Just a quick snippet.
My guiding factors when choosing a new altcoin to put money into:
- the price is in a resting period (not in bull run) or is in a declining period (bear run)
- there is no critical worries about it (e.g. I would not go for BitconnectCoin due to it potentially being a scam, given the site's pyramid scheme nature)
These guidelines led me to the trade path below:
September
I bought Litecoin when it was around 45 USD. I had seen that it had spiked up to 80 USD earlier so I was confident that it can once again reach that level in the near future.
Early December
Litecoin was now at 100 USD and I decided to liquidate part of that position and shift that into another altcoin.
Also Early December
I chose Ripple as it fit my criteria. This time it was still at 0.25 USD and had been resting around 0.2 for quite some time.
So the breakdown:
The first 2x:
In the first Litecoin trade, I had gained 2x as I bought under 50 USD and partially sold at 100 USD. Sure, Litecoin went up all the way to 200+ USD levels, but I can't predict the future in precise terms can I? In retrospect, the decision to liquidate after meeting the target ROI made sense, as I shifted that into another altcoin with the aim for higher growth. Litecoin is now only hovering around 200 USD while Ripple is still making gains.
The second multiplier of 10x:
This comes from Ripple. Technically right now it's not the case as Ripple is only around 2.0 + USD and not 2.5 USD. However, it did reach 2.5 USD just yesterday. I have confidence that it will reach this level again.
So, 2x times 10x = 20x.
All this within 3-4 months.
I have also now liquidated some of my position in Ripple in order to invest in several other cryptocurrencies. If you are interested to find out what they are, let me know in the comments below.
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I share my thoughts on crypto and the thinking behind my actions. I started investing around June 2017 and have now made 4x ROI. Looking to increase that number through better decision-making.