I have been involved in crypto since 2013, not the beginning but awhile. It took years of mining, selling, trading and spending crypto to realize that none of those things made me more money, for the most part I wasn't a great trader!
The lesson that hit me the hardest started back in 2014 when NXT was really getting going, there was a team that liked what NXT was doing but wanted better distribution of the coins rather than the 74 people all the NXT went to. So they created NEM. To get NEM all you had to do was say you wanted some on bitcointalk, so I did. Then I bought a few more NEM stakes on the NXT asset exchange.
All in all I had 6.1 million NEM. In 2016 I checked the chart to see there was a huge rise, at least it was back then. Wow! My free coins were worth 10k in USD, that's awesome. So I cashed out. I didn't need the money but it seemed like the top. Needless to say that those NEM would be worth a few million if I would have held it rather than traded.
Hind sight is always 20/20 though so I learned from that and decided to change my strategy to a simple buy, hold, and accumulate. I will only sell portions when my portfolio hits the value I chose that fits my risk.
After switching to this strategy I have routinely hit higher benchmarks increasing my portfolio value. I was also able to limit my downside risk due to being diversified in multiple coins, especially during this volatile bear month we have been having. Here are some screenshots and what I was holding at the time.
March 2017
- Ethereum
- Bitcoin
- Iconomi
May 2017
- All the Above
- Tokencard
- Golem
- Stratis
- Aragon
- WeTrust
July 2017
- All the Above
- Waves
- Decent
You can do this to, just keep it simple. Unless you're a pro just dollar cost average and exchange your excess FIAT for crypto. Its quite peaceful to know your coins are offline and generally not concerned with day to day market movements.
Thanks for reading and be well!
