Hi everyone! Just wanted to introduce myself before I start posting about my cryptocurrency plays. I was heavy into penny stock trading back in 1999, and learned quite a bit about technical analysis during that time. I think I turned a small amount of about $2,000 to roughly $20,000 during that time, and then the market crashed after the dotcom bust. It was a fantastic and exciting time, but it came to a close. I was patiently waiting for the 13-year cycle to come around for the market to bounce back again, and it slightly did. In 2013, I started watching the penny stock plays again, and started blogging about my favorite picks. But I was so busy in my engineering career and my 4 side businesses that I didn't have the time to jump back in.
The cycle was back again, but not bouncing back like it was during the NASDAQ boom. Way back in 2008, I started looking at Bitcoin, and I think the lowest price it was when I first discovered it was $0.25. I considered getting involved, and I just lost my attention. Yes, I was kicking myself when I finally turned my attention back to the cryptocurrency market in November of 2017, thinking about how massively rich I would have been had I kept my focus on it. But rather than getting depressed about what I "lost", I decided to move forward and focus on the cryptocurrency market.
What I discovered was the fact that the cryptocurrency market has FAR greater potential than anything we saw during the dotcom boom/bust of 2000. There's just no comparison between the two, because the penny stock market and the dotcom frenzy was based on nothing more than pure speculation. But the crypto market represents a paradigm shift in the way the world will transact business. It's not speculation. It's the way the world will operate in the future, period.
I also noticed that technical analysis of stocks and commodities works much in the same way for cryptocurrencies, although not exactly the same. The demand is so high for Bitcoin, Litecoin, and Ethereum that you cannot accurately predict some of the movements. Market corrections are hard to predict. But the market overall is in the infant stage.
But when you look at some of the penny cryptocurrency plays, outside of the big 3, it is a lot easier to make educated guesses on entry points, and when a run-up will occur. I started with my first tiny investment into Bitcoin, with only $300, on November 28th of 2017. My entry was at $9,675. As Bitcoin ran to over $17,000 per coin, I disbursed portions of my gains over to other small penny crypto plays, and the gains have been fantastic.
Today, my little $300 investment is worth a little over $900. I've been "practicing" making trades and buying coins just to get a grip of how the system works, and how to use the exchanges to purchase other altcoins. I have used Binance and Bittrex to jump on 6 other crypto coins, and I'm starting to put a little more money in.
Now that I have gotten my feet wet and know how the system works, what the dangers are, and how much it costs to move my investment around from one currency to another, I'm ready to start investing more. I'll be sharing what I've learned, and posting some of the charts to describe my strategy.
Overall, I'm planning on playing the smaller altcoins for bigger gains, and then move those gains over to Bitcoin, Litecoin, Ethereum, Monero, and some of the other more established "safe" plays. Overall, I have the greatest amount of faith in Bitcoin as the gold standard. I truly believe what the industry experts are saying about the value of Bitcoin that is projected for the next three years.
I think this is a special time in the history of mankind that we may never see again, and I'm willing to take the chance on investing into my financial future through cryptocurrency. The bottom line is, I believe you have to be willing to lose everything you put into this, because we are still in the infant stages of this entire market. But it's worth the risk because we may never see the chance to make these tremendous gains again in our lifetime.
I'm looking forward to sharing and discussing the cryptocurrencies with everyone on Steemit, and I'm excited to learn from others along the way!