Everyone is talking about strategies for making money with crypto, but the majority of them might seem too simple or too risky, or they require a long time to implement.
Would you rather spend days learning and testing different trading methods or buy some nice crypto in a couple of minutes if you woke up with $1000 and were ready to start trading?
In this post, I want to talk about time management. I want to give a detailed description of it all as I set up my trades right now. This might change in the future depending on how much time I have to dedicate to trading arraigns.
Right now, I only have about three to five hours a week that I can dedicate to looking into the different coins and watching the markets and so on. Of course, I do have alerts and different things that I will keep track of daily.
Time is important in setting up a Day Trading strategy
In terms of intensive research, I only have time to do that about three to five hours a week, which isn’t very much, so this strategy right now is really going to be geared towards people like me who just don’t have that much time to spare because you’re working on other product, doing other things, or have other commitments at this time. So, if my trading strategy changes over time, I will update this post or create new posts and links to it from here, but right now, this is kind of where I’m into the trading strategy for three to five hours a week.
Okay, so my trading strategy is broken up into a three-pronged approach. I stayed with three tactics for my overall strategy. So I’m going to just talk about them one by one:
- Practice Manual Trading (my favorite option)
- Hold Long-Term Coins
- Use Cryptohopper Bot (my least favorite option)
Strategy 1: Practice Manual Trading
What I do with my manual trading strategy is, that I have a certain amount of money that I start with and I create a certain amount of money that I started with. And then I’ve created a chart and it basically shows if I can get 20% gains on each trade.
If I do a lot of research on a coin, I think that it’s going to go up quickly in the next little bit for whatever reason then, I expected it to go up at least 20% at a certain point in the near future.
That’s the kind of coins that I’m looking at a trade.
Let’s say I’m going for a million dollars. And let’s say that I’m going to start with a thousand dollars:
So with the calculations, you can see that it takes about 40 trades to get from 1000 to one million dollars. If you’re looking at about 20% of each trade in the classic stock market, it would be pretty much impossible to achieve that goal unless you are an incredible stock picker.
And that it’s just like a miracle.
If you kind of cheat these numbers in a lifetime, it’s totally possible because there’s volatility that allows for 20% rises and falls in different coins all the time. What you do is (or at least what I do) I take my starting capital and I play it all into 1 point.
Let’s say a now, a thousand dollars:
When I put down a thousand dollars into one coin that I’ve traded, that’s more than most of my intensive research goes into that one coin. I keep track of my software settings and I keep track of those coins depending on how the market’s doing. But, the rest of my research goes into looking for 1 coin that I think is going to go up for whatever reason.
So let’s say I find my coin. I’ve been using the awful lot as an example recently, so I’m just going to use it again.
So let’s say, I think Janos. This is issuing a press release for some kind of collaboration in two days. And I think that that’s going to make for a good pump in the coming future, so I think it’s a great time to buy off right now. I don’t keep any crypto markets on my phone or anything like that. What would I do have, as an apologist, tells me the market values of each point on that particular today is tough choices on exactly CNN because every exchange is a little bit different in terms of how they value points.
But I find that it’s close enough. So any coins that I kinda wanna watch, just because like I definitely have most of the coins that reflect the market listed on this often, my watch list that I kind of look at every day, but I’ll also make sure that if it’s not already there, my coin that I’m trading in in this 3rd topic, we’ll be added to that list.
And then I’ll just watch it every aisle, calculate how much exactly it needs to get to for me to make 20% off the trade. And then I watch it every day.
So every day (I don’t do it multiple times a day), usually just like once a day, I’ll check what I’m doing. Something else like scrolling through my phone, just bored for whatever reason. In between things that I’m doing, waiting for something in the line, or whenever when I have a bit of downtime during the day, I just take a look at what the coin is doing. And then when it starts to get close to my 20%, I might watch it a little bit more closely. And once it gets about 20% of breaks, 20%, I go to sell. And then I made my 20% and then I do to say, and then I take them all of the profit out of that.
And when I saw what I saw, I usually sell into a very stable currency. So either Bitcoin or Ethereum. Take all the profit out of that back into Bitcoin and then that whole amount of like, the starting capital plus the profit, I reinvest all of that into the second coin that I research on and repeat that process until I got to my target amount of money.
And then normally, whatever my target amount of money is, let’s say it’s a million dollars, I’ll split that up again, all split part of that million. I’ll put it into my investments. All put part of that into the software and all save part of that. Usually bigger chunks. I won’t usually do it. I’m like, I’ll put 30% usually ensue my long term holdings, a 10% into the software. And then put let’s say the six-year most of the 60% and do my shot at 20% strategy again. So the whole amount will go into a coin.
But like these coins, because like I’m not like that such a big volume of money, I am making sure that the coins that I am researching are going to go up late day like, I am 99% sure that these coins are going to go up and I never ever do, oh, shit coins with Dogecoins like I’ll never invest into a shit coin because I think that there’s going to be a pump. Like I make sure that it’s a good quality coin, like it’s on the list of my software coins that I trade as well.
I also think that the strategies work well, while the only one that sometimes has been a little bit challenging is the software one because getting used to the software was a little bit of an uphill battle.
Also, sometimes the software doesn’t pick the best coins. You have to make sure that you only choose the good coins. And but for other than that, like once you figure it out and get really familiar with it, I found that it’s a huge help because it just saves me so much time, and it does trades that I would never be able to do. That being said, I still don’t rely on it with most of my money, like most of my money is either long-term or I’m actively trading it.
I store a large portion of my funds in there and I just let it go right.
And when you have money, when you have crypto sitting around in exchange, especially a large amount of crypto, you’re putting yourself at risk of being hacked. So for me, I just I’m very careful with how much I keep on the exchange long term. And so since this software, some issues continuously running. I don’t feel comfortable having most of my crypto on a saw on the exchange, so that’s why I keep most of it actually off the exchanges and just sitting there.
As I said, I think about my “retirement funds” in terms of how much I take out. Of the market in US dollars, if I think that the entire crypto market has gone through the roof and shot up for example, when at the very beginning of January and summer this year, like when it shot through the roof, I still wasn’t quite as familiar with navigating crypto at that time.
Also, there is a barrier because it’s still not very easy east, especially in some countries to switch out bitcoin for US dollars in us dollars for bitcoin or whatever currency you’re in. That exchange is sometimes a bit difficult.
A lot of exchanges have made it really easy now to switch like chew exchange different crypto-like Bitcoin into Ethereum to LiteCoin wherever that’s usually pretty easy now. Was not so easy still is exchanging crypto to U s. or. For. Two Fiat and Fiat theatric tipping point not sell. There are usually lots of fees associated with thought usually a bit slower. So there are a lot of companies that are working on this and working on making it cheaper, more seamless, and stuff like that. So it’s definitely going to use you as time goes on, but at the moment it still is kind of challenging to do that transition.
But my point was, is that if I noticed that the market has only shot through the roof, like for example, bitcoin right now is like eighty-five hundred let’s say, let’s say it shoots up in the next two weeks and it goes to 30 $30000. Okay, so that’s a huge bull run for crypto. So anyone that is familiar with crypto will know that that is a time to take your money and run. So that means you should convert as much as you can, as much of your money as you can, like much of all of your crypto in your carriage into bitcoin, and take that big point out in US dollars.
So you will take all of the money out of the market in US dollars and then wait. And inevitably though the market will crash back down to 10000 whatever and then you put it back in.
Actually don’t take all of your money out like, keep hopping but half of your money you should be taking out of the market. So for me, for instance, I would probably the stuff that I’m saving for like my “retirement fund”. I probably leave that in there. Maybe if there isn’t a massive bull run, I take half of that out.
But most of the time, I leave that in there. But anything that I’m like for example, like the stuff that I’m absolutely trading with thoughts going to come out of the market. The softened, the software that’s probably going to come to the market. And then I’m just going to wait for the market to drop back down because inevitably after bull around like that it will always come back down and then I will re-buy in it that lower price and then wait for my money to go up again and that way, you just made a ton of profit.
Those are my strategies for trading cryptocurrency. I really hope you find this helpful. I think they’re awesome strategies if you don’t have a lot of time on your hands. Are they the fastest way to get rich with crypto? Definitely not. If you were on top of the market and spending six hours a day on this, yes, you’re gonna make money much faster than I do. But, to be honest, I think they’re always should be a balance between what you’re doing.
Now that we’ve discussed my strategy for manual trading, I hope it didn’t come off as overwhelming for you!. But, always keep in mind: don’t let your fear of the crypto world keep you from making money.
I’m here to tell you that you can absolutely 6 figures with crypto using the RIGHT strategy for you. And I’ll show you how to do that while gracefully ignoring the scammy crypto world. Just don’t miss out on the opportunity of a lifetime because of all the “myths” about the crypto world.
I want to help you get started the right way however I can, and make sure you don’t pull your hair out in frustration. And I will do that by giving you all the technical information you need to get started in crypto while still keeping it fun and exciting. My goal is to give you the confidence to know that you can succeed in this crypto space and to make sure you avoid all the stupid mistakes I made so you don’t get scammed, or liquidated.
Strategy 2: Hold Long-Term Highest Value Coin
There are coins that I ruled long-term and over time, they put more and more money into my portfolio. About a 3rd of all the money that I put in, gets sifted off into funds that I just hold, don’t touch, don’t look at, and don’t monitor. And all I do is just, whenever I have extra money to put into my investments, a 3rd of it just goes into this tactic.
First of all, I make sure that the coins I’m holding here are all trading platforms. So they’re on my I browser, and you can also use other things like the different crypto wallets that you can use, keep your funds safe, and off the market when you’re holding stuffed long term and you just want to leave it there and not touch it. Not trade.
It is a really good idea to have it somewhere like a hardware wallet, because if you have it on a market, there’s always a chance that it might be hacked into, and if you’re keeping some in long term, obviously that percent chance goes up high. And since you’re not touching it and you’re just letting it grow like five years from now, it could be worth 10 times, 20 times its value.
Think of this almost as your retirement fund. That’s how I think of this.
Then I think of my share that I keep off all the markets. This is my retirement fund. I keep out there. I’m not going to touch it. It cannot let it do what it wants. I’m hoping that in 20-30 years, it’ll be worth a ton more than it is now. And I’m willing to just leave it there and let it grow.
So what kind of coins are we talking about that I’d be comfortable just leaving and without touching them, not even looking at them and checking them?
Well, we’re talking about the main ones, right? We’re talking about the big coins. Of course, Ethereum or LiteCoin is the big blockchains that show a lot of potential. That’s the kind of what we’re thinking out when we want to invest big coins that I know aren’t going to go anywhere, in the long run. Good things to invest in.
Actually, if you’re thinking this, where are blocked chains that show potential? For example, Ethereum has some newer blockchains. That shows a little bit of the house like a little tweet, carelessly fair. That’s doing better than a theory a minority you think has more potential theory. But at the same time, look how many coins or new protocols are being built on the Ethereum blockchain all the time.
Half the new ideas that are coming out right now are being built on Ethereum and blockchain. So personally, I don’t think the theory of Athenians is going anywhere. Bitcoin, yes, it may be slow. It may be not as good as Ethereum, but still, the face of cryptocurrency will remain so for a long time, especially given the fact that like, half the people on the street, or even more than not like ETH.
You ask them, what’s blockchain? Like a lot of people on the street are still going to say, like, “No, what’s that?” They don’t even know what exists. So, the coin is still again at like, only some people might know a big point, but it might not know anything else. They’re like, “Oh, yeah. Big point.”
It’s like the entire cryptocurrency space just because people don’t really realize the full magnitude of cryptocurrency yet. And that’s exactly why Bitcoin is not going to go anywhere for a long, long time. So that’s kind of what I think I have in my long-term strategy, and that’s my first tactic when it comes to cryptocurrency investing.
Strategy 3: Use an Automated Bot
So I know there are pluses and minuses of using software for sure. And I know some of you might oppose, some of you might agree with me. It is quite a controversial space, but after some digging, I found Cryptohopper actually had a friend referred to me. I use Cryptohopper and it does take a bit of tweaking at the settings, right? And you do have to kind of follow the settings along depending on the type of market that you’re in.
Like the settings that might work really well in an upmarket might not make you any money or lose you money in a down market. Same if it changes to a sideways market and cryptocurrency, as you know is always changing and always really volatile. Always doing something funny.
So, you do have to kind of keep up with it.
I usually look at my software maybe once a week during those three to five hours, they just take a lookout and see if it needs tweaking, see how it’s doing. And it does require patience because sometimes, the software will pick a release shitty coins, and you just got to deal with it. The way I found to mitigate it, so I’ll show you my settings in that.
I use a few of my settings users. I find works well, and here’s also a video that I initially watched when I was kind of setting up my Cryptohopper first.
Specify the coins that you want
The thing that I find with signals is out there. But they can signal to buy. Um. China, should he coin sometimes so athlete you if the signal is wrong? Hum. These coins can go to zero. So what I find to mitigate in a good strategy is to make sure you specify the coins that you want. Specify the coins the software to trade, or you can set up your configuration of the software to make sure they only trade the coins that you’re putting in this list.
And any other coin, even if it receives a bicycle for another coin, it will buy it because it’s gone on your list. So I like doing not just in case like Branson sometimes like it will say, okay, is it good? Like this is just broken resistance to a good time to buy?
Yes, let’s say right. So but for some reason, after a breaks resistance, it crushes, which can happen. There are no absolutes in the market rate. So it looks like it was going to go up and then all of a sudden it crashed 60%. But the thing is, it’s chaos. So even though I bought it at a high across 60%. I’m kind of annoyed because I’m used that the software is like that.
Part of my bitcoin that’s on that trading software is going to be tied up for a little bit, and we’ll be able to trade other little spurts in the market. So that’s kind of annoying. But at the same time, I’m not fussing about it. I’m not going to go in, like cry, because I feel like I’ve lost part of my portfolio because it’s yachts, and I know that eventually, like no matter what happens like it’s going to go back up like it’s going to recover that 60% no problem.
Is the software good or bad?
So, is it a little annoying? Yes. But it’s not the end of the world. Absolutely not. And that’s how I mitigate my risk in terms of the software, I’d just make sure that it’s trading coins, that even if they go down in the short term, even I might be a little bit annoyed. I’m not gonna worry because I know that they’ll come back up and then keep going. So that’s kind of my strategy with that.
When I was initially using Cryptohopper, I was a little bit annoyed because the software would send signals every once in a while to buy shit coins that were pumping or send signals at the wrong time.
Sometimes I would catch them on the downside and I’m down 60% on that piece of my portfolio on a ship coin that may or may not go back up. If it does go back up, it will probably take six months, and if it may very well go to zero cause it’s just not a good quality coin. There’s no team behind it. It was just on a pump prey. So that’s the way I mitigate my risk when it comes to software trading.
Nevertheless, I love this software trading just cause it catches things when I would not be able to catch them. So sometimes it will catch pumps and stuff like that when I’m sleeping and like, I’m not watching the market and also because I only have three to five hours to research every week and there’s no way I can catch everything that’s going on. So it catches the things that I would never be able to catch, which I love. It trades while I am sleeping, which is just awesome because, for example, if a point spikes and then I bought it. I might miss out on spike if I’m sleeping with the software is not going to miss.
So I love that.
Just like I said, I don’t have much time to put into it. If I hear some news about some point or other like personally pumping or something, I can also put in like, basically put out in my own manual by signals, in addition to the automatic signals that the software generates so I can put those into and the software will and incorporate those that’s kind of the next signal that it received ao I can also do my own signals in addition to the mission to the software signals, which is kind of nice.
What I DON’T like about Cryptohopper
One thing I’m not a huge fan of is I find what the software does, it sells points fully sometimes. So they’ll be like little tiny remainders of different coins that its bond. And so once trading like 100-200 was it’s traded like a hundred 200 points, you’ll find that you’re bid tracks or whichever I used the tracks with the software, but whatever kind of marketplace year trading, and whenever exchange your trading and you might, you’re gonna find that your wallet is full of just like tiny bits of the little coins or planes that were fully sold off, which I find annoying.
Cryptohopper’s feature: WalletScrubber | What does it do?
Cryptohopper does have a feature called the WalletScrubber, but I don’t like using it because it sells all of your coins, not just the ones that there are little amounts up. And I don’t like that because I just find that it’s annoying. And it kind of interferes if you concentrate and turn it off. Your actual training thing to like, scrub your wallet and sometimes like in order to sell off a little bit because it’s less than the amount that the exchange allows to trade it will buy more of that coin, even though it may not be a great time to buy and sell off the whole amount without little bit left on it.
So I find that a little bit annoying. I mean, I feel like software should clean that up so that every single time that you’re selling, you’re selling your whole position rather than them being a little bit bits here and there.
But you know what? What can you do? Everything has its budget. So yeah, so I really liked that as part of my trading strategy just because like I said, I’m really busy, so I don’t have time to watch the markets all the time also, I don’t like doing that. I get kind of emotional and no matter how awesome of a trader you are, I find that if you’re constantly watching the market, eventually you’re going to get a bit emotionally worn down. You’re gonna make stupid decisions here and there I find that if I don’t watch it, I let software just take care of it.
Then I’m not emotionally involved at all. I can use my emotional energy toward other things. And generally, it works out much better for everyone. Okay. So that’s my second tactic.
My Final Thoughts on Strategies for Making Money with Crypto
As much as I love cryptocurrency, I think that is a great concept. And I think that it’s really it’s one of those things that you see in human evolution, that really is going to be one of the cornerstones of kind of like our civilization leaped to the next level. And I think that’s awesome. I think it’s going to make so much stuff so much. Much easier. It’s a great innovation opportunity for lots of companies out there, lots of entrepreneurs.
Which I think is amazing, so I’m super on board with it, but at the same time, since it is such a new technology, we don’t exactly know what’s going to happen. We don’t know what the regulations are that are going to be imposed on it. We don’t know where it’s going to go in the future.
The government doesn’t like it. And they’re fighting a lot of the banks that still are not on completely on board with it. So like there’s a lot of push back, you know?
So as investors you have to be, you can’t be 100% dependent on crypto for everything. Do you know what I mean? Like if something happens and something goes wrong, you gotta let yourself seek to have a life, but you can’t be too dependent on any one thing because you never know what’s going to happen. Just like how my blog means- Dontwantaboss.
As much as there’s nothing wrong with having a job, it becomes a problem when you get so dependent on that paycheck coming in every two weeks. And if ever you lose your job and wake up one day, you’re like, you have no ability to figure out what to do with yourself. You have no ability to pay your bills anymore. Like everything that you’ve relied on is now gone.
It doesn’t matter whether it’s an online blog, whether it’s a commerce store, or whether it’s a job. I don’t think it’s ever good to be too reliant on one thing. This is the good thing about having e-commerce or blog, or even cryptocurrency and bussing skills is that you’re building your skills to do that.
So, it’s not a skill set that is actually really valuable. But you have to be careful not to get too invested into like, the thing itself because then if you lose that for whatever reason. It can be really, really challenging how to pick yourself back up again. And move forward, you know what I mean? Anyways, that’s a little bit off-topic.
I will turn that into a reflection, probably for one of my reflection posts, but I really hope that was helpful. And I really hope you get involved just crypto because it’s honestly an awesome space. And it’s awesome to be one of the early investors is just so cool to get something you need to tell your kids about in your grandkids about when you get older.
Be one of the first people to be investing in crypto. You know, like who knows where this is going to go! This is a really exciting time to be involved in great technology.
And one of the great things about being an investor is that you can be part of the creation of all these companies and you could actually support these new companies, right? So like, you see a new company and you’re like, wow, that is so cool. But you can be part of that even if you only put in a hundred bucks.
Like you are part of helping that company get off the ground like every dollar counts when you’re a new company. There are going to put in 100 ramps but doesn’t matter like your hundred or 200, whatever that still counts. And it’s super fun to be part of something like that. So I hope that this made it a little bit easier to conceptualize investing. Best of luck!