I am not a trader, financial or cryptocurrency expert and this is not financial advice. So please do not attribute any GAIN or LOSS to me this is all on you! Please Please do your research!
My relationship with cryptocurrency has been an “on and off” affair since 2010 where claiming free bitcoin from faucets was a laugh for me and my friends and we didn’t save our keys to today where the interest in cryptocurrency is still not mainstream but the community has convinced me that the world needs decentralisation to stop the few exploiting the many.
I do believe in the idea of cryptocurrency as the saviour of humanity from the wars and corruptions of the governments, banks and corporations alike but back in 2010 I thought that only a few shared the same view point or even cared. Communities have grown into so much more and with now Banks jumping into the space while slating its value to the general public. It has woke me up into seriously accepting crypto as a technology that will change the world.
From mining litecoin a few years ago, buying 1 Million Doge for under £10, buying and selling all my bitcoin (Big regret!) I think I have made every mistake imaginable!
I am now starting again and having invested so far £1400 of my own money this year and with the £3000 above. I thought I would share some personal experiences and mantras that I have followed with the £4.4k total I to get to where I am currently.
It may not seem great to many here who have probably made a way more than I have but I am more concerned about the long term future. I am not selling at all but seeing this does reinforce my belief in the future of crypto plus my money is going towards a decentralised economy that cannot be corrupted and not used to funding an invasion where humans die on both sides only profiting the rich few.
- Invest only what you can afford to lose!
Seriously!! Investing all your earnings into crypto and realise that if you have nothing to live on will make you doubt and hate your investments when you see then drop slightly in the markets you will end up worrying pulling your long term investments out normally at a lower rate making you a loss.
By all means do try to invest but only invest what you can afford to lose. In a good month I can invest up to £500 in bad month £30 but I only invest what I can afford.
For me it is better to invest regularly in low amounts monthly as opposed to investing allot irregularly. Investing regularly renews my interest in what is new in the crypto space.
Many people simply choose to invest and can completely forget about it this can work but you need a steel determination and strong will. I love the technology I like hearing about it so I am experiencing it all good and bad.
- Crypto Investments. Do your research!
Read Read Read! Don’t just read one thing or take one stranger’s opinion or ask how much something will be at the end of the week, month, year. This is just speculation and opinion. Your decision cannot be based on just one stranger’s opinion. It has to be based on many sources and your views.
Look at the websites, read the whitepapers, join the slack/twitter channels, check the code in github, read about it on the forums, read good and bad, as you have not invested anything yet try and be impartial and don’t be governed by emotions, ask questions no matter how stupid but ask them politely and with respect.
Look at the competitors If there is 2 cryptos that address the same issues see what it is you are investing and how is it different and better?
Investments are not just in money but your time remember “a fool and their money is easily separated” so do your research and keep up with it don’t be caught with your pants down.
Once you have done your research do not just invest and forget. Keep up with the community and the associated laws/culture in that field. Crypto is a disruptive technology and this is still the ground floor so there is much uncharted territory and things can change.
- Find Crypto you believe in?
After all the research ask yourself “Do I believe in it?” “Do I believe in what it offers that I can put money into it?”
I always ask myself with the crypto I invest in… “can I see myself or someone I know use it” i.e
“Would I use this steem coin instead of youtube?”
“Would my Parents be able to use SNT/BQX” for getting into crypto?
“Would my musician friend sell his music on a Cryptocurrency platform so he doesn’t have to pay a middle man to publish?”
“Would I use LBRY tokens instead of buy content from Netflix or Apple?”
If I didn’t know the answers I would ask these people and explain why, it may get them to ask you questions as to how the blockchain can help that industry!
- Find between 5-10 investments in cryptocurrency you believe in, invest and hold.
It is perfectly possible to put all your money in one currency but can be a massive gamble.
I have 10 long term investments on crypto I like and believe in some of these are in screenshot above.
With the long term Investments:
Find crypto I like because of what it offers.
Join the groups and get involved.
I will look at exchange graphs when best time to buy and try and get the best price with the money I have at the time that I can afford to lose.
After joining the groups and speaking with them then I buy the crypto!
Being a Cloud Architect and tech lover I like decentralised cloud technologies like SONM, Siacoin and stratis are very interesting.
I like crypto that helps people less fortunate. I like cryptos that help others who are not tech savvy to get into crypto.
I don't like cryptocurrencies on gambling as i believe they may the poor looking for hope poorer but each to their own.
- If something doesn’t feel right …step back! The future is bright!!!
If something doesn’t feel right investigate and if it still doesn’t feel right walk away.
A few weeks ago I came across ZIBER, a crypto based on mobile telephony who had a working platform a bit like skype. I was impressed that there was a platform, a working website, many positive articles written and the costing of abroad calls for me was free before the ICO (initial coin offering) so I was so going to invest into it heavily ….but when the white paper said it could utilise the unused free minutes of participants mobile plans I thought how could this be possible? How could mobile telephony provider approve this usage of their customers plans. The staff bios seemed sketchy (one listed as working in his “Uncle’s IT Company”) and there were no responses from the emails I sent.
The ICO launch was drawing closer I was so tempted to just invest but these things were just bugging me so I didn’t and I was feeling sick (thought of losing another lambo …mind greed) after the ICO ended life moved on and I was fine!
I may of lost my lambo or millions time will tell but the space is so new that others cryptos will come. My analogy is kicking yourself because you didn’t buy into Ford when the first car was built! We will have Mercedes BMW, and offcourse Lamboghini yet to come!
- You are not too late to the party! So relax.
Remember if you are reading this now in August 2017 Crypto is still brand new and you are still in at the ground floor. You haven’t missed the bus or too late to the party remember if you are reading this you are miles ahead of the average guy or gal on the street!
There is apparently only 15 million people total in the world invested in cryptocurrency (whether it is Bitcoin, Litecoin Ethereum or the hundreds of the other coins out there!)….15 million that is the population of Cambodia.
- I don’t day trade.
I love crypto and our future is bright and I don’t want to attach a pressure of constantly monitoring exchanges to make profits. It’s a massive stress and pressure to me.
I love my job as a cloud architect and want to use the technologies like Siacoin, Golem etc in the near future.
Attaching monetary stress value to something for me takes the fun out of it and I simply do not like day trading.
I will set alerts to buy but NEVER sell when I have money to spend. I normally do it weekends as prices to have a tendency to drop on weekends.
- “Smile in the good times but laugh in the bad.”
A bit extreme but especially with new cryptos and ICOs when prices drop and you see red in exchanges and you have money to spend be HAPPY! Its like buying in the sales. If you are investing for the long term what do you care if your crypto value has dropped by half. If you have done your research and the community is strong and devs are working away and you remember why you invested into it.
I have recently found a 2 cryptos I invested in and the prices fell, one currency was still following the roadmap, community was strong, github cool and everything was working as is. So I held and bought even more with the cheap prices….fingers cross that will pay off😊
The other I think the team just bailed on the product and I sold at a massive loss. It made me wiser in what to look for so thankful for the lesson as that will save me money in the future but I know by investing in many cryptos I am splitting my risk and there will be currencies in my portfolio that will more than make up for this failing.
When prices do go up, just smile knowing that what you have is ought after by others and crypto isn’t just a fad.
These are just a few mantras I have and I will continue to share my thought and currencies I am looking at in future posts.
What are your mantras for crypto?
Peace and love
Jazz the Yoyomonkey
Thanks for great post! I have walked the same road but no regrets. Now we are stronger and ready for future growth. Lets hodl ;)
Live and learn. :)
Great post man! Strong portfolio!
Cheers my man. Its a good start . I want to start using steem more and getting the real benefit of cryptocurrency. I do have a list of crypto I will invest in the future LBRY, ICONOMI and TenX are really interesting ones to me.
Preach, preacher preach. I just don't understand people that don't do their research and just put all their money into a coin just because someone said it's going to the moon in 5 minutes. Research, Research, and Research a little more.
I saw your post shared on S C M fb. So figured I had to check it. Great stuff. Liked and Followed. If you get a chance check out my blog I just started but I do research summaries backed up with theories and research links.
https://steemit.com/@guyfawkes696
you have been followed my brother and i will definitely check out your research summaries. i am constantly looking for more thoughts and voices in this space.
p.s cool name :)
Right on! Thank you my friend. And yeah I put a lot of time into them, hope you enjoy. Looking forward to your new posts as well. :)
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STOPthank for the nice post... I found many thinks from myself...
Great post and it confirms a lot of strategies i was struggling with since i started with crypto. Do you also trade these coins? When for example you know the market will crash so you can potentially buy the dip?
hey there ttudor, me personally i dont day trade.. and no disrepect for the people that do day trade i did try it and it will be the subject of a future blog but for me it was exhausting and stressing. i know i can exploit a marketcrash and sell high and buy allot more when low but for the risk of it shooting up later its not worth it for me.
i did initially have a vision of building a long term investment portfolio and then having another portfolio to do day trades and do shorts after all the world of crypto is so volatile and money can be made on the back of others but i personally didn't want to after learning how to use the graphs and the exchanges. To be good its not just about reading the graphs it is reading the news and constantly studying the exchanges with a massive dash of luck to get in and out at the right time.
I have settled to investing not trading and I have looked at these cryptos as long terms and will sell these when the platform is built and people are using it and the value of the platform comes to fruition.
I personally believe in a dip i never really lose money unless i sell and as i am waiting for the platform to form it doesn't bother me.
I want to use the gas i have generated with NEO to buy my chinese mobile phones or look at smart contract built on NEO i.e agrello lets say.
I may one day sell but i really dont want to be sitting on a bunch of fiat currency in my bank having them invest my money in wars and corruption i would probably hope that when i want to enjoy my money i can change my coins to bitcoin or some other payment currency to buy my stuff online or in a store that accepts bitcoin etc.
i spent all my bitcoin before on amazon vouchers from gyft and using my bitcoin for vpn services and i found it easier than paypal.
Yeah, I also tried day trading, but it's impossible to do it unless it is full time job. I am also looking for the dips, but with good coins which take off 50% in days, they come right back. Example: I bought NXT in the dip and after 1st August it pumped to double my purchase value. Now any day trader would have sold there, I preferred to hold and now it's down 60% from the peak. Anyway, I think your strategy is less mindless time consuming and more investigation into investments, which I really appreciate. Thanks again for sharing it with us.
Thanks for your time and wisdom !
I am in to crypto for past two months. Initially daytrading I lost around 200$. But I know a lot more now, and feel much more confident. Strangely my top 3 positions in portfolio are exactly same as yours! Cheers!
good post!
Nice portfolio. Especially top 3.
Thanks for the post! Think I'm going to find a few more coins to diversify my portfolio
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