How to prepare for long term HODL

[cryptofirm]

Note: This is not about how to identify good coins to HODL
This is about how you can be a good long term holder

1. You must have another source of income
Either in crypto space or outside crypto space you must have other source of income,there was a time when i used to rely on coins i hold for monthly income but most time they failed me because some altcoins takes more than a month to add value. You can learn trading or find a better job to get constant income for your daily needs.

2. Not all altcoins are good for long term holding
Some altcoins are too weak to have better value overtime,these coins only add value to price once in a blue moon,WHY?because the power of demand is too low and they have no working product,i belief that working product is what makes a coin have many more investors

3.HODL Only Altcoins With Real Use Case
There are different categories of coins with use cases,many use case are weak use case,for example using fashion  designer to back a token is a weak use case to me because it means you can only use the token to buy the designer wears and many will call this a real use case? no it wont do very well.
Make sure that the real use case of every altcoins you hold will be very reasonable,the products backing them up must be something that is different and will catch the eye of investors,the usefulness  must be outstanding .

4. Stay Updated Always
Opportunity comes but once as many know it,so always stay updated about crypto,read crypto news online and keep tracks on your altcoins so that you wont miss future updated or even token swaps,some altcoins i hold have already switched to MainNet and im glad i dont missed the opportunity,you can use blockfolio app to track your altcoins.

Altcoin season is what many are waiting for,even new projects are waiting for altcoin season to return before they get listed on exchanges,im sure of one thing and that is good things dont come easily,today is bitcoin turn to reign and one day altcoins will have its day as well.

and, do not forget to choose a coins with smart and strong team buddy
because the key from a good cryptocurrency for long term is depends on their team too 

[PuertoLibre]

Long term holders know how to protect the balance form the market flow in case of random flash news change the fundamental market trend. Prepariotn period is necessary for the new investors, pro investors choose the project with the experience.

With all the respect to you i must admit that you're too wrong. You should never advice any body because you're just selling words and not facts. What's wrong about hodling or investing in the virtual coins that have no "real" use case? I must say that there's alot of highly risked assets there but there's also other projects "with no real usecase" at the moment but they have made up millionaires, look at "Verge", it was useless one day but it made a poor guy become a millionaire.
https://www.reddit.com/r/vergecurrency/comments/7kc3xf/i_just_became_a_millionaire/
Rethink about that.

In my opinion, the Redditors do not honestly write their real story, there is shady financial speculation behind such millionaires. Inside trading is the perfect example but catching those who leak information to the group of traders is very hard, almost near to the impossible if they repeat this for years.

[FaucetKING]

Long term holders know how to protect the balance form the market flow in case of random flash news change the fundamental market trend. Prepariotn period is necessary for the new investors, pro investors choose the project with the experience.

With all the respect to you i must admit that you're too wrong. You should never advice any body because you're just selling words and not facts. What's wrong about hodling or investing in the virtual coins that have no "real" use case? I must say that there's alot of highly risked assets there but there's also other projects "with no real usecase" at the moment but they have made up millionaires, look at "Verge", it was useless one day but it made a poor guy become a millionaire.
https://www.reddit.com/r/vergecurrency/comments/7kc3xf/i_just_became_a_millionaire/
Rethink about that.

In my opinion, the Redditors do not honestly write their real story, there is shady financial speculation behind such millionaires. Inside trading is the perfect example but catching those who leak information to the group of traders is very hard, almost near to the impossible if they repeat this for years.

Yes, you do have a point but that was a simple example, remember the shitcoins that made up millionaires such as Doge with it totally useless, it is getting the trust because it was an OLD coin. There's a bunch of projects that could make you a millionaire if you trade wisely and take the risk and with a little bit of luck and alot of skill, you can make the impossible .

[defyance]

I think that long-term holding cryptocurrency can afford people who have another good income. They may not respond to the fall of the market and do not sell cryptocurrency due to lack of money for current expenses

[greelzs]

And do you guys only consider holding? Why not trading or mining, for example?

[shurpall]

And do you guys only consider holding? Why not trading or mining, for example?

Evening there mate. This is indeed a good question. In my opinion, trading and mining requires much more knowledge

[greelzs]

Evening there mate. This is indeed a good question. In my opinion, trading and mining requires much more knowledge

Hmm, might be so.. But anyway it is a rather interesting alternative

[shurpall]

Hmm, might be so.. But anyway it is a rather interesting alternative

No doubt here. Just more parameters to be evaluated. For example, cost of electricity etc + price of equipment. This is the example for mining

[greelzs]

No doubt here. Just more parameters to be evaluated. For example, cost of electricity etc + price of equipment. This is the example for mining

For sure makes sense. And have you ever tried mining on your own?

[shurpall]

For sure makes sense. And have you ever tried mining on your own?

Yes, of course. That's why I am sharing my opinion on this topic

[greelzs]

Yes, of course. That's why I am sharing my opinion on this topic

And where did you choose the equipment? Can you give an advice in here, please?

[StreakW]

I agree point 1,2 and 4 but for point number 3, real use case, this is not very important because in my view many altcoins with no real use case but can survive, because their community is big. So maybe number 3 is community. And you forgot the most important for long term is patience

[shurpall]

And where did you choose the equipment? Can you give an advice in here, please?

I recommend you to have a look at Asicequipment, they are having a wide range of different devices + international delivery

[greelzs]

I recommend you to have a look at Asicequipment, they are having a wide range of different devices + international delivery

Sounds pretty attractive. Any particular devices to have a look at?

[xiboothrezi]

An interesting explanation by OP. Don't forget the most important thing: mentality. Holders will experience many tests to hold or sell coins/tokens when price fluctuations occur. If you do not hold it, you are afraid of losing opportunities for greater profits and vice versa. So both fundamental and technical analysis strategies are needed to form trust in holding tokens/coins.

[shurpall]

Sounds pretty attractive. Any particular devices to have a look at?

My own favorites are Antiminer S17 and T17, but better have a look at other devices as well. To choose the one that suits you the best

[chocopapaya]

From the very beginning, I've always thought that the long term hodl has been foolish.
To me, long term hodl is the same thing as putting your money in a bank account and trying to get interest.
It just isn't effective when compared to actively investing.
And so far, I have been right.
I have gained far more capital and grown my portfolio much larger than I ever could just hodling.

You have to realize, that when you hodl or just put your money in a bank account, it just sits there.
Instead you could use that capital to increase your equity.
Even just the basic set percentage buy low sell high method will get you more than just hodling.

[Kriptos]

Long-term investments are a great opportunity to make future profits. But some things should be prepared before we decide to invest long term. I agree with your words and this can add knowledge to new people in Crypto want to invest.

Having another job is very important because we will be able to earn money. So when we are in long term investments also have productive money from other jobs.

[maxreish]

Useful advices. And yeah, you must have other source of income than to just rely only to this crypto incomes. The market is unstable and it is not wise to fully depend on this alone. And also, choose useful altcoins only. There are a lot of altcoins that can be selected from the market but pick only those who are trusted, established and had a useful goal in crypto markets. As we all know there are many altcoins that are left behind.

And if I may add, regrets and greed. Set them aside in crypto investing and trading. That will just make your goal ruin.

[freedomgo]

Having another job is very important because we will be able to earn money. So when we are in long term investments also have productive money from other jobs.

This is necessary for every long term holder, a job or a business that would generate an income for finance your daily expenses in life.
You can't force the market, it requires timing and long term hold does not have a specific number of months where we can sell and enjoy our profit, sometimes it will end us a loss or if not, it would make us wait for more than a year like those who invested in 2017 that until now they cannot still sell because their assets are down big that they might think they already loss due to the big loss of value.