#FinancialGoals2021 Initiative | Share your plan to grow in 2021

the-bitcoin-dood (71)in LeoFinance • 4 years ago

This is my entry for @theycallmedan #FinancialGoals2021 Initiative. To find out more about the inititive and participate you can check out this link here.

https://leofinance.io/@theycallmedan/financialgoals2021-initiative-or-share-your-plan-to-grow-in-2021-or-hive-and-leo-prizes

A Little History

I got involved in Bitcoin towards the end of 2013. Before that I had absolutely zero experience investing. From 2013 to 2017 I started trading cryptocurrency with my Dogecoin faucet earnings and over that time I learned a little about trading and investing. I watched YouTube videos and read Investopedia articles, learned basic charting and learned as I go.

At the beginning of 2017 I took two paychecks and invested in cryptocurrency at just the right moment. Luck and good timing really. The market exploded and A LOT of my shitcoins were really strong investments.

Between then and now it has been like swimming against the current in a very fast stream. Between exchange hacks, and being kicked off exchanges like Bittrex (for living in NY) and Binance (for living in US) it has caused a bit of a mess. I'm not complaining, but it is what it is. Mistakes were made, I'm still in profit, but I would of played things differently if I could of.

Which is going to be your investment strategy for 2021?

With that said, my plan for 2021 is to simply clean up the mess from 2018, 2019 and 2020. I've been taking gains in both the stock market and crypto. I've been adding to my cash liquidity. I have a hard time believing stocks will continue to go straight up. When the corrections come I want to be cash heavy and able to buy the blood.

I'm also planning on selling more than I did in 2017 and I'll try and hedge my crypto gains in the stock market. I'm a patient man but 3 years was a long time to hold on to some of those crypto bags. Not to mention the coins that were lost to exchange hacks on Cryptopia and Livecoin.

A resolution for 2021 is to keep my trading positions really small on shitcoin exchanges to avoid losses.

Do you have any specific assets that you want to invest in?

I'm sticking with silver, crypto, and I also like oil. As far as the stock market is concerned, I plan on being cash heavy to buy the correction. I have a hard time believing the country and world is in the current state it is with war, civil unrest, and plandemics and the stock market continues to rise. I'm betting on a 2021 correction, hoping it happens after the innauguration. If not I'm patient, I can wait. The market always presents new opportunities for the cash ready.

I bought a lot of stock in March during the plandemic crash and I've sold it on the way up. This gave me a nice nut to trade stocks with now. The only stocks I have left are oil ETFs and some banking stocks.

Preferred Investments?

My main focus is on crypto, stocks and commodities secondary. I wish I would have purchased a rental property in 2017. That probably would have been my best hedge with my crypto gains. If I ever go on another run like that, I'd like to purchase a rental property. I honestly don't see that happening for me in 2021 though. Again, I'm just focused on getting cash heavy and wouldn't mind stockpiling a little more silver and possibly adding to my oil positions before all the economies reopen after the pandemic.

Do you have a plan or a set of goals on how to use and grow your stake?

Selling on the way up. Getting cash heavy. Taking gains. The only crypto bags I'm building right now are Leo and HIVE and possibly XVG & DGB if I can find reliable exchanges. I think the time to buy crypto was last year when we hit all time lows in the alt markets. Buying coins that have pumped now, seems risky. That's just me though, I like buying bottoms and never chase tops.

I have a financial target I'd prefer to keep private. I'm not buying anything new in crypto or traditional markets unless there is another crash or crypto correction. After this crypto pump though, I'll probably wait at least a year or longer before I start buying back heavy into crypto again.

I'd like to add to my oil positions but plan on exiting in the next few years as electric cars look to start becoming popular. I think oil is a fun volatile investment like crypto but when we start seeing lots of electric cars hitting the market it's going to be time to get out! Looks like plenty of room for growth though as many of the world economies are closed to plandemic. Eventually these countries open back up, and oil makes the world go round currently. As long as OPEC doesn't flood the market, supply and demand will dictate price.

In Summary

I learned a lot over the last few years. I've made some mistakes and learned from them. I'm a much better trader because of the mistakes I made in the past. Considering I started investing with under $1K I'm really proud of the positions I have and the amount of financial growth I've received since I started this "hobby". For me, 2021 is all about securing gains and my financial future. I always have an attitude of gratitude with all things investing and crypto.

Thanks for reading and wishing you all a happy, healthy, prosperous 2021!