Preface
As always I would like to start this article by saying this is NOT investment advice so PLEASE PLEASE PLEASE do your research. Any gains or losses have nothing to do with me and everything to do with you so again please do your research!
Also like any investment only invest what you can afford to lose! Crypto is still so new and I have no idea what the future may hold for it in terms of how my country sees it legality in the future. So I do convince myself every month with the same mantra of once I have invested my cash into crypto it is gone I now have cryptocurrency in its place.
I am just an IT guy that loves cryptocurrency. My articles simply share what I have invested in and I will on many occasions go on a rant or share my thoughts. I do not day trade (I simply don’t like it) but I appreciate and respect the people that do.
I typically invest in currencies because I like what they are trying to do and I would sell only when they have delivered their specified platform or I would use that currency on that platform to address a need I may have.
As I said again I love crypto and I am in it for the long term this blog is not financial advice in anyway shape or form. I simply do not want to put my money in a banking system that has been known to be corrupt and unjust. I would rather invest my money in something I believe in.
Now to Business
My first article had a lot of amazing feedback and support from many of you so thank you all! If you like what I am doing and would like to see more any support, feedback, tips or donations would be greatly appreciated.
The great feedback has spurred me on with the intention of publishing a similar article every month showing you all exactly where my cryptocurrency investment is and some of my rants and thoughts.
So August is now gone and September is now here. In China apparently August is not a month where people would typically invest and many cryptocurrencies like neo have been shooting up and dropping like crazy.
I have had a few people advising me to sell when Neo was at its highest a couple of weeks back but to be totally honest I have no intention of selling at all. It was such a pain to get the crypto in the first place plus I invested in Neo like all my other currencies for the long term.
I have been looking at other ICO’s but it’s a big job. There are so many out there but I think people have to remember that crypto simply is NOT a get rich quick scheme.
Before investing its about investing your time researching the cryptocurrency itself.
I ask myself allot of question but I know I should be asking more!!
- What is it all about
- What does it do?
- Would I use it?
- Do I believe others would use it?
- Has anyone else done it or something similar?
- If so why is this different? Is it Better or Worse?
- Website?
- Whitepaper?
- Team Behind it…. Linkedin?
- Bitcoin Forums
- Slack Channels
- Github?
- Google searches etc?
Judging by this list I normally invest i have have a better idea if i should invest but it doesn’t stop there!
Once invested I continue to ask these questions if something changes that I don’t like i.e team change or direction of product I will ask whether this is something I continue to invest in every month , stop and review or if the worse came to the worst… sell it and buy another crypto?
Keeping up with each one and constantly reviewing the merits of each currency is a hard task and it is something I try to do. Not really from a selling angle as I have not sold a crypto currency because of price going up or down but I have sold a crypto in the past as the crypto was not what I expected or hasn’t moved in terms of development.
I have made no financial investments this month. I went to Toronto (for work) and I wanted to spend some money on gifts for the family.
I did however try to read up on a few ICO’s that I thought would be interesting to financially invest in September.
5rd of September looks like this :
As always these numbers are superficial as I would only get this value if I sold them at that time but it does give me additional confidence that more people are getting involved with cryptocurrency.
Last Month August :
https://steemit.com/cryptocurrency/@yoyomonkey/my-crypto-portfolio-august-2017-and-investment-mantras-so-far
My investment is still £7000+ as these cryptos mature I am really looking forward to when they launch full in the future.
Anyway thanks again for your time and I look forward to speaking to you all next month.
Peace and Love
Jazz the Yoyomonkey
So important how you do your research. Too many just chase after whatever is hyped as the next big thing. Then they throw their money at it without any real understanding of what they are even investing in.
One thing I've found particularly useful is to get involved in the community for each investment you choose, via Slack, etc. By following them over time, you get a good feel of what's going on. It takes some time each day to stay up to date, but can make or break your decision to keep holding.
This is especially true in cases where the team itself is heavily involved in their community. In fact, I would almost consider that a "must have" as it allows you to get a good feel for who is behind the project and where it looks to be going.
You have invested quite heavily into 2-3 coins yoyoumonkey. Why is that? Why not more diversifictation? Just curious :)
its a good question. they are many that will diversify by going into many coins with the thought that buy 10+ with the hope that 1 turns out to be the next bitcoin/ethereum success and the rest either doing ok or a few totally flopping.
I do know a few people who purchase many but sell very quickly on the small rumour and small profits because being invested in so many coins its hard to get the time to research every rumour for fact and get the confidence to long term hold.
Myself personally i wanted to look at technologies I might use and invest in them i didn't want to invest into too many different cryptos because I would rather strengthen up on the holding I have (as i hoped i invested because i believe in it) and get involved with the communities and ask questions myself.
I do think my portfolio will expand over the coming years as these coins will mature in a couple of years and I will be investing in other new ideas but i don't think all the good ideas have come out now.
I wanted to invest in things i knew about so I am very interested in cloud technologies so SONM, GOLEM and Sia types of crypto i am very interested in . I see this field getting even bigger over the coming years.
We have seen many successful ICO's/coin around the finance, gambling and exchanges and i see this being the case for the next 12 months as that seems like the easiest use of crypto currently. I have invested in a few finance cryptos as you can see.
After exchanges and finance apps i think we will see blockchain being used in areas of Health (PTOY springs to mind), social media (Steem, library) advertising (BAT).
Same question here, would be interested in the answer :-)
Nice I might do something similar to you, my top 3 are Neo, Stratis and BQX
Love it mate!
Congratulations @yoyomonkey! You have received a personal award!
Click on the badge to view your Board of Honor.
Do not miss the last post from @steemitboard!
Participate in the SteemitBoard World Cup Contest!
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: @good-karma and @lukestokes
Congratulations @yoyomonkey! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking