The Reason For HODLing
Hey guys, this is the first week of my project Legends of HODLing!
I have been in crypto for about 3 months now. I started trading in mid november 2017
november and december of 2017 was pure crazy for crypto market in general. Enormous amount of money
inflowed in to crypto market as many people started to notice Bitcoin.
I myself actually got to know Bitcoin in 2011, but when i first heard about it, i just thought it was some random game money or some sort. (idiot of me...)
but in 2017 november, as i started to study crypto, i came to realize that this is going to be the next big thing
so just like many other people, i started to investing.
by day-trading, i make my $3000 to $15,000 by the end of december.
this itself isn't bad result at all, but it shocked me to see how much i would have earned by just hodling some good coins.
it would have been more than 20 times if i held SNT for the same time.
if would have been more than 10 times if i held XRP
even it would have been a bit over 6~7 times if i held NXT
i was totally dumbfounded to find this out. what i hated is that i actually traded all of those coins(tokens) but did not hodl them and just repeated buying and selling just like other day-traders.
this was maybe the starting point..
In Jan, just like everybody knows, there was massive crash due to all the unexpected regulations and events.
after making 5 times in Nov and Dec, i somehow thought i could still make money through day-trading. but what happened was i saw over -30% just in a few days.
All my chart reading was meaning less. (i think crypto market is much more unexpectable than stock market) the only thing i could do was make loss.
Yes there were people making tons of money even in crazy bearish market, but i realised that i was not as talented as them. my chart reading was not as good.
Also the most critical thing that made me sick of day-trading was the fact that i could not focus on my daily life at all. Unlike stock market, crypto market is a world-wide one and it is non-stop 24/7 365 days.
it was physically impossible for me to be awake and react to what happens in the market 24/7 . also it was impossible to follow every single news, meetups and announcements of every coin(and those news, meetups, ANNs make difference to prices).
and me trying to follow all those actually ruined my daily life. i couldn't sleep for the fear that something crazy might happen while i sleep, i couldn't focus on my study because of trading.
So, after i lost about $4-5000, and after thinking for a long time, i decided to invest by the method of HODLing.
in bullish market, as i experienced, picking good coin and hodling it could get you more profit than trading.
in bearish market like right now, unless you are very talented in trading, it is much more safe and easy way for you to just hodl onto a good coin that has solid value.
Since i believe in eventual upward trend of all solid crypto currencies and because i have little time that i could spend day-trading i decided to HODL onto a few coins for a long time.
What coins will i be HODLing?
these are the coins that i am hodling.
I do believe in steemit and think steem will be a major player in market in a few years.
so i invested in Steem for about 60~70% of my budget.
and i also invested in KNC and EOS for the similar reasons!
(this is not an analysing post.. you should never buy any coin just because someone else tells you to.
but if you do your research, you would see that i have chosen the one that have very concrete value and potential)
If i had more money, i would have bought NEO and STRAT also...
but lack of money i have prevents me to.. but i think those are also great HODL coins.
Current status
my coins are not doing well because of bullrun of Bitcoin today.
alts are to go down when Bitcoin goes up.. we would have to wait for BTC to calm down.. so this isn't a fresh start,
But regardless of this, i will think those satoshis as my starting point.
Keep on going
So from this week, I will be updating how my portfolio goes!
I will HODL them all for at least a year unless i have specific reason not to
"HODLing is the way to victory"
My other thoughts
Are light posts not worth it? https://steemit.com/newbie/@mdoo824/first-post-are-light-posts-not-worth-it