Binance investing: now as a beginner here are three key lessons that you need to know when starting to invest in crypto.
Lesson 1: Never Let Your Emotions Control You
The first lesson is to never let your emotions continue especially in the volatile nature of crypto so what this means is rationally making decisions to not panic sell when the markets are down or being too greedy when the markets are up. A rule of thumb for me is to buy the fear and sell the greed which is a basic working strategy that I use to make money and I’ll show you guys exactly how I use this strategy more comprehensively later in this video.
Lesson 2: Take Profits
But the second main lesson that I learned is to take profits. Now as much as I like to say I’m holding for the long term and have diamond hands, there are lots of times where people become too greedy in the markets where it’s actually necessary to sell. And I’ve had a lot of experiences where I’ve already made a 2x in an altcoin for example and then I forgot to sell.
Now selling and taking profits out of crypto doesn’t mean that you need to cash out your crypto to fiat money to cash. For me, it simply means moving coins that I’ve already made profits on to stable coins like Tether or USDC for example, and it looks like putting these profits back into Bitcoin and Ethereum. So this is a skill that I think every investor needs to learn to become successful.
Lesson 3: Have an Abundant Mindset
And the third main lesson that I learned was to have an abundant mindset which means that I’m always open to learning more about projects and taking use of every opportunity I have even when the markets are down. Now specifically over the last six months, I’ve learned that you can still make tons of money even when the markets are crashing and red if you know what you’re doing.
How to Make $100 Per Day with Crypto
So with that said you guys, how can you make $100 per day with crypto in 2024?
Staking Your Crypto and Stable Coins
Right now there’s actually a lot of ways that you can make $100 per day consistently with crypto. One of them is staking your crypto and stable coins where you can get interest every month or year simply by holding your crypto and physically doing nothing. You can do this in Binance, for example, where you lock your money for a certain period of time and you can get easily five percent per year doing nothing.
Joining Airdrops and Giveaways
Now another way to earn money is by joining airdrops where companies will literally give people free crypto in exchange for a service or a promotion on Twitter, for example. And there’s also a lot of NFT and crypto giveaways that happen daily on Twitter and NFT flipping that you can also get into. I have a good friend who’s really into Solana NFTs and he’s making a lot of money simply by flipping them.
Trading Altcoins
Now one of my personal strategies that I use in making $100 per day, other than staking on Binance, is trading altcoins. And how I usually like to do this is by going to this website — it’s called CoinMarketCap.com if you’re not familiar with it — where I take a look at the top 20 altcoins by market cap and then I look at each altcoin’s performance over the 24 hours, 7 days, and 30 days charts. Personally, some of the projects that I’ve been invested and looking at right now are Ethereum, Solana, Terra Luna, Avalanche, Polygon, and Chainlink.
Simple Crypto Strategy: The Fear and Greed Index
If you want to go higher risk high reward, then you can potentially look at coins with a lower market cap, but if you’re just starting out I would highly recommend sticking with the top 20 coins by market cap that already have millions of dollars, billions of dollars invested in these projects.
One of the simplest working crypto strategies that I use is the fear and greed index, which is basically a daily evaluation of the markets that demonstrate how people are feeling about the prices right now. So as you can see here, today we’re in extreme fear with a score of 21 and over the past week we’ve been in extreme fear because the markets are currently down. But historically speaking, the best buying opportunities come when people are feeling extreme fear and the best selling opportunities vice versa to take profits are when people are feeling extreme greed.
Dollar-Cost Averaging Strategy
So as a beginner, if you’re confused about when to buy crypto and when to sell your crypto, looking at the fear and greed index is probably one of the easiest indicators because let’s be honest, even for people who claim that they can time the markets, I can tell you confidently that nobody can exactly time the markets because it’s very unpredictable and highly volatile.
And that is exactly where this second strategy to make money comes in. So if you guys are not familiar with dollar cost averaging, essentially what you’re doing is buying crypto in small amounts every week no matter what the price is higher or low. And the purpose of dollar cost averaging is so that you can reduce the impacts of volatility.
Using Binance Auto-Invest to Simplify Investing
This is extremely beneficial noting that it’s incredibly hard to time the crypto markets. And this strategy is something that I’ve been personally doing for the last year, and the routine that I’ve been following is putting at least $100 every week into Bitcoin and Ethereum.
In 2022 what is cool is that right now in Binance they just opened an option where you can actually auto-invest and dollar-cost average crypto without physically doing anything. So let me show you…
Is It Too Late to Buy Bitcoin?
One of the questions that I get a lot is, “See Rich, is it too late to buy Bitcoin?” Now obviously if you were to compare the price of Bitcoin right now compared to the price of Bitcoin like 10 years ago, then that would be considered much higher, right?
But if you compare the price of Bitcoin today to a couple of months ago, let’s say in October, then the price today would look really cheap. Now personally, my philosophy in crypto investing is that the best time to invest maybe yesterday, might be last month, or last year, but the second best time is today.
Conclusion
Finally, if you guys want to stay up to date with the latest crypto news — and I do think that it’s really important to do so — here are some options to look at. Now, of course, you have Binance, Robinhood, Coinbase, and then there’s also Coindesk.com, Cointelegraph.com.
