fun, we like Grant Cardone’s free ebook, The Millionaire Booklet, as it’s a nice piece of motivation and teaches you to stop making excuses and start making plans about how you’re going to change your life.

Finally, I would be remiss if I didn’t also plug our own free eBook, How To Make Your First Million With Cryptocurrency, which you can pick up by heading over to our website, www.readysetcrypto.com, and signing up for our free daily crypto insider newsletter. Check it out!

Look, guys, I know, self-help books sound boring and a waste of your time when all you want to do is get rich quick. But we really believe books such as these have shaped our perspectives to allow us to capitalize on opportunities. This stuff takes hard work and discipline to be good at. If you just jump in feet first, you’re going to get burned, and we’d hate to see that happen to you and for you to walk away from the amazing opportunity that crypto presents. So, to that end let’s cover some rules that have helped us be very successful in trading and investing in crypto. And remember, we’re not financial advisors, this is not financial advice, this is a video on the internet produced by a crazy person who you should clearly not listen to.