From 7k to 300k - My simple strategy to Crypto wealth
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!
Great advice! I myself came to the same conclusion.
Everyone says to hodl but it took awhile for it to sink in for me!
Good article, but I probably don't understand properly. What money do you use for buying new coins? Thx
Good question. I will simply buy more ETH with USD to buy any new coins. Like now I'm taking a few more grand of USD to purchase more waves. If there is a very good and time sensitive deal I may use some ETH but I will replace the amount I used with more FIAT.
Nice! I too am in HODL mode. Will be selling some of my Populous tokens once they hit my account on 7/9, but other than that... HODL baby! :)
Followed and upvoted. Feel free to check me out and follow back if interested. Cheers
It has been by far the best strategy for me. Hope you are doing well with your picks!
Strongly advise you to HODL all your Populous tokens! I sure will be.
agreed
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STOPGood article and makes a lot of sense. So much so that it is the exact same thing I do with BTC, LTC, and ETH buy and hold long term while learning about trading the other alt coins. Dollar cost averaging on a monthly base is the way to go. Of course at this time while we have a bit of a bear market my instincts tell me to wait for the lowest lows which I think may happen in Nov.
Solid blog. I fully understand what you're talking about. The quality coins are here to stay and it's like buying in at the S&P 500 50 years ago. Cryptos will fall and rise at a more rapit phase any investment market has ever seen. Just hold (literaly) and enjoy the ride. We really need more insights in the market and previous investment results (even though they don't deliver any guarantee for the future). Besides coinmarketcap.com there is: https://www.coincheckup.com The site that lets you check all there is to know about the team, product, communication transparency, advisors and investment statistics on every crypto.