Crypto diary :: 1 month in

So about a month ago I decided to trickle a little money into crypto. Had heard of bitcoin years ago, knew the basics, but never had any inclination to invest or learn more. But over the last few months have heard more and more about crypto – mainly ethereum. Looked into it a little bit more and decided to join the rest of the herd, especially of course, after looking at the spectacular returns.

So not only am I following the herd, but doing it out of greed. Insert warning jpg here….. :)

Initially I looked at mining vs. trading – have a bit of experience in trading, so thought I would give that a go first. Put cash in over a two week period – R35 000 in total (using $-R at 12.8 around $2735) – the last R20k was put in around 2 weeks ago.

I was a bit aimless at first, found it slightly hard working with so many decimal points to me, anything below 1 was just small – and not worth anything. Now I know that the difference between 0.01 and 0.00001 is huge!

I quickly found I needed two porfolio’s, one for swing trading (sell entered imminently after entering) and one for long term speculation/accumulation. Highlight have been buying tiny amounts of bitbean and reddcoin and watching them become 10 baggers, my worst trade has been buying a relatively larger amount of Ripple and watching that halve!

On the whole, sizing was my issue for the first couple of weeks. I am also not trading with a stop – a huge no no. But to me, the swings are so huge, I would be hitting stops constantly. I am using a non leveraged account, and with proper sizing, feel I am not overly exposed. Only time will tell on that one

In the last couple of days I have started a very small mining contract – R1500. Just want to see how it works and if it makes profit – not that optimistic myself. Anyway, have 4m/hash pumping away mining Ethereum through Genesis – moving the money into a Jaxx wallet. Will keep a tally here. Cost 4.4 LTC – so can base it on that.

So let’s see what my R35K is worth now. Best bid price per BTC is R35450 on ice3x and in total have 1.41BTC so R50 147 plus my R1500 mining contract – So around R51500 a 47% increase – pretty happy with that. My actual trading profit is just under 0.2 BTC.

All in all very happy – obliviously would be tempting to liquidate some shares and put more money into crypto – but actually want to go the other way and want to slowly take my original investment out. But will only start that once I’ve doubled my original investment – and at a slow rate, thinking R5000 p/m for 7 months.

In the next month I also want to tackle ICO’s – with very small amounts, just want to test the water. And look at some free forms of receiving crypto. And of course, there is steemit – but may have to put on a frock and change my picture to get that moving!