What do you think of my investing strategy for crypto? Do you think it's a good idea or a bad idea to approach crypto investing with a similar mindset to startup investing? How do you approach crypto investing?
It's a good strategy but in crypto it's really hard to have a proper strategy that works 100% of the time. Like in December. BTC rocketed to 20k and then dropped back to 13k.
The drop everyone predicted but the mooning nobody expected it to reach 20k.
My strategy is have a game plan before buying something and stick to it. Don't worry about the news, don't worry about opinions. For example if I wanted to get in Litecoin, I'll decide that I'm gonna hodl for 3 months and then no matter what happens during the period, I'll hold.
This seems to work for me particularly in having peace XD
I agree! Having a set plan and then sticking to it is the key to success in crypto. FOMO and FUD are very strong and the media loves to spin things. I can't say that my portfolio is bulletproof, but I would say that it's much less risky to invest in a very wide set of cryptos than to just buy a few of them. Even the mighty Bitcoin could take a downturn. You never know with a market and technology as new as this. I feel that if even 1 of these cryptos is successful, it's success will far outweigh the failures of all the others!
I feel that if even 1 of these cryptos is successful, it's success will far outweigh the failures of all the others!
Yep you're totally right on this!
I have lost count on how many mistakes in timing I have made, but I've made so much more compared to what I've lost. Thank God for crypto and the blockchain! :D