Tip #8: Organize your forums and other communication platformsThis one is actually huge. If you did your homework and actually researched a few altcoins you have surely discovered as many new forums as the number of altcoins you studied. Some coins have multiple forums and several other means of communication.
As a case in point, take the coins in my portfolio. I currently hold NEM, DNotes, DMD Diamond, STEEM and VIVA. I've got dust in a few other coins, but those are the main ones. So NEM, DNotes, and
DMD Diamond each have threads on this forum and I follow them.
NEM,
VIVA and
DNotes also have their own forums, although the forum I'm referring to for DNotes is not exclusively dedicated to DNotes.
STEEM has its own entire social media site and within that site you can follow the important people involved in STEEM development for news and discussion. In addition to all that, NEM has its own Telegram channel (which I used to be part of),
DMD Diamond has its own Slack channel, STEEM has at least one chat group on Rocket Chat and VIVA has a presence on Basecamp and Discord.
You see how it works?
When it comes to getting involved in the cryptocurrency industry, communication channels multiply at an alarming rate.
And when you invest in a particular altcoin, it is very important that you keep up with that coin's news and other communication, which means you have to very regularly catch up on its thread here, its own forum, and its various relevant chat groups. In other words you'll be doing a lot of reading and interacting. If you don't, you could miss some very important information affecting your holdings. Case in point. One of the other coins I hold that I didn't mention above is FIMK. FIMK also has its own thread here, its own forum, and who knows what else. I unfortunately ignored the FIMK channels but continued to hold the coin. And then one day it was announced that the development energy was going to shift to this coin called HEAT. I could be wrong but I believe during a certain window of time you could exchange your FIMK for HEAT on a one to one basis. I wasn't paying attention and missed that window. The last time I checked HEAT was worth a lot and FIMK was practically worthless. And you could trade 200 FIMK for one HEAT, or something like that. So because I wasn't paying attention rather than holding a winner, I'm now bagholding a loser which is not likely to ever go anywhere, though the development team supposedly is still working on it.
With the above said, I will say that any coin that you have to monitor very intensely is likely to wind up being a loser. However, when you've acquired large amounts of a coin at cost, you don't want to take chances, especially at the beginning, so you need to be keeping tabs on its news. When the coin has proven itself to be stable in the news department, then you might be able to relax the intensity a bit, but you never want to stop monitoring it altogether.
Since for every coin you hold you're going to be following around three to five communication channels, you need to keep them organized. You can use bookmarks in your browser, a list with hyperlinks in a spreadsheet or word document. There might even be an app for keeping track of such things.
The bottom line: come up with a system that works for you for keeping all those channels straight and ensuring that you will visit them regularly and make it happen.
