STOP DUMPING YOUR COINS!!
Ive been in this space for about 4 years.
Every time I look back on my early trades I cringe.
Had I just held everything I bought, I would be well into the millions in profits (not bad for an initial outlay of about $10,000).
After the Mt Gox saga, & all the other dramas, I decided to offload all my alts for btc, & basically forgot all about crypto til maybe June of this year when I got wind that things were happening in the crypto space again.
Coins that i sold for fractions of a cent were now worth dollars!
Luckily for me Id forgotten about a quite a few alts I bought. The next few weeks were like a treasure hunt. Going through my old wallets & finding thousands worth of alts. Not only good coins, but (arguably) shit coins like dogecoin (1000% profit) & ripple (40000% profit).
From that time I decided Im NEVER dumping again. Take some profits from time to time? Sure. But NOT dumping.
Yesterday I hear news of Namecoin making a comeback & today its Digibyte. Its like winning a small lottery every time a coin you've owned for ages suddenly pops its head up. Thats whats great about holding longterm & whats great about this space.
I now own 35 different coin/tokens & don't intend on dumping any of them. Just building them up & buying new ones with dividends & profit taking from the coins I own.
My advice for noobs...
Find a coin you truly believe in. Invest according to confidence level in the coin (DONT get greedy or desperate or impulsive) & HODL HODL HODL!! Your life will become a potential lottery every day
Great suggestion.
Being involved in 35 different coins, you have enough "lottery" tickets there that some will hit. I think people make the mistake of putting all their eggs in one basket. While I am not a huge fan of diversification in the stock market since I believe people too often use that as an excuse to be lazy, I feel it is very appropriate in this arena. The truth is we do not know what the crypto world will look like 5 years from now in terms of what coins will be around. For that reason, having a wide variety is important.
If just starting out, I would suggest getting some BTC, LTC, and ETH. Obviously Steem is a good one. After that, I would say going through the top ten and picking a couple to three out of that is a good idea.
Thanks for the post.
I got into the stockmarket just before Apple released the first iPhone. I saw the potential. Since then Ive bought tesla, crisp, facebook, graphene & other future tech. crypto falls into that space & because of my profits in the stock market I was able to take greater risks. But Im happy with the coins I own. Though many may fall I think at least 80% of my selection will succeed
I am a believer in tech and will only put my money towards it. Even in my 401K I have a tech fund and the SPY. I figure over the next 15 years, the SPY, which is weighted to what is going on in the economy, will be more tech heavy. My most recent buys are all tech including TSLA, NVDA, UTHR, and GOOG.
Crypto, over the next 10 years, will outpace all my holding in the market I believe. I am not sure which ones will do it although I am optimistic about LTC. Steem is going to make people a fortune too in my opinion.
I will be VERY surprised (& damn disappointed) if my crypto portfolio doesn't eclipse my stock portfolio in the next 5 years. Its about 20% crypto 80% stock right now
Good post and advice! Upvoted:Following.
Thanks. not sure how steem works but much appreciated
Intersting incite. A volitale market makes for big dips/corrections. Buy on those. I like NEO, TenX(PAY), OmiseGo(OMG), Qtum and Zcoin(XZC). Good Luck, Welcome Back. Upvoted:Following.
I have NEO PAY & OMG. intend to buy QTUM
Ha ha true. I am deffinitely a newbie. Only 1 year in but have decided to just buy every month. I have stuck pretty mainstream Bitcoin, Ether, Monero and Steem of course. But like you have dabbled at the fringe because the coins cost so little the potential can be huge for so little risked. The stock market has had a good year but crypto has had a fantastic one and I think will continue to do so. The final thing I look at is its so easy to get tangled up in trades in these markets that i dread tax time. So i definitely want to at least go one year before trading. At the moment I am buying my allocation as Bitcoin and waiting for the alts to turn. The exception was my recent purchase of NEO.