Tips to Becoming a Successful Holder

[alastantiger]

HODL is a term commonly used by cryptocurrency investors that refuse to sell their cryptocurrency regardless of the price increasing or decreasing. It is more frequently used during a bear market when people refuse to sell their coins despite the price drop. Therefore, a holder is someone that HODLs bitcoin no matter the market situation.

Who is a Successful Holder?

• A person who is a Skeptic. Most of the time, our skepticism is obscured by feelings, fear, and greed, which leads to poor conclusions. When it comes to your money, doubt is typical. However, your skepticism should be paired with a realistic and safe investment strategy. Avoid using excessively dangerous platforms, exchanges, and wallets, and don't leave anything to chance. Be on the lookout for planned pump-and-dump operations and frauds. Your skepticism will alert you any time something doesn't seem to add up. When something seems too wonderful to be true, it was generally a bad decision.
• A person with a basic understanding of the technology behind blockchain and cryptocurrency to be able to make good investment decisions.
• A person  with the right and correct information all news and development about crypto with no exception because the blockchain space is rapidly evolving, socially, technically, and legally and staying updated is important to keeping money safe.
• A person with a working strategy which includes an investment plan, a target to take profit, and the duration of the investment.
• A person who is security-conscious. The individual keeps their wallet password securely both online and offline. Does not share their private key and trades on highly secured platforms and exchanges. Because they know that a breach in the security of a platform can result in the loss of fortunes.

How to Become a Successful Holder

1. Choose a trusted and reliable wallet and exchange to trade and keep your cryptocurrency.

2. DYOR - Do your own diligent research

3. Do your fundamental analysis

4. Stay informed - Be up to date with news

5. Be Strategic - Do not invest all your lifesaving, only save the amount you can afford to lose

6. Diversification- Diversify, do not put all your eggs in one basket

7. Cold Wallet storage - Lock up your crypto and tokens. It will relieve you of mental pressure.


What do you think? What other tips are there for becoming a successful holder?

Sources:

- https://remitano.com/learn/ng/121550-how-to-be-a-successful-hodler

- https://academy.binance.com/en/glossary/hodl

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[Lida93]

OP you have made a quite an educative piece that I'll say it's supposed to be an epitaph in the hearts of all traders of cryptocurrency if they want to stay long in the business.
I'll add by saying, that another tips is to ask or seek for the experience of those that have been in the business long before you. Learn from their mistakes and build on them too. For it would really go a long way to helping anyone in his decision making while wanting to invest in any way.

[mk4]

A person who actually knows and has conviction in what he/she is investing(bitcoin or any other asset) in doesn't really need "tips".

[Renampun]

- https://remitano.com/learn/ng/121550-how-to-be-a-successful-hodler

- https://academy.binance.com/en/glossary/hodl

that's a great tip, thanks to the OP for sharing this link.

a little Tips for the OP, if you make a post based on a quote from an article, you have to quote the text or underline the text so that people don't misunderstand (is it your writing or not).

[hugeblack]

You draw broad lines that need clarification, not advice. It's like if you want to become rich, collect a lot of money, or work hard and get tired, but you did not specify the method or mechanism to do that.

There is no specific reason to be successful, all you need is to buy currencies and forget about them and consider that their value is zero, and sell when everyone wants to buy and the market is becoming more appealing.

The tips are on how to do cold storage, how to buy coins and reduce withdrawal fees.

[examplens]

I would say that there is not much unclear discussion here.
Buy hardware (cold) wallets and fill them with bitcoin. in the riskiest case, 80% of bitcoin and the rest of 20% with some of the major altcoins could reach a high percentage yield at some point.

[Peanutswar]

You don't really give tips instead you just give insight and definition of the people do to get rich with their investment.

Buy hardware (cold) wallets and fill them with bitcoin. in the riskiest case, 80% of bitcoin and the rest of 20% with some of the major altcoins could reach a high percentage yield at some point.

like  examplens told If you want to hold a bitcoin and become a successful holder buy a hardware wallet, buy a bitcoin, and hold. Congrats now you are a successful hodler, wise tip analyze the market movement wait for the buy and sell time get profit.

[salad daging]

[1] Exchanges are only for trading and not for storing your crypto currency especially for a long time it is not recommended even if the exchange is trusted.

Successful holders are those who have a strong mentality to live longer and can survive in any condition, including not being influenced by any news.
So with other points I agree that we must have all this information and be strong in fundamental analysis, therefore we must be prepared to become successful holders.

The cold wallet is the best place to save I all assets there, except for the results of the signature which are stored in the Electrum wallet.

[Aanuoluwatofunmi]

Just as holding is important in cryptocurrency same way it is expected of us to have a good reason to why we are holding our digital assets, holding has to do with right timing, having a clear understanding of the need to hodl at a very particular time, how long the duration of your holdings should be and the trading pattern to follow after when it's time for selling, also more importantly we must ensure our holdings is in the wallet so as not to got hacked or stolen as to not your keys not your coins.

[Ultegra134]

Great tips overall, and it's also worth noting the necessary patience and discipline in order to survive through tough market periods. However, I'd like to add that holding may not apply to altcoins other than a few popular ones, such as Ethereum or Binance. Generally, we've seen quite a few altcoins involved in scams, scandals, rug pulls, you name it, such as Celsius, Luna, or FTT. I'm not saying that you can't hold altcoins, but personally, I don't feel comfortable doing so. The only coin I trust holding for long periods is Bitcoin. If you're planning to invest in altcoins, the least you should do is diversify your portfolio.

[cozytrade]

Only holding is not a good idea all the time in crypto. Just think if you brought BTC in 2019 at 4k and haven't sold any in 69k then what have you missed here? You have missed more BTC in your portfolio. You could have increased 4 times of your BTC bag if you would have sold at the peak. Some will say do DCA then but doing DCA in a bear market is another bad idea. So just wait for BTC to find a bottom and then start DCA again till the next bull run.

[Crypt0Gore]

This topic deserves some merit, good one newbie 👍

I will like to add a easier way to stay updated with projects you are currently buying using DCA, download Twitter app on your phone to get alerts on any new updates, follow the project twitter account and turn on the notification 🔔  bell .

This is a good way of staying informed and you can always switch if the project goes cold, I mean months without development updates is very bad and not a good sign.

[ThemePen]

1. Choose a trusted and reliable wallet and exchange to trade and keep your cryptocurrency

As everyone know what happened with FTX. I think you should make a little bit change in this statement. Like I have mentioned.

Don't use the exchanges to keep your cryptocurrencies yes you should use only for trade or exchange.

And also will not recommend the online wallet to store your assets.

7. Cold Wallet storage - Lock up your crypto and tokens. It will relieve you of mental pressure.

This is the best option BTW.

[LDL]

Investment and holding are two very important things, especially if you don't have knowledge about these two things, you have to take a very serious risk.You have to invest in the right coin by understanding the right market, if your investment is in a scam project then you can face huge losses. Moreover, it is not right to invest without some of the top ranked cryptocurrencies of the cryptocurrency market. Then let's discuss about holding. If you have invested in bullmarket and decide to hold then you have to hold for a long time i.e. long term.  Again if you have invested in bear market and decide to hold then you can decide to sell as soon as profit comes in the market.  In both cases you have to invest by understanding the market conditions and as usual you have to sell the profit in the market.  Under no circumstances should you overindulge.  Because excessive greed in the cryptocurrency market must lead to losses instead of profits.

[Accardo]

To be a successful hodler you must not learn to sell, but buy. What's the essence of getting glued to crypto news while hodling; wouldn't it lead to panic selling? Many a traders who profited from hodling Bitcoin did so by focusing on other businesses other than watching over Bitcoin trends. And the business is the source of the Bitcoin investment. Unless, through the number 5 rule on your list, it's difficult to hodl Bitcoin without consistent Fiat income.

[DeathAngel]

You just need to ignore outside news, FUD & short term market movements. Nothing good ever comes easily so as a HODLER you’re going to go through periods of depression & thoughts that you’ve ruined your life (during bearish times).

To be a HODLER you need strong conviction. It’s not going to be easy but if you can HODL through minimum 3 full cycles then you’re going to be making big money.

Good luck all HODLERS.

[CryptoHeadlineNews]

How to Become a Successful Holder

1. Choose a trusted and reliable wallet and exchange to trade and keep your cryptocurrency.

2. DYOR - Do your own diligent research

3. Do your fundamental analysis

4. Stay informed - Be up to date with news

5. Be Strategic - Do not invest all your lifesaving, only save the amount you can afford to lose

6. Diversification- Diversify, do not put all your eggs in one basket

7. Cold Wallet storage - Lock up your crypto and tokens. It will relieve you of mental pressure.


What do you think? What other tips are there for becoming a successful holder?

8. Not investing an amount too much you can't afford to lose.
9. Not borrowing money to invest in Bitcoin with the aim it will rise to pay back.
10. To be discipline enough not because of bear market, sell your coin because of fear.
11. Last but not the least, to be prayerful, knowing that in all we do, there is an alpha and finisher of our faith, the almighty God.

[m2017]

Judging by the length of the list of items, it is not so easy to be a successful holder. Especially if you are a beginner. You will have to learn and comprehend a lot, and only after that you will be able to complete some of the items from this list. For example, in order to conduct fundamental analysis and thorough research, you will need to acquire the appropriate background. Otherwise, your analysis will be wrong and you will fool yourself.

[KingsDen]

2. DYOR - Do your own diligent research

3. Do your fundamental analysis

With your definition of HODL, which means holding your coin (bitcoin) whether the market is bullish or bearish, we do not need the two tips above.
First why doing research? Unless you are talking about hodling altcoins, which shoudn't be called HODLING but HOLDING .If you want to hold altcoins for a long time , then DYOR in order not to hold a coin that will extinct in your wallet.

Since a holdler can hodl for 5 to 10 yrs, what is the essence of paying attention to fundamentals? Do you mean to check if bitcoin will not make it to next year?

[libert19]

Some will say do DCA then but doing DCA in a bear market is another bad idea. So just wait for BTC to find a bottom and then start DCA again till the next bull run.

I don't get it, reason people do dca cause they don't know how to time market.