HOW I MADE A GREAT FORTUNE IN ONE YEAR IN THE CRYPTOCURRENCY SPACE

Dec 27, 2018 by

The cryptocurrency space is an industry that is about to change finances globally. Having been broke for quite some time, cryptocurrency gave me financial freedom. In my one year of trading cryptocurrencies since May 2017, I have turned a $7,000 trading portfolio to $240,000. I would be sharing with you my knowledge on how to invest in cryptocurrency and the cryptocurrency tokens to invest in.

HOW TO BUILD YOUR PORTFOLIO TRADING CRYPTOCURRENCY

To start trading cryptocurrency, you need to buy Bitcoin, the best place to buy Bitcoin is Coinbase (www.coinbase.com) and two exchange platforms I can recommend for trading is Binance (www.binance.com) & Kucoin (www.kucion.com). To protect your tokens, the best way is having a cold wallet and Trezor Hard Wallet is recommended. To track your tokens, you can use Blockfolio. The following are the safest tokens to invest in (Bitcoin, Ethereum, ICON, Litecoin, and Monero).

When I started trading, I lost about $3,000 due to stupid mistakes until I learned the basics of trading. A lazy investor would just spread his investment over 5 – 20 expecting huge turnover in a few years, however as much as HODLing is a good thing, it all depends on the tokens you’re hodling. To build your portfolio well,

  • Don’t panic sell during dips, statistics have shown that nine out of ten coins bounce back during dips.
  • Learn the art of HODLing
  • Spread your investment across ten good tokens, keep them on a hard wallet and wait for about two years.
  • Do be greedy, take profits when appropriate.

Building a portfolio doesn’t take ages. Just choose a trading strategy you find comfort in. I am a swing trader who takes advantages of big swings in the market. There is swing trading, day trading, short-term trading & long-term trading. Choose your trading strategy and build that portfolio.

WHAT IS CRYPTOCURRENCY?

Having been talking about making money off cryptocurrency investment, it is good to understand exactly what cryptocurrency is. Cryptocurrencies are simply digital assets used for financial transactions on an encrypted network known as the blockchain. There are thousands of tokens according to www.coinmarketcap.com. Bitcoin is the first cryptocurrency to go mainstream. These tokens are best recognized as stocks or commodities. There are about 10 – 20 other coins on the market with good prospects (check the ranking table on www.coinmarketcap.com).

HOW CAN I TRADE CRYPTOCURRENCIES?

To trade cryptocurrencies, the first thing is to know that there are risks of trading cryptocurrencies, you can lose or profit in trading. Thus, it is advisable to invest money you can afford to lose. To start, buy Bitcoin on Coinbase and send it to the exchange you wish to trade on. Buying bitcoins isn’t necessarily in wholes but fractions. Then, split your investments across the tokens listed on the exchange. Asides Bitcoin, the next recommendable token is Ethereum. Ethereum’s Bitcoin biggest contender with a large portion of the market. Litecoin is also a safe bet with like build up to Bitcoin (i.e. they both use Proof of Work model).

THE COINS IN MY PORTFOLIO WHICH I WOULD RECOMMEND

The following are the cryptocurrency tokens I have in my portfolio. The tokens are arranged in descending order as I have it. It is, however, important to know that you might not necessarily have the same portfolio. However, maintain a risk-sharing formula for your portfolio that you’ll be comfortable with.

The tokens are Bitcoin, Ethereum, Monero, Siacoin, Ripple, Dash, Verge, Litecoin, Icon, OmiseGo, Tron, Stellar Lumens, Neo, Golem, Civic, Enjin, Lisk, Ethereum Classic, Zcash, Steem, Maid, Factom, Cardano, DistrictOx, Nem, Sub, UniKoinGold, Doge, Hempcoin, Digibyte, Potcoin, Circuits of Value, Zencash, Burst, Iota, Qtum, Reddcoin, Game, Myriad, Salt, Parkbyte, Power Ledger, Particl, Trustcoin, Rise, Safex, Dopecoin.

N.B: I advise maintaining a portfolio that has at least 50% in safe coins like Bitcoin, Ethereum, Monero, ICON, and Cardano. Also, enter a trade at a good entry point after much analysis.

MY TOP 7 CRYPTOCURRENCY TOKENS FOR 2018

Verge, Tron, Icon, Hempcoin, Sub, Cardano, Lisk, OmiseGo, DistrictOx, and Siacoin.

HOW CAN I BUY MORE TOKENS?

Tokens are only bought on exchanges after listing. So, to buy more tokens, check out for the exchange(s) the tokens are listed in to buy.

IS CRYPTOCURRENCY REALLY A BUBBLE ABOUT TO BURST?

Personally, I feel cryptocurrency is the introduction to the third industrial revolution. Every new innovation always has their setbacks but when mass adoption happens, it is here to stay. Cryptocurrency isn’t winding up anytime soon, the dwindling market prices are only reactions expected to happen in a new market.

PROTECTING MY INVESTMENTS; HOW?

To protect your investments, hard wallets are recommended. There are two types of wallets namely Cold and Hot Wallets. Hot wallets are wallet options on the internet in which movement of tokens is possible via the internet while Cold wallets (hard wallets) are physical drives that store tokens and are not liable to hacks. Getting hard wallets like Trezor, Nano S is a good way of protecting your investment.

IMPROVING MY KNOWLEDGE IN CRYPTOCURRENCIES; HOW?

There are various channels to improve your knowledge of cryptocurrencies. Read news on www.medium.com, www.cnbc.com, www.ccn.com, www.reddit.com, www.bitcointalk.org etc. Follow cryptocurrency groups on social media channels such as Twitter, Slack, Telegram for exposure.

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