My first 60 days trading cryptos, review, lessons learned and next steps
After some time investigating about blockchain I decided to enter into the dark crypto world, not so dark actually, but truth is from the outside everything looks always darker :-p
These last 60 days have been a huge journey of learning new concepts, studying a lot about new companies with great new ideas I wanted to be part of, and some (controlled) mistakes that made me think smarter and continue moving fordward.
The coins I've invested on is not the most important part of this story, but if you want to know my biggest investment has been made in Ethereum.
These are the top lessons learned and I try not to forget, and the first tips I give to any friend who is willing to follow my crypto path:
- First and most important one, DO NOT TRUST anybody giving you information about any cryptocurrencies. In the end, everybody, with less or more good intention, has his own interest and the info they give you could be compromised. Alwasy read a lot, learn about where you are going to place your money, and always, always, always take your own conclusions
- During these 60 days I've follow a hybrid strategy, 60-70% of my investment was fixed into coins/projects are stable and I do believe in, as they're giving new solutions to common problems, they have a solid team behind, and the roadmap is clear. The rest it was placed in riskier coins trying to get a shorter benefit.
=> The result of this tactic:- I'd have won the same money if I'd have placed all my money in ETH and BTC
- I've learnt a lot, so I could say I've had free lessons :-)
- I've started to follow many people in youtube to learn not only about cryptocurrencies, but about trading and about how to deal with your feelings when you trade, or better said, how to keep your feelings out of your tradings. I follow many of them, but I have to keep me with one, that would be the Coin Matery channel, with Carter Thomas https://www.youtube.com/channel/UC4nXWTjZqK4bv7feoRntSog
Tips and tools I found during these 60 days
- https://coinmarketcap.com to follow the market, see the volumes and find the prices and availabilities per exchange
- https://play.google.com/store/apps/details?id=com.blockfolio.blockfolio, the best app to follow how my coins or the coins I'm following are going. It's great its service of alerts, to help you buy or sell when your limits are set
- https://cointracking.info?ref=T804843, the best way to control my updated investment automatically synching with all the exchanges. I've wrote another post about it https://steemit.com/cryptocurrency/@dssb/i-ve-found-the-best-way-to-keep-track-of-my-investmet-profits-losses-and-taxes
My next steps are to rebalance my portfolio, get rid of the coins are not aligned with the rules I wrote at the beginning of this post, and continue learning, trading, and being part of this amazing revolution!
I hope it helps you, but the most important thing is to learn is to know where you are entering into, and to keep calm. There is no worst advisor that your own FOMO feeling ;-)
Nice, it's helpful to read about people at different stages in their investing experience, especially with something newer like cryptocurrencies.
I like that you wrote about making a plan - if you were going to invest in stocks, you would do well to have a plan. Crypto is no different - you can get lucky, or you can research and plan and build a successful portfolio.
Thats the point @thatguymatt! Nobody in his right mind would ever throw thousands of dollars to the stocks without having any knowledge about them and without knowing the rules of the game. But it seems what is right for the real world does not apply for the crypto :-s And if we talk about the ICOs the thing gets even hotter :)
I agree, the world of cryptos is different in many ways from the dot com boom but there are some scary similarities there too.
Great post, welcome to the world of crypto!
I know the feeling of realizing your fiat amount would be the same if you held onto just btc n eth. I have a feeling alts r gonna start to go crazy pumping this week .... so hold on at least you should be able to break even if not take some btc/eth profits soon. I also have a few coins im waiting to break even or more to get off my hands. I been in crypto for 9 months now and im still learning everyday. Thats another key ... always keep learning! And have a strategy you stick to!
In the beginning i got my feet wet, WAS just buying whatevr coins ... then i started to list out my solid long term holds, trying to limit that down to 5-7 so i can really focus on those .... good luck !!
Thank you for your words @ladram!!! I totally agree with you, and I'll keep loyal to my eth/btc/alt distribution :)
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