Whether it is your personal life: relationships, jobs, aspirations or investments –you should never put all your hopes in one place. Remember the adage: Never lay all your eggs in one basket? Time and time again, many people get burnt because they put all their hopes on their partner, parents, friends, boss or even on an investment. Even though some are lucky with this strategy, many people, however, lose everything due to lack of diversification.
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Jobs + Crypto: some people quit their job after earning some money on steem and or any other cryptos in order to focus 100% on steemit and or other cryptocurrencies. This is a good strategy if you have a big wallet and diversify. However, those with smaller wallet should be careful because crypto prices are highly volatile and thus someone can easily lose value of his/her investments. Therefore, keep your job and combine both until you are comfortable with your crypto earnings.
Related and unrelated industries: In diversifying your portfolio you can chose some undervalued tokens/ coins –examples, steem and elyte ( see www.elyte.tech) and then (if you have spare cash) invest in silver, gold, oil, real-estate and some good tech stocks . This strategy will help you to hedge yourself from external risks.
Patience: This relates to having control over your emotions and think long term . Remember that platform lie Steemit and most crpyto´s are not HYIP scams, therefore focus less on the ups and downs of daily crypto price, do your due diligences on the tokens/coins you want to invest and do not invest what you can’t afford to lose.
Do you agree? Send in your comments . Resteem in order to reach more people and upvote to send in your support.
Click here and read my former post:Will steem blockchain be the future of porn and adult publications ?
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For sure this is sound advice! It drives me crazy to hear people say you should put all your eggs in one basket and watch that basket. I’ve come to understand that as two different things. One is for wealth preservation and the other for accumulation. Thanks for the share!
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Good point, I agree with you. Thanks for your comment
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Hedging your risks is a good one especially in an uncertain crypto market...therefore I agree that diversification in related and unrelated industries is a good strategy . Thanks for sharing
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I must confess this to be the best post I have seen today. I totally agree with what @charles1 is saying here. I would have been in a big shit by now because at some point last year when bitcoin hit $18k, I used almost everything in my bank account and got volumes of BTC, imagine what would have been my fate now if not for diversification. I had to calculatively trade some selective altcoins like WABi that gave me 10× and I was able to recover back my investment.
Man, permit me to resteem and follow you, my followers need to see this too.
Bravo.
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Great to learn tha you diversified ..I wish you more success and permission granted.
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Thanks for your thoughtful comment and more success to you.
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you also need to dollar cost average into your coins for another layer of protection
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Good point, thanks for your comment
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That's right man! You know diversification is in my wheelhouse. Need to spread risk, it's truly the only free lunch. And it needs to be done within an asset class and across asset classes when it comes to investments.
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Good move buddy, more success to you
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Hmmm sadly almost all coins are chained to the ups and downs of BTC. Sure it's a good idea to diversify the investments but if almost the whole crypto market correlates more or less with BTC you are also screwed if you rely to much on these investments.
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Diversification must not be underestimated!
Although following the news is important, we must not get caught up in fud if we wish to make it in the long run. Patience is key! If our research is sound, hopefully our investments will pay off 👌
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Welcome ,good point indeed and thanks for your comment
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Los grandes ríos son grandes porque tienen muchos afluentes, riachuelos y quebradas que desembocan en ellos, la naturaleza misma te lo dice que el secreto de la abundancia es la diversificación de los ingresos, pero nos cuesta ver lo evidente. Muy buen post Gracias.
The great rivers are great because they have many tributaries, streams and streams that flow into them, nature itself tells you that the secret of abundance is the diversification of income, but we can not see the obvious. Very good post Thank you.
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Welcome and good comment indeed
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No one should put even their hopes or dreams in one basket... it becomes too heavy.
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Hahah well analysed my friend...thanks and more success to you
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I always keep in my mind, sir @charles1 that I should invest on what I can afford to lose. I don't care about the ups and downs of the SBD and Steem value, I care about the future of altcoins and foresee that they will be bigger than today so I will keep on steeming. I am trying to join some other legit websites for crypto claiming and if I could earn some in the future, I will invest them on here.
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Point, more success to you.
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Thank you, sir Charles.
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Thanks @charles1. That was well written with much clarity. I'm learnin g a thing or two about diversification in my life.
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Welcome and more success to you
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It doesn't really matter if you diversify across a range of crypto because at the end of the day they all end up being correlated to Bitcoin. A better way imo is to diversify your investment across a range of uncorrelated assets like stocks/precious metals/crypto/fiat.
Just my two cents :)
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Good,your above points were explained in this post
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They were, might have read your article too fast, sorry :(
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Diversifying away from crypto is also a good suggestion. Despite the fact that all the various types of crypto aim to solve different problems, they are all the same asset class. If you have made money on crypto, it is a great idea to invest in other assets. Real estate, stocks and precious metals are a good idea.
Although, I have to say, my experience with the regular stock exchanges was quite weird after only having experienced crypto exchanges. It's really slow motion!
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I agree with you about stocks...especially knowing about the crypto space
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Nice post. I personally wound't quit my job unless I had enough funds in the bank to pay for a full year's worth of expenses. That's in addition to an emergency fund that would pay for unexpected costs. Anyway, diversification is key with such a volatile crypto market.
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Good point, I agree. More success.
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Totally agreed. Diversification is key when comes to investments regardless of which asset class there is.
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Welcome and thanks for your comment
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I personally am only investing in coins that have actual products, not make-believe imagination
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Good point,I agree. More success and thanks for your comment
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Right on point, was having this same discussion with some friends for the past two days. Happy to come across someone that actually posted about these issues.
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Welcome and thanks for your comment. More success to you.
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So true...I like Neo, Stellar and Ripple, EOS and Steem.
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Good selections..add elyte.tech too , more success
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A smart investors doesn't put all his money in one basket that's what I believe. There's always a chance one or two of our baskets might be lost so when that day comes, better be settled with the 3rd and 4th and so on.
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Welcome and thanks for your comment
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Good advice, I've been holding btc for about a year and recently spread it out among other coins. I am optimistic in their growth and no sweat if they fail as I've cashed out my original investment 3 times already. Even took a chance on an ICO
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Good point, diversification is the key. More success to you
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Indeed, and to you sir. You have a new follower
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Welcome ...you have one too. Success.
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Really wonderful words and like I do not put all the eggs in one basket
Thank you for the great information, my friend
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Welcome and I wish you more success
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I agree with you sir,those with smaller wallet should be careful because crypto prices are highly volatile
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Welcome and thanks for your comment
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Very sensible advice.
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You got a 6.95% upvote from @postpromoter courtesy of @charles1!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
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wow,so sweet post
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what is good about the post?
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useful postings, between steam and work
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Can you elaborate?
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for me I still have work to do, because for me I can not expect at one place what if I like a small fish in steemit, but I how much I can here I invest into power steem ..
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Welcome and thanks for your comment
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yes equally, I also thank you @charles1 my senior
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I am new to steemit. But I have known quite a lot of things about crytos. I find this educative... The interesting thing is that investing in crytos never eats into your time at your job. Thanks @charles1 for the piece of the advice. Its helpful. I will upvote and follow you. I do hope you follow back.
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Great article I really agree with this, I currently own bitcoin, litecoin, bitcoin cash, ethereum, and steem. I have heard the theory of owning a millionth of each coin that you assume maybe one of the top standing coins. Id be interested in hearing more opinions on if this a good way to invest into crypto.
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I invested all of my money in vechain. And i lost half of it.. But stil believe!
Challenge, where you can win up to 100s $SD!
If you want to, you can try it here:
https://steemit.com/contest/@guessandgain/guess-and-gain-6-3-day-win-usd
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very nice post,like it steemit
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what is good about the post?
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I full agree with you I invest eth.ltc.xmr.xlm.ada
And I going to my work every day wait for the day I do not need work
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