Learn from the mistakes of the worst crypto investor EVER: Me! Here are some of the reasons I qualify for worst crypto-investor ever:
I earned about .25 BTC/week by mining bitcoin when it was only $400 per bitcoin. I sold every bit of it for US dollars to pay my internet bill. (Price is now over $2200 each)
I purchased 100 litecoin at $4 each and panic sold for under $4 days later (Price is now over $40 each)
I purchased 40 Ether at $13 each and panic sold for $12 days later (Price is now over $195 each)
I purchased and sold a handful of other crypto currencies that have since had exponential gains such as Dash, Ethereum Classic, Factom, PivX, ChainCoin, TransferCoin, Crown, & Namecoin, but the 3 mentioned above have been the worst
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What I've learned
- BUYING & HOLDING long-term has been the most profitable trading strategy for me
- Holding long term has proven more profitable than day trading for many, not only me.
- Crypto-currency investing involves more than analyzing charts, you must stay up to date on crypto news around the world. (Example: Litecoin price raised exponentially once seg-wit was signaled. Bitcoin price rose exponentially once Japan recognized Bitcoin as a currency, etc)
- Checking prices everyday may invoke fear and cause you to sell, but keep a long term view in mind if you really believe in the technology
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Please share some of the worst moves you made in crypto-investing. ♥♥♥
Thank you for sharing, and great post! I will definitely take your advice on reading news and holding long term.
Glad you found this useful! :D
I've not been into cryptos for as long as you, but i did buy a load of Ethereum when it was on its big explosion last month - even got some at just under $400! I'm too scared of missing something big so I can be impulsive. Lesson learned hopefully. I'm still holding on long teem as I'm confident it'll get higher, just wish I'd waited and bought double the amount at $200.
Thanks for the reply!
I have no doubt Ether will surpass previous highs. There is a lot of uncertainty in the market right now due to the upcomming fork in August, I can see Ether returning to previous highs next month or the month after. Many believe Ether will be worth more than Bitcoin one day.
Honestly, Ether makes me uncomfortable due to it not being entirely decentralized, but I guess all cryptos are centralized to some extent.
Right. I agree that i think it'll go to new heights - hopefully relatively soon. I guess my concern with ethereum is all the icos going on. Will the system be able to find some kind of equilibrium between new money coming in as the ico those guys turn their ether into fiat?
Time will tell. There are a few competitors with Ethereum on the rise (EOS & Antshares aka NEO) Perhaps they will take some of the ICO load?
These are exciting times for me, I was not sure we would ever see a total market cap below $100 Billion ever again, there is so much room for many cryptos to grow!