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RE: My personal reflections after being in the crypto markets for 2 weeks.

in #cryptocurrency7 years ago

Welcome to the crazy train! I think you have the mindset right!

When I entered I threw $200 at bittrex and just bought all the cheapest coins. No research, no looking into the background of what the coin is and what it does. I had no idea that for many of them, the price I purchased at on August 6th ( my day of entry) was the highest that coin would ever get.

Boy have I learned a lot since then!!! I will occasionally follow the lead of some "crypto analyst" who says coin X is going to double in y timeframe and set up hopeful day trades, but honestly, I'm more interested in the coins that have long term potential. Why buy a bunch of penny coins that MIGHT double in a week, when I can buy something for $5 that could be $1000 next year? Plus, like you, I am terrible at knowing when to take my winnings and leave the table.

Crypto is a diversification of your portfolio. Played right, hopefully it advances how early we can retire if we play our cards right!

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Yeah, that's my goal for sure man. Play the long game, hopefully do well in a few years and be able to pay off the mortgage, work part time, finally take up some more homesteading and sustainability and spend more time with the family. It pretty much seams possible these days.

Paying off the mortgage.... That's the dream right there! If I can pay off all of our debt (CC, Cars, House) then I could retire to full time crypto. My wife will always work, it's in her blood. So we would have her decent income and insurance benefits to take care of the bills, and I could worry about paying for vacations and fun. hahaha

Looking forward to raising a cold drink on the beach one day celebrating our escape from the debt circle and freedom to live the way we want!