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0:00 what I would do if I was down on my XRP purchase. That's what I want to discuss today because I was inspired by this comment. The problem with the altcoins is that for a lot of us, they are going to need to pump at least 15 to 20% just to break even, let alone make money. Someone else said 300% for me. I bought in December. And someone else, yeah, more like 200%. We get 15 to 20% pumps all the time. So, I've been in the market since 2017, and I want to give you guys who are maybe under the water, some insight into my opinion as to what I would do if I was in that position. This is not financial advice for any of you guys personally, including the people in that comment section. I don't know your financial situation, but if I was underwater right now, this is my
0:46 thought process as to what I would do. This video is based solely on my opinion and what I'm personally doing in this market. I want to also let you know that some of the links below are affiliate links, meaning I may earn a commission, but this will be at no extra cost to you. This content is for educational and entertainment purposes only. I am not a financial adviser. I'm just a guy sitting in his room. So, for more information on this, head down to the description and let's jump into it. We look at the XRP price chart right here. Also, guys, I am in 1,142 XRP as profit. Now, normally we have USDT as profit, right? The USDT as profit. But over on BYDI, I can actually use XRP as collateral. So if I'm trading XRP and I end up being profitable in that trade, instead of getting it in XRP, sorry, instead of getting it in USDT, I get it in XRP. So that's super
1:34 exciting for me personally. If you guys want to check it out, right now they're doing a trade and earn opportunity on BYDI where if you use my affiliate link, you can get up to $10,000 of XRP. Of course, not everyone will be able to get this. your region will apply and also you need to read the terms of service and understand the risk. So if you want to do your research the affiliate link is down there in the description but looking at the price of XRP I saw people saying that they bought back in December January meaning there's a potential that they bought at a price of $2.92 or at a price of $339. In the history of XRP there has been times where we've had similar prices. So, let's go back to XRP. Hopefully,
2:19 this will go back long enough in time. Probably not, though. Let's be honest. Uh, wait, let's change that to XRPUSDT. Um, and then let's drop it into the weekly so we can see this more clearly. And you can see 2021 and you're going to be difficult 2018. Let's just for argument sake, wait, let's maybe go on coin market cap. Is that coin is coin market cap any better? They're going to sort us out here if we put on the old trading view and then we go to the old weekly. Oh, we're going to see the same thing. All right, so apparently we're only at $1.96. Let's just use this as an example, right? So these are the highs, right? We have $150, $1.96. Whatever you think the highs
3:05 were, this doesn't matter. It doesn't apply, right? This what I'm saying right now is what's important. So this is the price, right? $149, $1.96, and then $340. So, let's just say those are the positions that people bought. Now, loads of people would have bought here. Loads of people would have bought here. In my experience, I was probably one of the people buying here. I've been holding XRP for a long time, right? In fact, I can tell you an almost identical story. It's not XRP, but it's Cardano. I bought a lot of Cardano up here. I also bought a bunch of other altcoins up here. But it's what I did next that differentiated me from the rest of the market. Now, I know you guys know what dollar cost averaging is. All right? And I know you've heard it a million times, but let me just give you the perspective of
3:50 someone who actually did this after losing everything. So, let's go on Cardano cuz I want to give you a real example, something that I've actually done, not just hearsay, not just speculation, but something I really did in the past. So, one of my biggest trades ever, right, was Cardano. this big run up here and I was part of the people that bought Cardano the day it was launched on Binance. It was launched at 400 sats and we used to trade Cardano SATs, right? Not Cardano USDT. It used to be Cardano Bitcoin. So SATs, right? Listen, it then went down from the 2018 highs. It went down 94%. So, the people right now, right, that
4:35 are talking about what we're talking about on XRP, if they bought the exact top of $340 are only down 33%. All right, that's to put it into perspective. And I'm not telling you that that didn't feel like crap. It felt horrible. But it's what I did next that changed the entire or my entire opinion and strategy. All right. Simply for about a year I felt like I was the worst person on earth. I thought I was stupid. I didn't take any profits. I was an idiot. This is the most important thing that you need to get over. The emotion behind being an investor or trader. We're going to go through these es and flows all the time. I personally have been through them multiple times where I beat myself up. I'm finally now at a
5:21 position where if I lose money in a trade, I no longer beat myself up because I know I did the best given the news. the data and my strategy. If I went off on a whim and I just went 100x long or I bought something, I didn't follow my strategy, then sure, I'd beat myself up. But now, I f follow a very concise strategy. All right? So, that's why I don't beat myself up. But I learned this strategy from doing the following. All right? So, when it crashed, I got out of the market for about a year, which is the stupidest thing. I didn't get out. Sorry. I just stopped paying attention. I stopped. I was just beating myself up and I wasn't doing anything for about a year, right? I didn't do anything. But then one day I decided, you know what? I've heard so many people talk about dollar cost averaging. I know it's not going to work. It's going to be stupid. I'm going
6:06 to waste some money, but I'm just going to buy a bit more. And I bought a couple of thousand worth of XR of Cardano down here, guys. And that was before, let's say it's an average of here before an 8 or 9,000% gain. Okay, so one of my biggest trades ever. And all it was was me simply buying close to the top, feeling like an idiot, right? And then just buying more. And I know it sounds so simple, but the thing is is people want to over complicate how you make money, right? And this is not guaranteed. Everything go to zero tomorrow. I might be completely wrong. I don't know what will happen. I might lose all my money. But in my opinion, people over complicate how to make money in this space. So let's say for example cuz I do think
6:53 that XRP is going to go up again. All right. So for example if I was under the water because I had bought XRP at $3 and 40 right what I would simply do is buy more. Now that is in a nutshell my strategy. I don't know where the top is. I don't know if I'm late and I don't know what's going to happen next. So I only tend to trade things that I actually believe in the long term are going to go up. Look at my trading portfolio. Salana, Ethereum, XRP, Suie, and Bitcoin. I actually believe all of these are going to go up. So if I get in right, if I get in at a price and I was wrong and it ends up being the high, what do I do next? Because one, I don't
7:38 have any credit card debt. I'm not stressed about my finances. Two, I make an income and I have supplementary income every month. Three, I have a strategy. The strategy involves dollar cost averaging whether it's in the leverage market or the spot market. So, what would I be doing right now? I would be taking my extra income that I have, right? Because I make money monthly. I have extra income after my expenses. I don't have credit card debt. I don't have bad debt. I have emergency fund. All of that. And I would simply continue to buy. My opinion is I shouldn't be dabbling with extremely risky assets if I don't have supplementary income. All right, that's my opinion. You guys can do what you want. You might not like the You might not like the sound of that, but it's better to create a business.
8:23 spend your time, money, and effort creating a business that will then generate you more income that you can use for risky speculation rather than using a little finite finite amount of money and then putting into speculation that could go to zero tomorrow. Cuz this could go to zero tomorrow. People don't want to hear it, but it's possible. So, what I would be doing, I bought up here at $340 and I bought again here at $225. That averages my price $265. For example, if I bought $1,000 here and $1,000 here, my average is now here. Now, let's say it does this, right? And I buy another $1,000 here, it brings my average to here. Let's say it does this and goes down further. I buy another $1,000 here. It brings my average to here. And then so on, right? I keep bringing my average down or it just stays the same price because people like to say it does nothing, right? And I
9:09 bring my average to around where we are. And then guess what? We get a 15 to 20% move. And instead of breaking even, right? Okay, instead of breaking even, I'm now in profit. All right, and that is the strategy. And the second I get into profit, depending on the strategy, I try and get my capital out. So, if it's a really long-term strategy, I just wait. I wait for what I consider euphoria. What do I consider euphoria? Well, let's jump over onto Google Trends. Are loads of people searching for XRP. If we're up here, probably I'm going to take profits from my spot back. Has the price moved significantly where I have significant profits here? Yes. Okay. Well, then I'm going to take some profits and I'm going to secure my downside by using a stop loss. All right. Or I'm just going to take all of
9:56 my initial in investment out. Let's say it was a $5,000 at that point. I'm going to take and it's gone up 2x. I'll take out all of my $5,000 and I just let the rest ride. Maybe it goes to zero. Maybe it goes back out. But the key is to remove my emotion. So I use a dollar cost averaging strategy with supplementary income and remove my emotion from the trade. If I was wrong, which I often I am wrong, I dollar cost average down because I'm buying assets and crypto that I think in the long term, when I say long-term, one year, two years, 5 years, 10 years will eventually go higher than the price it was today. If I didn't think that, I would not buy it. However, I might mess around with it. I wouldn't dollar cost average into it, but I also wouldn't be watching YouTube videos about it every day because I'm just waiting to see what
10:42 happens with a little bit of money that I don't care about. If I did care about it, if it was something I believed in, I would dollar cost average because that way when we do start to go up, which I believe will happen, it might never happen, but when we do, if we do, I then can make money really quickly and I can protect my downside, removing my initial investment, taking profit, using stop- losses. That's what I would do. Don't blindly follow me. I have no idea what's going to happen next, but this is what I've done since 2017. It might work again. It might absolutely not. If you want a place to buy uh XRP on the spot market or using derivatives or futures, there is a affiliate link to BYDI down there in the description. I've been using it. I've got over a,000 XRP profit in a single trade. You might be able to do the same, but you might not, and you might lose your money. You need to
11:27 understand the risks involved. But it's an exciting time, guys. And I do hope that this provided you with a little bit of insight into how I feel about the crypto market. With that said, I'll see you in the next one. Peace.
