Title: Coin Diversification Strategy? Post by: minerben on June 06, 2017, 04:00:48 PM I'm new to bitcointalk but not a complete novice when it comes to crypo. I was able to generate a few btc through alt-coin GPU mining, trading, and some luck. Unfortunately I didn't have a risk mitigation strategy in place, I was greedy, and I didn't think crypo had a future. I'd swap mining to the newest coin with minimal research (to mine as many as possible before difficulty increased), make greed driven near all-in trades, etc. I got left holding the bag on some junk-coins but generally was pretty lucky. After the crash in 2013 I got discouraged and left mining for some time. Eventually I traded my remaining btc for CSGO items (luckily! My btc was on Cryptsy and I got it a couple weeks before they tanked). I haven't had time for gaming in a while and decided to return to mining as a hobby/high risk investment. I have adequate income/savings/investment from my day job so I'm not super concerned about converting a large percentage of crypto to fiat. My goals are to offset electricity/mining equipment cost, build a mixed fund of BTC/Prominent Alt-Coins for potential long-term gains, and have some coins to trade for fun and hopefully profit.
I think the biggest thing that will help me is having a strategy to diversity my coin holdings along with rules for trading. A set structure will reduce FOMO and help mitigate risk. I want to know what your thoughts are on my plan along with what your personally strategies are. Thus far I have just been observing the markets, researching different coins, and mining higher profit coins. Start:
On weekly basis:
Trading Rules:
Transfers to FIAT:
Does it seem like I'm on the right track? What would you do differently? Why? |