Just a quick snippet.
My guiding factors when choosing a new altcoin to put money into:
- the price is in a resting period (not in bull run) or is in a declining period (bear run)
- there is no critical worries about it (e.g. I would not go for BitconnectCoin due to it potentially being a scam, given the site's pyramid scheme nature)
These guidelines led me to the trade path below:
September
I bought Litecoin when it was around 45 USD. I had seen that it had spiked up to 80 USD earlier so I was confident that it can once again reach that level in the near future.
Early December
Litecoin was now at 100 USD and I decided to liquidate part of that position and shift that into another altcoin.
Also Early December
I chose Ripple as it fit my criteria. This time it was still at 0.25 USD and had been resting around 0.2 for quite some time.
So the breakdown:
The first 2x:
In the first Litecoin trade, I had gained 2x as I bought under 50 USD and partially sold at 100 USD. Sure, Litecoin went up all the way to 200+ USD levels, but I can't predict the future in precise terms can I? In retrospect, the decision to liquidate after meeting the target ROI made sense, as I shifted that into another altcoin with the aim for higher growth. Litecoin is now only hovering around 200 USD while Ripple is still making gains.
The second multiplier of 10x:
This comes from Ripple. Technically right now it's not the case as Ripple is only around 2.0 + USD and not 2.5 USD. However, it did reach 2.5 USD just yesterday. I have confidence that it will reach this level again.
So, 2x times 10x = 20x.
All this within 3-4 months.
I have also now liquidated some of my position in Ripple in order to invest in several other cryptocurrencies. If you are interested to find out what they are, let me know in the comments below.
Follow my crypto journey. Upvote, Resteem.
I share my thoughts on crypto and the thinking behind my actions. I started investing around June 2017 and have now made 4x ROI. Looking to increase that number through better decision-making.
Thanks for sharing. Looking forward to more. Btw which platform do you use to buy and sell?
hi! I use a variety of platforms. Admittedly, I should be more observant of the spread and rates, but this is an ongoing process.
The list:
I started off with buying Bitcoin/Ethereum from Luno.
I used to get a friend from the UK to help me buy Litecoin.
I then started to use Poloniex.
I have recently started to use Cryptopia.
My goal is to educate myself to be more aware of the fees and the spread so that I can choose the most economical option for the trade that I want to make. Currently my mental bandwidth is still occupied by researching altcoins.
Great info. Thanks again!
cool analysis ... have a great 2018 @nazreen . You may want to take a look at smaller coins with huge potentials. EOS & hopefully Steem would be The Coin for 2018 !
I haven't looked into EOS, will do so :) and admittedly I haven't thought about buying Steem yet since to me, Steem is just something I try to generate through Steemit, but eventually I'll get to that. Thanks for dropping by! :)
Thanks for sharing! Was curious about Ripple
You're welcome! There are a lot of apprehensions about Ripple, which is understandable, but in terms of making a profit, it's still a good option. My advise, is for you to set a target ROI for when you want to start cashing out.
Thanks! That's an excellent plan!
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