Hodling For a Lamborghini, a Realists View.
Let's begin with with a bit of rational maths. So, hypothetically, lets assume that you're new to cryptocurrency. With a fresh $1000 to invest, starry eyed and ecstatic to begin, you make your first trade and it doubles in just one day!
You cannot believe your luck, so you remove your investment and begin to look for other projects to make you the same return. This 'luck' would have to reoccur another 9 times in order to make you a millionaire, seems achievable right? Just double your money 10 times and you'll ascertain the millennials dream of making $1,000,000 from the comfort of your bed.
Unfortunately, a variety of extraneous factors play a part in this story, impatience, government regulations and lack of decisiveness are just three. In order to position yourself to reach your dream, whatever that may be, there are two broad investment strategies with their own advantages and drawbacks:
- Trade to double your money, immediately withdraw funds when this target is reached. This is the more logical and regimented way to go about it, invest your money in trustworthy projects with achievable deadlines who are rumoured to achieve a certain partnership or be listed on a new exchange ( the website that I use to gather this information is https://coinmarketcal.com/ ). Always buy the rumour and sell the news with this tactic, never get greedy, and stay regimented no matter how much you think the coin will multiply in value.
- Spend countless hours researching projects that you firmly believe will be technological giants in the coming years. This is my preferred method due to the fact that technology is my passion alongside heavy research (if you didn't already guess, I'm a freelance journalist in my spare time). Succeeding this heavy research, you must be involved, at minimum, weekly in the cryptospace to discover updates on your invested projects or to strengthen your positions on them if they are dipping in price. Never buy at all time highs!
To conclude, I'd like to depart sharing words of wisdom in the form of three suggestions to increase your likelihood of acheiving your dreams:
.Do not over-dilute your portfolio; I know there are so many amazing projects out there, but find the ones you truly believe will moonshot (Titanium is a great and current example of this).
. Maintain strong hands; I've been in this space for 3 years now and not selling my positions at a loss or because of FUD has brought me to be where I am today.
. Set goals and targets! And do not change them, abide by a predetermined plan because this how millionaires are made.
Whether your dream is a Lamborghini on the moon or to pay off debt, commit to it, because dreams are what make us human.