Lets talk about crypto and why its important to do your research before investing, well most of the time. I have been investing in crypto only as long as the Electroneum (ETN) ICO and since then I now have positions in approximately 60 coins/tokens. While most of my investments have paid off so far, a couple have done not so well and its entirely my fault for jumping the gun on them.
Lets talk about one strategy i have used that has been profitable and the mindset I used to achieve these gains. The currency im about to discuss in this example is LiteDoge (LDOGE), personally i think its a silly coin, I'm a 30 year old male who had no idea what the hell doge was until my slightly younger girlfriend who lives on social media explained it to me. I decided to invest in LDOGE because of two reasons.
Reason One: it was extremely cheap at the time ($0.00008283 CAD) and i was able to purchase millions. I prefer to buy many and hope for small price gains then to buy a few and hope for large price increases.
Reason Two: Millennials will always be Millennials, what i mean is I tried to put myself in the mind set of a Millennial and with the transfer of wealth happening before our eyes, the Market cap is rapidly growing in the crypto space. That money needs to go somewhere and its likely to be spread around to even the silliest of coins such as LDOGE.
This investment had paid off huge in just 24 hours, its been very volatile but i strongly believe in holding this until the price hits at least $0.01
This image will show how volatile it can be, when you have millions of these coins the gains and loses fluctuates a lot, selling at the right moment will be key. However keep in mind how cheap it was to buy, so my potential for huge profit is great, and the amount to lose if everything went to hell is low.
I am not trying to endorse this coin, this is simply just a real life example of my strategy when picking certain coins. In fact i highly suggest only investing in this coin if you are able to purchase a lot, there is no way i can see this coin hitting $0.25 so huge gains on small amount of holdings I think are highly unlikely.
I have used this strategy in a few coins and honestly so far have all worked out. My next blog entry I'll discuss the mistakes I have made where I lost money foolishly in the beginning of my crypto experience.
Thanks for reading guys. Would love to hear any comments good or bad, I am new to blogging and would greatly appreciate any feedback!