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RE: Zero to Hero Challenge: $0 to $1,000,000 - Day 38

in #cryptocurrency7 years ago

You're welcome mate. And to passive-earner - well for every person who took an opportunity and nailed it there are the ones that took it and got burned. Ultimately if you really believe in a crypto then the secret is to just keep buying and always be HODLing. You'll average in and make up for the temporary losses with all the gains - and never be caught out of the market when it rose way past your previous sell and never dipped below again. Unless you're someone who can spend all day watching the market and have real instinct or great info you can trust - way too easy to blow it vs. just holding.

Vincent I'd advise some diversification. It's tempting to try and out-perform BTC for a quick buck but being almost 100% in one coin - could burn you long run.

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HODLing is definitely a profitable and safe way to invest in cryptos. Especially for no-trading experience people. You just have to carefully select the highest potential growth coins and stick to them.

On the other hand, the compounding potential profits of crypto trading is insane. Some coins are doing 10% - 20% swings everyday. Some good traders are making a fortune right now and I want to rake my share of it! Haha.

About my all-in on NEO, I agree it's risky. But, my reasons for going with NEO is that it's the highest volume coin, its daily swings are high (so high profits potential), and it should rise a lot in a near future. I see it as okay to risk my $200 worth portfolio right now. I am learning and getting experience while risking not much. Once I get an income from web development, I will be a better trader and won't risk as much.