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October 15, 2017, 04:12:56 AM |
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I don't invest too heavily into crypto (my portfolio is around $2200) and I'm new having bought my first BTC about 5 months ago.
Of course, I went through a phase where I had dreams of hitting the jackpot with an alt and becoming a millionaire within 2 years but I am a lot more practical now and learned some valuable lessons. Here are some things I'd like to share for those who aren't in a position to drop 10k at once or have the time to day trade.
*Budget! Sounds like basic knowledge but there were times when I would get excited about a project and put in more money than I should have for that month's budget. If the coin takes off then great, but mostly it just locked my finances up where I couldn't afford to invest more for a couple weeks to months later. It gave me less power to choose and buy at those crucial times when prices crashed. Now, I have a set percentage that I take out of my salary every month at a certain time and it has given more freedom to make more timely and informed decisions.
*Patience! The first time I saw BTC price correct I was incredibly anxious the whole time. It absolutely sucks to see everything going red. It can easily turn to panic and you sell to stop more losses only to see the price bounce up a week or two later. If it's hard to be patient, then one of the best things to do is to not even check your wallets or coinmarketcap at all. Research what you want to buy, send it to your wallet, then don't even bother with it afterwards. Constant checking was incredibly stressful for me.
*Bounty Campaigns! Participating in these take very little time. Mostly 15 to 30min a day posting stuff here, on twitter, facebook etc. (by the way never buy a hero or legendary account or even any bitcointalk account. Just raise your status the old fashioned way) Even if you are crazy busy like me, there is time. I usually post stuff while I'm eating lunch. As a result, I've got an insane variety of free coins sitting around. Rather than selling them off right away, they are part of my ever increasing portfolio. Some of them I expect the price to rise and some not. But all it cost me was a trivial amount of time so I can wait.
Other advice you guys have for the community?
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