My top 3 tips for being a better cryptocurrency investor. I've personally been decently successful in the past 2 years of investing in crypto.. Although If you invested right when I did (Bitcoin was at about 500$) I'm sure almost everyone did, however, certain choices in coins certainly made a huge difference over others and over time it has been much harder to produce those same results. By the way, that picture is actually a puppet I made in adobe character animator, youtube/steemit series to come, be excited! :))))
(This is not trading/investing advice, do so at your own risk)
Anyways...
A few tips to keep your portfolio growing:
- Its good to be speculative, and well diversified, but in crypto over time I've learned that being too diversified was a problem.
I didn't even think I was too diversified, owning about 20 or so different coins at a time, coins I thought were all had decent potential.
So currently I'm stuck with a bunch of alts I don't really want because in the past year the prices have dived so low, it would be a mistake I feel like to sell at this point.
So in conclusion I would keep about 10 different coins tops and about 20% held in bitcoin itself. The reason being that bitcoin is a profiable coin as well, as of recently one of my most profitable and also if a coin comes along that you may want to buy, you don't have to sell any of your other crypto's to buy it. However keeping a 20% stake at almost all times I think is a good move, you never know.
(We all know this but just as a reminder) Img source: https://www.forbes.com/sites/kashmirhill/2014/01/13/a-100-worth-of-litecoin-a-year-ago-is-worth-30000-today/#45d88ce85341
- Buy into the most popular, highest market cap altcoins, like litecoin, ethereum, zcash, monero... If you look at there charts over time, they have grown slowly since 2 years ago while most other coins have tanked.
Think of them like owning the coca cola company in the stock market. If you owned them you would have make a consistent 20-30% or more back over the year rather than taking a major loss on most other alts.
It's a gradual incline and not a pump and dump, it's the most guarenteed way to make money and although it is a slower process than other coins, these are the most persistent ones that will be here for years to come, and I feel your investment will not only be much more secure, but Increase nicely.
Img source: https://www.reddit.com/r/Bitcoin/comments/6dw1ub/good_news_boys_now_we_can_let_everyone_know_to/
- And finally, Don't be so flustering into selling! HODL!!!! I've always and still do make the mistake of selling too soon. At the first sign of people selling off on a high candle stick, don't always get tempted, it's better to just keep a watchful eye and not get greedy over a few dollars. Almost every time I've sold thinking the price was going to drop I sold everything and it went up 50% right afterwards.
I've also noticed that a lot of significant trading gets done in the wee hours of the morning between 4am- 10am so if you are a trader and like staying up, those are the times to be wary of the market.
Anyways, I hope you all enjoy my tips, I hope they help!
Read my blog more often and look out for more hilarious memes, and crypto advice, etc!
Steem on folks!
