Topic: How to prepare for long term HODL - page 16. (Read 8781 times)

This is a great list BUT...

When long term holding, I'd like to think that you don't "always" need to stay updated about crypto. I'd actually think that I am long term holding exactly for the OPPOSITE reason which is because I don't want to need to be constantly updated with crypto news and shenanigans.

4. Stay Updated Always
Opportunity comes but once as many know it,so always stay updated about crypto,read crypto news online and keep tracks on your altcoins so that you wont miss future updated or even token swaps,some altcoins i hold have already switched to MainNet and im glad i dont missed the opportunity,you can use blockfolio app to track your altcoins.

Note: This is not about how to identify good coins to HODL
This is about how you can be a good long term holder

1. You must have another source of income
Either in crypto space or outside crypto space you must have other source of income,there was a time when i used to rely on coins i hold for monthly income but most time they failed me because some altcoins takes more than a month to add value. You can learn trading or find a better job to get constant income for your daily needs.

2. Not all altcoins are good for long term holding
Some altcoins are too weak to have better value overtime,these coins only add value to price once in a blue moon,WHY?because the power of demand is too low and they have no working product,i belief that working product is what makes a coin have many more investors

3.HODL Only Altcoins With Real Use Case
There are different categories of coins with use cases,many use case are weak use case,for example using fashion  designer to back a token is a weak use case to me because it means you can only use the token to buy the designer wears and many will call this a real use case? no it wont do very well.
Make sure that the real use case of every altcoins you hold will be very reasonable,the products backing them up must be something that is different and will catch the eye of investors,the usefulness  must be outstanding .

4. Stay Updated Always
Opportunity comes but once as many know it,so always stay updated about crypto,read crypto news online and keep tracks on your altcoins so that you wont miss future updated or even token swaps,some altcoins i hold have already switched to MainNet and im glad i dont missed the opportunity,you can use blockfolio app to track your altcoins.

Altcoin season is what many are waiting for,even new projects are waiting for altcoin season to return before they get listed on exchanges,im sure of one thing and that is good things dont come easily,today is bitcoin turn to reign and one day altcoins will have its day as well.

That's why I keep telling my friends that are planning to invest in crypto currencies to use only extra money. And they should not expect crypto currencies as an easy to become a millionaire venture. Yeah, there were already thousands of people that became millionaires from investing in crypto currencies but for sure there is an enormous amount of people that lost a big portion of their life time savings.  

if you see from the topic title. I invest for the long term tend to choose altcoin that has new innovations in the public, like the example of ethereum on a smart contract basis, and in 2017 the peak success period, and many more altcoin that are successful, because of projects like this that are favored by investors, it's all forms of ideas or innovation. but my percentage tends to choose bitcoin for long-term investments, because this is purely for the future.

A very nice ideas. If you want to survive never to relied with single option that locks you up it's always best to have alternatives. The market is volatile and there's no certain time to accurately predict what or when the market will favorable to your position.

If there's other way to get more fundings where you can add up to your investment it will extend your survival to this market.

Stop looking for that altcoin season, there will be no altcoin season for this year for some obvious reasons.
If you are only depending to crypto, you need to start looking for some other source of income that you should rely on.
Don't stick yourself with one source if you think you can't survive this probable long bear market for alts.

Now the bigger question is will this altcoin season ever turn up soon, so like you rightfully stated, one needs to have extra source of income and be very involving, aside that you can't hodl, u get to sell when you are not ready

For starters, the best thing is of course, if you want to hold for a very long time, you need to choose the top cryptocurrency because holding new cryptocurrencies is too much a risk for the loss of your investments, therefore, investing in top cryptocurrencies you definitely will not lose and your investments will be in a safe place.

Note: This is not about how to identify good coins to HODL
This is about how you can be a good long term holder

1. You must have another source of income
Either in crypto space or outside crypto space you must have other source of income,there was a time when i used to rely on coins i hold for monthly income but most time they failed me because some altcoins takes more than a month to add value. You can learn trading or find a better job to get constant income for your daily needs.

2. Not all altcoins are good for long term holding
Some altcoins are too weak to have better value overtime,these coins only add value to price once in a blue moon,WHY?because the power of demand is too low and they have no working product,i belief that working product is what makes a coin have many more investors

3.HODL Only Altcoins With Real Use Case
There are different categories of coins with use cases,many use case are weak use case,for example using fashion  designer to back a token is a weak use case to me because it means you can only use the token to buy the designer wears and many will call this a real use case? no it wont do very well.
Make sure that the real use case of every altcoins you hold will be very reasonable,the products backing them up must be something that is different and will catch the eye of investors,the usefulness  must be outstanding .

4. Stay Updated Always
Opportunity comes but once as many know it,so always stay updated about crypto,read crypto news online and keep tracks on your altcoins so that you wont miss future updated or even token swaps,some altcoins i hold have already switched to MainNet and im glad i dont missed the opportunity,you can use blockfolio app to track your altcoins.

Altcoin season is what many are waiting for,even new projects are waiting for altcoin season to return before they get listed on exchanges,im sure of one thing and that is good things dont come easily,today is bitcoin turn to reign and one day altcoins will have its day as well.