My first crypto purchases, how bad am I doing?

[RedKrypto]

Hello!

Today was my first day on the Crypto Market. I am new to CoinBase so I had to wait for funds to transfer from my bank to BTC. Ideally I ant to get 2 BTC as the price drops, then hold onto one and have one to sell/buy as the market fluctuates.

I decided to jump on a few alt coins, here is my day one portfolio:

TRON 2,000
NCASHNucleus Vision 500
XRP Ripple 94
ICX ICON 25
BNB Binance Coin 2
NEO NEO 1

If the hype behind Tron is true and it does rise at the end of march I will sell most of it off, I feel like its more hype than actual tech.
NCASH, ICON and NEO I plan on holding and feel confident about the tech and partnerships.

I dont know much about ripple, and Binance coin is just for fees ( brilliant for an exchange to give an incentive to buy its coin though ).

I do want Litecoin and ETH, and I really like Oyster/PRL but I am not interested in using another exchange just yet.

I put around 300$ in today, My initial investment will be 700$ more and then 50-100$ a week. I am paying off my condo next month, both my cars are paid for and I have no bills besides a 300$ HOA fee, auto insurance, Prepaid cell and gas and groceries. My GF pays everything else.

Any suggestions? I have been lurking these forums forever.

[ZCoinTalk]

Nice start man!

I wouldn't buy too many different coins when you start. Something like 1 NEO or 2 BNB is kinda hard to make a nice return on. Even when it rises 100%, you've only made a few dollars. Perhaps have a look at the top 40 coins on CoinMarketCap and the top 20 tokens. Pick 2 or 3 that you really like, research the project and team. Then invest some money in those and hold them for the long run.

The other side is trading. You can put some money aside and try to speculate a bit. Learn how to read the charts, open a free account on TradingView and watch a few YouTubes (there are a lot of cryptotraders out there with great tips). Don't put everything on one coin when you trade, try not to spend more than about 20% on one coin. I think Binance is a great exchange (see my signature).

Most important of all: don't use money that you are not willing to lose. Investing / trading in crypto is risky!

[RedKrypto]

Thanks for the feedback.

I have been making imaginary buys ( writing the buy in amount on a spreadsheet ) and then Imaginary sells when the price of that coin reaches what I feel is the peak for that day. So far no losses, and a few days with 500-1000 gains on BTC speculating.

I could safely deposit 10k on coinbase right now, and as much as I would like to I will start with 1k in 250$ increments.

I do agree that having one Neo is gonna suck when it goes up, I also know picking a few Alts is a solid bet... But there is that new investor part of me that wants to bet on every horse in the race... LOL!

Fortunately buying in low and HODL is looking like a pretty good strategy for the immediate future. I have been waiting on a "crash or correction" to get my feet wet. If I would have waited until yesterday I could have snagged BTC at 8005.31 instead of the initial $8,959.56 per BTC I entered the market at.

With a little patience and practice I hope to do well. The one thing I will never do is sell at a loss. I could loose every penny and it would not effect my daily finances.

I guess thats why they say never invest what you cant afford to loose.

[boyptc]

I think the hype thing with Tron was done when it reached 1,000 sats / Tron. And you seem to be well educated before getting to trade, you're on the right path what you just lack of is experience. I don't know much with those other coins that you mentioned.

 

Fortunately buying in low and HODL is looking like a pretty good strategy for the immediate future.

Just don't be like other panic sellers, buy high - sell low. 

The one thing I will never do is sell at a loss.

This decides that you are on the right track but there are still others that will tell you to stop loss or sell at loss before further loss but we have the same mindset.

[RedKrypto]

Thanks Boyptc,

I grew up just above dirt poor, uneducated, and had to scrape and bust my ass to just get by. I joined the ARMY in 1990 without even having a GED.

I eventually got some college, I eventually put myself through EMT school and then Paramedic school while working 60 hour weeks. The most I ever made as a paramedic Supervisor on an ambulance was about 16$ an hour. My wife who spent money like water fortunately cheated on me with a coworker making it unbearable to stay with that company any longer.

I paid out of pocket for water survival and a few things I knew I would need if I wanted to work offshore and finally got a company to hire me at a pretty lowball wage for offshore work.

I spent 9 of my first 12 months offshore picking up every second of overtime and any assignment that needed to be filled. At the end of that year I made 120k and was the supervisor of 12 paramedics and 6 drilling rig clinics. I have since bought and sold a house, a condo, and two RV's. 4 years later I am about 90 days from paying off my 2br 2 ba condo. My only bills will be 300$ HOA, 100$ Auto insurance, 50$ cellphone and 10$ gym membership.

Since I dont trust the markets and have seen plenty of friends loose money on 401k I started looking at penny stocks, day trading and peer lending. I finally pulled up the historical data for bitcoin. I saw a roughly 500-1000$ price fluctuation every single day. If someone bought low each day and sold at the next high they could conservatively profit 250$ to 500$ a day while rolling over half of all profits into bitcoin to allow for larger investments/returns.... or so my instict tells me.

My current hobby has been buying computers low and selling them on ebay for a little profits and because I like tinkering. My girlfriend is super happy that this month no packages came. She wont be tripping over any bitcoins or Trons... LOL.

I am excited to be a part of the community!

[TheBeardedBaby]

~

Great man, just started like you before Christmas.
After the market collapsed I'm still hodling what I bought.
Here's a tip from me.
You loose only if you sell. So have some patience and never act based on feelings but pure analysis.

I don't have the time anymore since I bought an old house and started renovating. The best thing is no strings attached to any banks.
The 2 cars and the house, we bought with our savings.
I have invested a little in BTC for a very long term investment.
Good luck man, read and learn along the way... knowledge  is the best investment so far

[Jet Cash]

I'm still faithful to Bitcoin for the long term, but I'm having trouble in deciding when to acquire some more. I've got a feeling that it's going to drop a bit more before it goes up again.

I gave you a merit as well, that is for starting a thread which I hope will be useful for other new investors in crypto.

[RedKrypto]

I'm still faithful to Bitcoin for the long term, but I'm having trouble in deciding when to acquire some more. I've got a feeling that it's going to drop a bit more before it goes up again.

I gave you a merit as well, that is for starting a thread which I hope will be useful for other new investors in crypto.

I want a full bitcoin if not two... but I am going to keep watching the market. I discovered the RSI tool on bittrex today and learned how to understand it, i feel like even though I cant predict the rise and fall of the market, I can react and buy/sell at the right times.

Thank you for the merit, and trust me... I will let a coin completely go bankrupt before I sell it at a loss.

[OgNasty]

I cringe every time I read that someone actually put money into TRON.

[aardvark15]

I don’t know anything about NCash so I can’t comment on that. I really like NEO because of the project and the team behind it. There is an added benefit to NEO in that if you keep your NEO in the NEO wallet, you earn GAS just like a dividend or interest. Binance also pays out GAS every month for NEO holdings. I think ICON and Tron are good projects too.

[Ayuluv2001]

may i know what is your reason for that about TRX? I also bought TRX

[LTU_btc]

I think that NEO was your best choice.
But Ripple, why? It's not even a cryptocurrency, it's centralized coins made for bankers. Total supply of ripple are 100 million XRP, while only 39 million XRP are currently circulating, others are kept by creators. I can't imagine Ripple reaching $3 again. Before investing in something you need to do better research to know, where are you putting money in

[DalangKripto]

You cannot go wrong in today's market, crypto prices will not go down much more, it can only go up from here.

[DziugasB]

Your choices and patience is definitely going to bring you great returns. Great start! Your coins are great choices except Tron as it is only hype nothing else. Other than that, your imaginary buy/sell strategy prepared you for the market. Good luck!

[pooya87]

Today was my first day on the Crypto Market.

maybe it is just me but i say if you are new to all this, then it is not such a good idea to jump in like this and invest in 6 different altcoins instead of starting small and slow. if i were you i would have started with one, tries watching the market itself more instead of reading bitcointalk or elsewhere, gazed at the charts for hours,... and eventually bought my first coin and started my trading journey.

additionally we are currently in a bear market where prices are all falling, that also makes things that much harder for you.

[Jet Cash]

Today was my first day on the Crypto Market.

maybe it is just me but i say if you are new to all this, then it is not such a good idea to jump in like this and invest in 6 different altcoins instead of starting small and slow. if i were you i would have started with one, tries watching the market itself more instead of reading bitcointalk or elsewhere, gazed at the charts for hours,... and eventually bought my first coin and started my trading journey.

additionally we are currently in a bear market where prices are all falling, that also makes things that much harder for you.

It's always difficult to decide how to start playing in a speculative market. In the past, I used to make phantom bets first to see how I would get on, I always seemed to win, but when I tried with real money, it never seemed to be quite the same. If you've got a spare $1,000 that you can afford to lose, then a spread of five or six bets can be a good experiment. Hopefully, your winners will be greater than the losers.

Also you may like to look at other ways to acquire coins other than just buying them. I don't mean spamming this board to pick up air drops, but collecting the more reputable coins. You can do this by obtaining rewards for content creation, or from coins picked up as a result of chain forks.

[r1s2g3]

Any suggestions? I have been lurking these forums forever.

I will suggest you to check STEEM and steemit platform.

[Jet Cash]

Any suggestions? I have been lurking these forums forever.

I will suggest you to check STEEM and steemit platform.

Steem is one of the things that I am looking at. It looks interesting, and it's one of the platforms that rewards content producers. I suggested in Meta that we have a Steemit sub-board, as I think it would sit well alongside Bitcoin talk. I think you need to be a video or audio producer, or a photographer to make the most of it though, but I'm new to the platform.

[Cluster2k]

The only proper advice I can give you on crypto "investing" is: do not bet what you cannot afford to lose.

Crypto markets are SUPER HIGH volatile and HIGHLY MANIPULATED. The less the market is liquid the more it can be manipulated, and whales always wins.

[Jet Cash]

The only proper advice I can give you on crypto "investing" is: do not bet what you cannot afford to lose.

Crypto markets are SUPER HIGH volatile and HIGHLY MANIPULATED. The less the market is liquid the more it can be manipulated, and whales always wins.

This is the most important advice in this thread, and it is especially true in the light of the comment by pooya87. We are in a bear market at the moment, this means that most prices re going down. The timing of your entry is extremely important, also your ability to hold your coins in expectation of a recovery.