recently joined island project club with 1500.
im starting from scratch.
good advice welcomed.
Welcome to the forum Rich! These forums aren't very active unfortunately but feel free to ask specific questions and we can try to help. If you're new to crypto, definitely watch the original BitcoinRich.com videos that Chris did several years back... some solid foundational information there for sure.
Main thing is to make smart buys only with money you can afford to lose. Don't sweat a double digit retracement... If you sell at a loss, you'll generally get cooked by the crypto bros, become disenfranchised and likely quit. For the majority of your coins, I'd recommend feeling comfortable holding the position for a minimum of 4 years. Of course you can sell sooner, but the long term mindset really helps reduce the emotional reaction to sell at a loss when watching unrealized gains melting into nothingness. I can't tell you how many people I know have bought in, sold at a loss, and then regretting not just holding on, especially on month's like Nov 2024. You want to be in position already before pumps like this.
Have a great hardware cold storage wallet to self-custody your long term bags. I recommend a Ledger and Trezor. It's Black Friday today so take advantage of their deals if you don't have one already.
Don't get scammed. If it sounds to good to be true, it most likely is. You can definitely make a lot of money quick in crypto, but it isn't a "get rich quick" scheme. If you treat it that way, you'll probably "get broke quick" instead. That being said, there are are some crazy opportunities to just pull money out of thin air. You might be in the right place to learn more about that! At the end of the day, you'll need to put the hours in to understand how to click all the right buttons and enter the right numbers into a computer to watch the numbers go up... its really quite hilarious. You'll be raving into a camera and throwing chairs into a pool before you know it.
Have a balanced portfolio. Not that this is a perfect balance or would work for you, something like this could work.
65% BTC - the king, the higher this number the better!
10% XRP - maybe the future??
10% ETH - for doing crypto shit
10% USDC - to be ready to make buys or take some off the top
5% HIGH RISK - to risk it for the biscuit
And definitely check out Island Project if that is a possibility. I mean you're in the club so you must have been interested. I'm finally in the process of rolling into it right now and have been following Chris since I can't remember when... over 15 years. The most important lesson I've learned is to TAKE ACTION. You'll find that the competition isn't as fierce as you thought because the vast majority of the population are lazy as hell and unwilling to learn any new tricks.
Cheers and good luck!
I have a question about how we are notified when to sell? It looks like most started selling $NUT 7 days after the initial buy notification. No sell notification was issued.