|
welcome to the world of investing! i'll tell you what i've learned about it. first, learn about investing. if you think daytrading is where its at, think peanuts! don't be concerned with the daily ups and downs of the coin prices. that is the folly of crowd following. it is easy to lose money that way and only gain little if you have the skill of chart predictions. learning to invest for the long term is where its at. you will also be able to sleep at night and get away from the computer for a while, you know, have a life. warren buffet is a great example of investing success. i'm learning from him now. the one book that changed his life forever is titled: "the intelligent investor" by Benjamin Graham. it is an intellectual framework from which to invest "intelligently" - basically you buy an undervalued stock or other asset when the price is low, believing that in time the price will rise. this takes patience and a lot of focus on researching a potential asset.
remember this, the more you pay for a coin the less return you will see in the long run. this is obvious but critical. if you're paying $30+ for litecoins now it will be very difficult to make big money with it down the road. holding litecoins may seem less risky, but... where is the biggist risk? i mean you got into this gambling thing called investing right? if you can afford to buy, say, 10 litecoins today, and trade those for 100,000+ x-alt-coin, what will your profit be down the road if that coin takes off? would the big money be in the 10 litecoins or the 100000 coins that you traded for? to me, the only way to do this right is to take the gamble on a huge number of coins that i believe will get big and have huge support.
i take it you're not a rich investor yet - so you only have a small amount to invest. this is not a problem! it only takes a small amount to invest in the right thing that will take off big. i don't study the charts so much anymore (just a little), i study the market as a whole and focus on a handful of coins to see where the long term potential is. right now i think there is much potential with devcoin. don't take this as advice necessarily, you have to make your own decisions. what i know about it is this: the price is still VERY cheap, like bitcoin once was. it is an older coin that has stuck around. the community is strong and i believe it will continue to grow in support. what the devcoin stands for is very interesting. it's purpose is to help developers, artists, and i think perhaps inventors by rewarding them for their work. there are a lot of these people and so much of their creativity is undervalued. i think once the media puts their attention on what devcoin stands for - helping creative people fund their projects - it could get huge. the desire for something like this is huge i think. i think there will be a big shift in focus to this coin by investors, media, marketing, etc. the big exchanges will catch on and the price will go really high. i think it may have potential to be in what i consider the "top 10" coins. 10 is an arbitrary number that i made up but i feel that it is a reasonable assumption about how many big players there will be in crypto's over the long haul. many coins will come and go, pump and dump. devcoin, like all the others will be no stranger to pump and dump, but i have a feeling it will survive because of what it stands for - and that is what i base my investment decision on, not the day-to-day price fluctuations.
don't be scared to think like warren buffet... good fortune to you friend.
|
Show Posts
