Hey Crypto Experts!! I could use your sage advice :-)
(photo credit: http://www.gratisography.com/)
I opened an account on Poloniex and threw $10 worth of Steem into Golem. That's the very first investment in what I hope will become a blooming cryptocurrency portfolio.
With so many cryptos to choose from, I'm overwhelmed. I'm about to read some of the investment classics - Four Pillars of Investing, A Random Walk Down Wall Street, and maybe a few more - so that'll give me a decent groundwork. But with regards to Cryptocurrencies, I'm unsure how to proceed.
I'm focused on long-term investing, not day trading - so my goal is to find the best long-term places to hold my money.
My two questions are (TLDR): How should I judge a cryptocurrency's potential for long-term investing? And, what is your favorite resource for well-researched news about Cryptocurrencies / blockchain?
Thank you for posting @heymattsokol.
@xwerk had a great post out regarding this matter actually he has several posts.
Cheers.
@lukestokes had a post.
If any other posts come to mind...additional information will be sent to you.
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Excellent! I'm checking these users out immediately. Thanks for the insight @bleujay
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Never go all out in just one currency. Bitcoin, ethereum, ethereum classic, litecoin, and monero are good coins to start with. Only invest what you can afford to lose. Resist the urge to convert your entire litecoin balance to ethereum if litecoin's value goes down (for example) because often times they'll bounce back up and you'll end up regretting being trigger happy. Be patient. Research the coins. If their concept sounds unique or otherwise promising, consider it for investing. For example, steem is a great concept that is going somewhere and is potentially a wise investment.
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This is wonderful advice, thank you. I definitely want a diverse portfolio and to avoid reacting to short term changes in the market. It does leave the question - how does one know when to abandon a certain investment that has not been performing? What timeline do I look at - months, years?
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I've run a regular series on here (latest up tonite) called What are you Trading -- and Why?
It has tended to get a lot of comments, and half of them are seasoned traders commenting and sharing info.
Old posts not always worth looking at --- but some of these are, based on your questions here.
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Barry, awesome! I love your posts, so this is great news. I'm going to start keeping up with the series. Cheers.
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It is in keeping with your goals of this post.
Followed you also.
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Nice of you to say that!
Update article is just out on the $ETC ETF (Eth. Classic ETF project) if that interests you.
Have a nice day!
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