Alright, listen up. I've burned through enough capital on leverage to know a thing or two about losing money. But 'not your keys, not your coins' is a different beast, and it’s arguably the most important lesson you need.
It's simple: If your crypto is on an exchange, they hold the 'keys' – the actual digital control – to your funds. You're essentially letting them store your money. Imagine you’ve got $1,500 worth of DOGE sitting there. If that exchange gets hacked, freezes withdrawals, or just vanishes overnight (like we've seen happen too many times), your coins aren’t really yours anymore. They’re gone. You lose everything.
This isn't about bad trades, it's about fundamental ownership. Anything you're not actively trading, get it into a wallet where *you* control the private keys....
It's simple: If your crypto is on an exchange, they hold the 'keys' – the actual digital control – to your funds. You're essentially letting them store your money. Imagine you’ve got $1,500 worth of DOGE sitting there. If that exchange gets hacked, freezes withdrawals, or just vanishes overnight (like we've seen happen too many times), your coins aren’t really yours anymore. They’re gone. You lose everything.
This isn't about bad trades, it's about fundamental ownership. Anything you're not actively trading, get it into a wallet where *you* control the private keys....