NFT TIPS TO MAKE YOU RICH! | BEGINNERS TRADING GUIDE & LESSONS (Mistakes I Made in the NFT Space)

hello everybody and welcome back to my youtube channel my name is brandon chin or bento boy and in this youtube video i'm gonna be sharing some tips and tricks to help you guys out in the nfd space i honestly think that this might be my most important or most valuable video so make sure you guys click that like button and also make sure to subscribe down below and you're going to want to watch this whole entire video through because i do cover some important topics um especially if you're a beginner i think that this video will help you guys out a lot along your journey i'm going to be sharing what i learned over the past couple of months in this video so you guys are going to want to stay tuned but we are at 5.75 k subscribers that is crazy guys we were literally at 4.9 000 just last video so i do want to give you guys a big big thank you and i will be hosting another giveaway on my twitter because i'm just so grateful for all of you so make sure you guys do check out my twitter i'm actually hosting a giveaway there right now but anyways we're going to be jumping right into the video and as always guys nothing i say is financial advice i'm just here to share my thoughts and opinions with you guys all right guys so first off i didn't want to cover a quote by carl jung and he does say the full is the precursor to the savior so i really like this quote and he's basically saying you have to be a fool and mess up in order to transform and become successful in basically anything that you do so this is uh something that i really like and a model i like to live by another quote that i also really like is it's good to learn from your mistakes but it's better to learn from other people's mistakes and this is from warren buffett so you know that this is a1 information very philosophical so in this youtube video i basically want to show and break down all of the mistakes that i have made because over the past couple months i have made a ton of mistakes so i want to share those with you guys so you guys don't have to make those mistakes for yourself um and instead you can basically just learn from me and then you can get a head start so the first lesson i didn't want to share is a very important one and it is be very careful when you're investing in really hyped up projects and also aggressively take profits when you're up a lot of money so as an example i do have my only one force here so if you guys don't know the only one force was probably one of the most hyped up projects in nft history and i actually did end up aping into this because i did have a lot of fomo but i did end up buying this let's see here for 2.68 the nfc here was talking about it 888 was talking about it logan paul even bought one steve aoki bought as well and a bunch of people were basically saying that this thing is going to the moon um so the actually the same day that i bought this it went up to 7.5 ethereum at the floor so i was up a ton of money so what did i decide to do i actually decided to hold this through the entire thing um because everyone on twitter was basically telling me we're going higher so i was basically listening to all of them and i just held my only one force but boy was i wrong so i basically bought around this time here and as you can see we had this parabolic rise um to around like the 7.5 to 8 ethereum range like i was saying and when something rises like this chart here that is not very healthy and it is not going to continue up like this forever so i would highly recommend you guys take profits especially when you're up a lot in a short period amount of time but instead i actually just held and i still have it today and i'm holding for a loss the current floor is around 1.2 so i'm actually losing money on this trade but this is a valuable lesson for me and this next lesson is also very important and can save you a lot of money and it's basically to have a thesis when you are buying into projects and don't just ape into it because some influencer on twitter told you to buy it so basically when i first started trading nfts i bought into this project called derpy burbs because an og or big influencer in the space called pranks he bought into them i actually talked about this in my first video but i did no research at all and i just had no idea why i was buying and i was buying at 0.2 ethereum and as you guys can see the floor is basically worth nothing um so i did actually end up losing i think around one ethereum on this project and i also did the same thing with party penguins i followed pranksy again it's very smart i know and i bought at 0.4 and i also bought some at 0.7 as well and now the 4's 0.01 so i actually did end up losing to ethereum um on this project as well so a good example of this is the doge pound so this is when i actually started to take trading a little bit more serious and i started to do my own research so basically i had the thesis that the dogepound was an overall blue chip project the team was overall very solid and the community was also very tight i also bought into this project because i knew that they had the 3d doges coming up they also had the puppy drop coming up and a lot of other bullish news so i did buy into this and this was overall a great thing to do because as you can see the floor is three ethereum and i started buying at 0.3 so i have made probably tens of thousands on this one trade here um and i've made a good amount of money on this project so it is very important to have a thesis on why you're investing into a project because the space is so volatile um the project floor can drop and you might be tempted to panic sell but when you have that thesis and when you know why you're invested into that project um you have the long-term vision and you know why you're there so you're not going to want to panic sell you're just going to be very logical and analytical and you won't make dumb decisions like i did back here with the derby burbs and party penguins all right guys and this next tip is also very important and i see a lot of beginners fall into this trap i myself personally have made this mistake many times and it's basically not accounting for the ethereum transaction fee and not taking into account the project and openc fee as well so i do have a project pulled up here called basefish mafia this is just a random nft set that i pulled up with a low floor but basically let's just say for the sake of simplicity that the floor is .04 just to make it easy but basically if you were to try and buy one of these fish off of the floor it would cost let's just say 0.04 but the gas fee is also 0.03 right now i actually just checked so that is something that you have to take into consideration and add that to the cost also if you want to sell the project you are going to be hit with a fee so for example if i were to list my doge here um as you guys can see there's a service fee of 2.5 and their creator royalty of five percent usually it's around seven point five percent and that's basically what's the normal so for example when i first got into the space i was really naive and i didn't even understand that those things existed all right so as an example let's just say we did buy the fish for .04 and we sold it for 0.08 you know you would initially think you hit a 2x right but you have to consider all of the fees so let's just type in 0.08 and we have to account for the 7.5 percent fees so we're going to multiply this by 0.925 um so that brings us down to 0.075 and then we have to add the gas fee which is 0.03 at the current moment so minus 0.03 so we actually only made 0.004 so you have to take all these fees into account especially if you're trading these smaller projects um and this is because they do add up and it might not seem like a lot at the moment but you have to take these things into considerations in fact you're basically making no money at all and it's not worth your time so that's also another thing to consider if you're buying into these cheaper nft sets you have to be very careful i personally don't do this i would only buy into these nft sets if you're really confident in them or if you think that they have big news or a lot of hype coming and this is because these cheaper projects have a lot harder time moving up because of all of these fees so for example let's say we did try to sell this right for 0.08 for 0.08 to be the floor here there would have to be 245 assault in order for you to be the floor right so that's actually very very unlikely so the chances of you even making a slight profit on this project uh buying the floor and trying to flip it is pretty low again guys i'm not trying to flood the base fish mafia i just chose this project as an example the next mistake is one i see beginners make all of the time and i am just as guilty so basically this is confirmation bias and you think you're basically smarter than everyone else and your project is better because you bought into it right um so i actually made this mistake with a gsa or galactic secret agency so i think that this was the second project that i actually ever bought um and i've actually bought these at .06 so i don't really know what the psychology is behind this but i tend to realize that when you buy into the project you personally start to believe that it is the only one that can do well and you start to lose sight of the you know the whole entire nft market so for example i basically took all of my money and i actually bought into this project right which is first of all not a smart thing to do but i also started to get into this frame of thinking that basically any other project was dumb and it couldn't be better than my project at gsa when that couldn't be further from the truth um you know i kept trying to find reasons why this was the project that was gonna make me rich um and why this was the project that was gonna be the one over everything else but in fact it wasn't the odds that you actually pick the best project your first go around is very unlikely so basically the lesson is don't be close-minded there's a lot of new nfd projects in the space so don't just be one-track minded and thinking that your project is the best always have an open mind and always make sure to look out for different projects so as a result of this mistake i actually ended up losing i believe around .4 ethereum and at the time that was a third of my whole entire capital so i was really down bad and pretty sad but this is a very important lesson especially if you're starting out always have an open mind and just because you buy into the project doesn't mean it's set to moon the next big lesson that i learned is that art does not matter okay so i personally thought you know this is the nft space we're buying jpegs they must look cool in order for the price to be high when that couldn't be the further from the truth right so art is also very subjective but guys come on i i know that this is a famous artist but i personally think that these look very silly um i personally am not a fan of the art i have to be honest that's just me personally i know a lot of people think that these are cool however that doesn't mean that i didn't buy into the project i actually made around uh 1.5 of flipping these uh creature world nfts but the art is come on guys [Laughter] so after some months of being in the nfc space i've actually come to the conclusion that artwork pretty much doesn't matter it's a nice thing to have but it is not the only thing that you should be looking at i personally would argue that the team the community and the overall utility that the project brings is much more important than what it looks like and i think the perfect example of this is garyvee's be friends um so the full price on this is 8.9 um come on guys so if art was everything these nfts would not be going for tens of thousands of dollars the nft art itself doesn't matter because i wouldn't be buying for the art i would be buying for all of the utilities so i do believe that if you do own a v friends you can attend a v con and actually meet gary v as well as a bunch of other perks as well so that's what's valuable about this nft and that's why it costs 38 000 not because it looks like this so i was actually planning on ending the video but i do want to give a couple more tips just to help you guys out so another mistake is when you make a lot of money on a trade and it probably will happen you're gonna be feeling so confident you're gonna be up so much money that you're not gonna be really caring about what you invest in and that's very very dangerous so i personally noticed that when i'm up a lot of money that's when i make dumb rash decisions and that's how i end up losing a good amount of it so i make sure you guys don't let that happen when you're up a lot of money it's natural to feel invincible and you can't lose money so you'll invest in some dumb projects and take more risk when that shouldn't be the case you should maybe take more risk but make sure you guys are making dumb decisions and lastly guys this relates to my first tip but basically if you're up a good amount of money and you're happy with it just take the profit when you're looking at a project gather all the information that you can and make an analytical decision don't let your emotions be a part of it if you're happy with the money just take it and don't look back you know it could go up higher but if you're happy with the money left so be it it doesn't matter you made the best decision that you could with the information that was given to you um so don't look back so i personally have sold projects and they have went up 10 ethereum after that but you know i don't kick myself forward because i just made the decision that i could with the best of my abilities and you know it moved up a lot and i missed out on a good amount of profits but that's all right um you know i couldn't change that i couldn't predict that as well all right guys and that's going to wrap up our youtube video here today we're actually at 7 069 followers which is amazing we were literally at 3 000 followers just a couple of days ago and also as i stated at the beginning we're at 5.76 k subscribers so i do want to say thank you guys so much i am so grateful to have all of you guys here as subscribers and if you haven't already please join the fam and click the subscribe button but i do want to give back as much as possible so i'm giving out a lot of whitelist spots and money on my channel i will probably be giving more nfts out as well so make sure you guys are tuned in for that i will be doing some time-sensitive drops on twitter and youtube as well so make sure you guys have the post notifications on for both of those but overall that's all i have for you guys today these are very very important tips that have helped me you know i'm not perfect i still am learning and i'm a student of the space this is all really new to everyone and no one really knows exactly everything but i did hope that this video helped you guys a lot i'm basically just trying to give as much value as i can to you guys so i hope you did enjoy and if you did please click that like button and leave a comment down below and that's basically all i have i hope you guys have a great rest of your day and peace [Music] you

Channel: BentoBoi

Views: 108,133

Keywords: NFT, Crypto, NFTs, Cryptopunk, OpenSea, NFT Guide, Bored Ape Yacht Club, NFT Market, Non Fungible Token, NFT mints, Blockchain, NFT guide, NFT tools, Buy NFT, NFT Tips, Ethereum, Next NFTs, Flip NFTs, Digital Art, NFT Update, NFT News, Rarity tools, Metaverse, NFT drops, NFT explained, Discover NFT, New NFT, NFT hack, NFT Project, Cryptocurrency, NFT help, Make Money with NFTs, NFT Now, NFT Buy, NFT Trading, Trading NFTs, NFT Money, NFT Flipping, The Doge Pound, Dogecoin

Id: 4AkA0KX7AU0

Length: 13min 39sec (819 seconds)

Published: Tue Nov 16 2021