Hahaha, I'm in exactly the same boat... but I'm not too stressed about it because occasionally one of my coins goes up like crazy and I have no idea why... so maybe by having 30 coins, you're super diversified against the randomness of the crypto market and only need one or two to go x1000 because of some hype or another.
I've basically packed as many as I can onto a hardware wallet and will check it again next year.
I'd like to clarify though... don't buy the dips... buy the upward trend after the dips. It's super hard to pick the bottom.
true. I have a lot of my coins on my hardware wallet that does not leave the house, so I have no fear of FUDding out of a position, I have to think about it before I go get the Ledger nano out and do a trade. But I like to keep up with what my coins have been doing.
Nope, no one can know exactly where the bottom is. What I need to be doing more of is averaging down on some of the above positions buy buying small bits as the price goes down. But there is always a new coin to pick up!
Aion - $AION - Down 22% Since Entry
Qash - $QASH - Down 22% Since Entry
Aerium - $AERM - Down 23% Since Entry
Voise - $VOISE - Down 27% Since Entry
ProCurrency - $PROC - Down 30% since Entry
Copico - $XCPO - Down 31% Since Entry
Digibyte - $DGB - Down 38% since entry
Shift - $Shift - Down 42% since Entry
IOCoin - $IOC - Down 50% since Entry
CanYaCoin - $CAN - Down 72% Since Entry
5 of those 10, including the worst performer are under $100 positions, so even if they go to zero I'm not dead in the water. And I am showing profit on all five of my biggest bags:
STEEM, EOS, Smartcash, ZClassic & Dragonchain.
The thing with cryptos is thzt you can try to predict, but you can never be sure. If you buy a coin and it goes down, you may consider yourself as a FOMO buyer, if it goes up, you consider yourself a smart player. If you hadn’t bought and it goes up, you’ll regret..
I hear everyone say it: “Buy the dip”. But I always ask myself how to know when the dip is really the dip. I mean, a coin can drop in value, but you never know how low it will go. I think this last month has taught us that.
I shouldn’t worry about it too much, since the entire market is bloody red. If you really want to label yourself as either a FOMO buyer or a smart player, I think you should wait until the the majority of the market is green again
Oh man this really echoes with me. It took me a while, but I've come to accept that you can't really consistently win "timing" the market. You'll barely remember the wins, but the losses will stick with you mentally. It also helped me to stock checking crypto prices every 38 seconds.
Folks have been saying that the stock market is going to crash for the last two years. If you've just held cash for the last two years, you'd have missed out on the S&P climbing 55%! All that to say, I think if you believe in the growth potential, buy and hold unless something dramatic has changed your original assumptions.
Another thing with crypto is they tend to make people forget the basics of investment. And the most basic of all is diversification. To my mind, holding 30 different coins is not exactly diversifying because they are all in the same class of asset. Diversification would mean spreading your funds across different classes of assets to include stocks, properties, some bonds or variable unit link insurance to protect you from losing everything you invested. These investment classes do not move in the same direction as most coins tend to do.
A distinction should also be made between investment and trading. Investment is more long term in nature while trading is short term (in low/out high asap). If you're in for the long haul, meaning you're investing for your retirement, it doesn't really matter if the market is down or high. You just buy in and forget about it. Look at it after 3 to 5 years and see what happens. If you take this attitude, then FOMO and Dips are really of no concern to you.
Just expressing my 10 cents piece and I'm glad you took the time to read it till the end.
Hahaha, I'm in exactly the same boat... but I'm not too stressed about it because occasionally one of my coins goes up like crazy and I have no idea why... so maybe by having 30 coins, you're super diversified against the randomness of the crypto market and only need one or two to go x1000 because of some hype or another.
I've basically packed as many as I can onto a hardware wallet and will check it again next year.
I'd like to clarify though... don't buy the dips... buy the upward trend after the dips. It's super hard to pick the bottom.
Exactly. There’s no way to know how low it will go... Buying the upward trend is valid advice
true. I have a lot of my coins on my hardware wallet that does not leave the house, so I have no fear of FUDding out of a position, I have to think about it before I go get the Ledger nano out and do a trade. But I like to keep up with what my coins have been doing.
Nope, no one can know exactly where the bottom is. What I need to be doing more of is averaging down on some of the above positions buy buying small bits as the price goes down. But there is always a new coin to pick up!
can we get a list of your "bottom 10" biggest losers?
hahaha Sure Why not.
Aion - $AION - Down 22% Since Entry
Qash - $QASH - Down 22% Since Entry
Aerium - $AERM - Down 23% Since Entry
Voise - $VOISE - Down 27% Since Entry
ProCurrency - $PROC - Down 30% since Entry
Copico - $XCPO - Down 31% Since Entry
Digibyte - $DGB - Down 38% since entry
Shift - $Shift - Down 42% since Entry
IOCoin - $IOC - Down 50% since Entry
CanYaCoin - $CAN - Down 72% Since Entry
5 of those 10, including the worst performer are under $100 positions, so even if they go to zero I'm not dead in the water. And I am showing profit on all five of my biggest bags:
STEEM, EOS, Smartcash, ZClassic & Dragonchain.
hmmm good to know. Although, I must say, I never heard of any of those "bottom 10" before now :)
Og this list I am most bullish on QASH, AERM (just being hopeful since it is proof of stake) and PROC. We'll see what they do!
The thing with cryptos is thzt you can try to predict, but you can never be sure. If you buy a coin and it goes down, you may consider yourself as a FOMO buyer, if it goes up, you consider yourself a smart player. If you hadn’t bought and it goes up, you’ll regret..
I hear everyone say it: “Buy the dip”. But I always ask myself how to know when the dip is really the dip. I mean, a coin can drop in value, but you never know how low it will go. I think this last month has taught us that.
I shouldn’t worry about it too much, since the entire market is bloody red. If you really want to label yourself as either a FOMO buyer or a smart player, I think you should wait until the the majority of the market is green again
Good way to look at it. I guess I am just trying not to be a total crypto newb. Acting like I know more than I do.
I fear it both ways.
Oh man this really echoes with me. It took me a while, but I've come to accept that you can't really consistently win "timing" the market. You'll barely remember the wins, but the losses will stick with you mentally. It also helped me to stock checking crypto prices every 38 seconds.
Folks have been saying that the stock market is going to crash for the last two years. If you've just held cash for the last two years, you'd have missed out on the S&P climbing 55%! All that to say, I think if you believe in the growth potential, buy and hold unless something dramatic has changed your original assumptions.
Another thing with crypto is they tend to make people forget the basics of investment. And the most basic of all is diversification. To my mind, holding 30 different coins is not exactly diversifying because they are all in the same class of asset. Diversification would mean spreading your funds across different classes of assets to include stocks, properties, some bonds or variable unit link insurance to protect you from losing everything you invested. These investment classes do not move in the same direction as most coins tend to do.
A distinction should also be made between investment and trading. Investment is more long term in nature while trading is short term (in low/out high asap). If you're in for the long haul, meaning you're investing for your retirement, it doesn't really matter if the market is down or high. You just buy in and forget about it. Look at it after 3 to 5 years and see what happens. If you take this attitude, then FOMO and Dips are really of no concern to you.
Just expressing my 10 cents piece and I'm glad you took the time to read it till the end.
Great post and following you.