How to prepare for long term HODL

[BlackFor3st]

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.

For a long term holder it will be best that you are using the extra money of your wallet in order to make sure that you can hold for countless of years. It is like a saving so you can play with it safely without worrying of your daily needs.

This is the common problem of other holders, they are using their main money for investing so most of them cannot wait for the right time to sell as they will surely need the money if they are out of it for their daily needs. What I can add to your suggestions, is they need to be patient and make sure that they will not listen to useless fuds that are spreading everywhere so they can sell their investments in the right time.

[qwertyup23]

<snip...>

Just to add on #1 of your list; having another source of income through maximizing different investment platforms would be the ideal scenario. Long-term investments require one to at least diversify your investments so you could use time to your advantage.

Take note: HODL does not require one to invest long term. As long as when you see that the initial price is higher when you purchased it and you would realize income instantly, then do not be greedy and consider cashing out at least 40% of your total investments.

[Sithara007]

I would say that you should buy a ledger wallet, store your passwords and secret phrases on paper, and just leave it somewhere you do not have access to for a year or more. So you would not even think about selling your coins.

"Just leaving it somewhere" is OK, if you could remember all the passwords and pin numbers. Normally what happens is that when you don't use a password for a long time, you tend to forget it. And writing down the passwords or sharing them with someone (either family members or close friends) is not a very safe option. The main issue in storing your coins in hardware wallets is not with someone hacking the wallet and stealing your coins. The major issue is the user forgetting the password and then losing the access to the coins.

[no1kid446]

Before investing in crypto currency, you should be prepared to lose some money, then you're mentally stable to continue with the game of crypto currency. And the number three you mentioned i thought was very practical. The use of altcoin' s features to be in a very prominent place in the investor' s eyes, they find it highlights, they want to learn and invest in it. And coin will have great potential in their eyes.

[lienfaye]

Before investing in crypto currency, you should be prepared to lose some money, then you're mentally stable to continue with the game of crypto currency.

Thats true its not easy to hold for long term because we'll never know when we can take profit. There's no assurance at all hence we must not invest the money that intended for other important things so we wont be tempted to sell incase of emergency especially if the market is not ideal to take profit already.

What op's said is all true, if you can follow his advise you'll be on the right path on how to hold effectively.

[TanakabZX]

Its definitely not going to be easy for those who plan to hold for long term and still use crypto as their daily earning gateway, they will always stare at the values of coins everyday or time to time, it will be less easier for those who have other life jobs, i guess that hard part is almost over now, 2020 is around the corner

[Burogh]

I think what needs to be prepared when we are going to invest long term is patience and also emotional stability. Price movements in the market are very fast moving, without patience and emotional stability, we will easily panic and be able to sell our tokens at low prices. In my opinion, the best way to buy tokens or coins that interest us and store them in our own wallet and forget about it for several years

[NewRanger]

I think what needs to be prepared when we are going to invest long term is patience and also emotional stability. Price movements in the market are very fast moving, without patience and emotional stability, we will easily panic and be able to sell our tokens at low prices. In my opinion, the best way to buy tokens or coins that interest us and store them in our own wallet and forget about it for several years

we should not totally forget our assets, its really dangerous if there are important update and we miss it. I am agree that we should not checking its price regularly but we should not oftenly or our emotion and psychology could be stress when its value not increase yet. But if we hold major coins such as bitcoin , eth , ripple and many others we could feel comfort when we leave it on our wallet for several years.

[bright4mech]

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.

Your right, HODL for a long time is not easy at all, mostly no other source of income as it stated above is very bad, because they are some, volume of demand on alt-coin is very low and is not much courage to hope on it, as a daily means of income. Secondly is good to have other means of income as a delay need and also invest on cryptocurrency as the case may be.

[piebeyb]

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.

this is the top priority as a long-term holder, I see many people holding altcoin but they don't have other jobs, I work as a trader and also work part time sometimes every profit and income that I buy little by little altcoin that I want to invest in the long term

my advice for holders is better not to hold altcoin for too long if you just hold and wait especially you don't work at all to get other income

[MarioV]

Don't fall into the traps of fear created ad hoc by the mainstream media. Only by looking down can we avoid mistakes that we might regret in the future: do not sell thinking that we are about to lose everything.

[alan2here]

I think what needs to be prepared when we are going to invest long term is patience and also emotional stability. Price movements in the market are very fast moving, without patience and emotional stability, we will easily panic and be able to sell our tokens at low prices. In my opinion, the best way to buy tokens or coins that interest us and store them in our own wallet and forget about it for several years

If you want to forget when investing, you should only choose some safe coins like Bitcoin for long term investment and will greatly reduce your risks in the near future. At this point, any investment should be considered multiple times and the downtrend in recent months has made things more difficult to predict. One way or another, you must always manage your assets the best because if that coin is not able to rise well, your profits will be greatly reduced.

Currently, I recommend holding for at least 3 years and if during that time you cannot make a profit then you should give up and switch to investing other coin.

[coin_1122]

Don't fall into the traps of fear created ad hoc by the mainstream media. Only by looking down can we avoid mistakes that we might regret in the future: do not sell thinking that we are about to lose everything.

Exactly, we should stay strong in the market after purchasing because before purchasing we should research a lot about the companies and their developments. Even though the price of the coin dropped, don't bother much about it. Long term strategy will always help you to make some decent profits.

[StephenJH]

Don't fall into the traps of fear created ad hoc by the mainstream media. Only by looking down can we avoid mistakes that we might regret in the future: do not sell thinking that we are about to lose everything.

Exactly, we should stay strong in the market after purchasing because before purchasing we should research a lot about the companies and their developments. Even though the price of the coin dropped, don't bother much about it. Long term strategy will always help you to make some decent profits.

Even if the media spread FUD, the strong market will don't give a opportunity to them to realize their ideas. Before taking an investment decision, smart investors think smartly in their minds with all possibilities of risk management but the external factors strictly change their point of view due to the tension by the media, friends, family and the scam projects.

[tianglistrik]

Don't fall into the traps of fear created ad hoc by the mainstream media. Only by looking down can we avoid mistakes that we might regret in the future: do not sell thinking that we are about to lose everything.

Exactly, we should stay strong in the market after purchasing because before purchasing we should research a lot about the companies and their developments. Even though the price of the coin dropped, don't bother much about it. Long term strategy will always help you to make some decent profits.

but actually in making a special investment when doing research you must determine when to sell and when to cut losses. when investing in coins with a long time I think is also a bad, in the sense that you are not well prepared to invest

[john_nautica]

I agree with the statement that not all altcoins are on long-term detention. because only a few altcoins are good for long-term hold. we must be really smart and careful in analyzing a coin before we plunge into it

[Smitty Werben Man Jensen]

I agree with the statement that not all altcoins are on long-term detention. because only a few altcoins are good for long-term hold. we must be really smart and careful in analyzing a coin before we plunge into it

in the long term, it is better to choose altcoin with a developer who actually runs, for example, ethereum, xrp, waves, litecoin, xmr, crpt, pundiX, etc.,
we must know whether the project is active or not, if you buy BCH, or Doge for the long term I think you have to think two times 

[tambok]

I agree with the statement that not all altcoins are on long-term detention. because only a few altcoins are good for long-term hold. we must be really smart and careful in analyzing a coin before we plunge into it

in the long term, it is better to choose altcoin with a developer who actually runs, for example, ethereum, xrp, waves, litecoin, xmr, crpt, pundiX, etc.,
we must know whether the project is active or not, if you buy BCH, or Doge for the long term I think you have to think two times 

We should always be careful with it, altcoins are good too, but it is up to which coin you would like to have. Still good to hold is Bitcoin and Ethereum for me, for the rest you can do your part which coins you would love to hold in the long run, for altcoins, aside from Eth, would just love to hold some altcoins in short term as I don't have much time to check their activities and price action. So, I prefer few coins than being too aggressive.

[bitcoin-shark]

we must resist the rumors, the false news and at the fomo and not sell at a loss but resist and make a long-term hold strategy until the market returns to a bull phase, of course the risk that the altcoins will be delisted from all the exchanges or not worth nothing it is real but actually very remote,certainly choosing altcoins with a solid structure, with a project with a future on the market can help...

[supercanada1]

I agree with the statement that not all altcoins are on long-term detention. because only a few altcoins are good for long-term hold. we must be really smart and careful in analyzing a coin before we plunge into it

in the long term, it is better to choose altcoin with a developer who actually runs, for example, ethereum, xrp, waves, litecoin, xmr, crpt, pundiX, etc.,
we must know whether the project is active or not, if you buy BCH, or Doge for the long term I think you have to think two times 

you are right and if someone does not plan to stay in digital coin market for long, then he should change his approach. Digital currencies benefit only when held for a long duration. People who come and go within short duration s, fail to get rewards from digital assets. In any case, investing in potential coins can only give investor profits. The best is to choose bitcoin but mentioned altcoins are also not a bad choice.