How to prepare for long term HODL - page 8.

FaithInCrypto

jr. member

Activity: 168

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mada mada dane

Quote from: Bitbtc8 on August 11, 2019, 09:05:16 AM

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.

Good tips indeed. I think number 3 should come first. You need to know which one is good that will last for a couple of years more as most altcoins turn to shit coins after ICO. It's good to be always updated but if truly trust what you hold, a little update will suffice in my own opinion.

Andrews193

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Activity: 243

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Quote from: kapalmabur on December 13, 2019, 07:43:30 AM

Quote from: awakpane on December 13, 2019, 04:18:31 AM

In my opinion, one way to prepare for HODL in the long run is to continue to monitor price charts and pay attention to the good news for the development of the coins that we hold so that we can make a decision when is a good time to sell our assets.

continue to monitor price charts? You will lose a lot of time to trade long term if that is the case,
if you want to monitor the price charts every day you better do daily trading, it will make it easier for you to get profit

Agree, if we have determined that we want to hold on to the long term, continuing to observe the daily price chart is not necessary because as originally expected, the level of profit we expect will not appear immediately, and since then, the time we watch each day will become a waste, instead of that, we should only observe at least 4 times a month, ensuring that we do not forget any of the possible situations is enough. But recently, daily trading methods are becoming more popular because of its practical nature, holding for too long is becoming a psychological burden.

Stanlo

full member

Activity: 952

Merit: 110

My plan for a better long term hold now is to make good money and start a real life business, without this I will keep selling my coins one by one to sustain myself

cryp24x

sr. member

Activity: 1190

Merit: 253

This is a very good list on how to prepare ourselves regarding ling term hodl. I guess some are basic to know but these are good reminders. I must admit that whether we know all these things, it is still good that someone will remind us about this and make it easier to remember and understand.

amonymous

full member

Activity: 1177

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Quote from: Bitbtc8 on August 11, 2019, 09:05:16 AM

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

Actually I am still student so i have not received yet any other income source without crypto. In fact i always trying to hold good currency like good developing planing project. Basically you are right not all altcoins is good for long time investment i understand it if those projects still low quality developing and no have any smart investors with partners then we can't make profit.

jessyj48

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Activity: 756

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Quote from: kapalmabur on December 13, 2019, 07:43:30 AM

Quote from: awakpane on December 13, 2019, 04:18:31 AM

In my opinion, one way to prepare for HODL in the long run is to continue to monitor price charts and pay attention to the good news for the development of the coins that we hold so that we can make a decision when is a good time to sell our assets.

continue to monitor price charts? You will lose a lot of time to trade long term if that is the case,
if you want to monitor the price charts every day you better do daily trading, it will make it easier for you to get profit

Monitoring your coin is not a bad idea because it can safe you from few disappointments like future swaps or forks, they can grow higher than expected sometimes as well, I have seen a 0.02$ coin that turned 1.2$ in this bear market, I swear I wasn't expecting such from the coin

kapalmabur

sr. member

Activity: 2002

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Quote from: awakpane on December 13, 2019, 04:18:31 AM

In my opinion, one way to prepare for HODL in the long run is to continue to monitor price charts and pay attention to the good news for the development of the coins that we hold so that we can make a decision when is a good time to sell our assets.

continue to monitor price charts? You will lose a lot of time to trade long term if that is the case,
if you want to monitor the price charts every day you better do daily trading, it will make it easier for you to get profit

Vishnu.Reang

sr. member

Activity: 1988

Merit: 453

Quote from: awakpane on December 13, 2019, 04:18:31 AM

In my opinion, one way to prepare for HODL in the long run is to continue to monitor price charts and pay attention to the good news for the development of the coins that we hold so that we can make a decision when is a good time to sell our assets.

Well.. that depends. In case you hold a large number of coins, then it may be difficult to track all of them. Also, the news from many of the smaller altcoins and tokens are not updates or verified in real time. By the time you are able to verify a certain piece of information, the price movement might have already happened. In the world of cryptocurrency, the coins can either skyrocket or become worthless in less than 24 hours.

sjbi

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www.thegeomadao.com

I have been tired of hearing one word, Hodl. When I ask for suggestion on the investment of any coin, I am asked to hold. But the question, is holding any coin is worth it? Your suggestion is very good for me and other like me, who really need it. First of all, all coins are not worthy of holding for long term or short term. You should research and analyze beforehand.

awakpane

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Activity: 1274

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In my opinion, one way to prepare for HODL in the long run is to continue to monitor price charts and pay attention to the good news for the development of the coins that we hold so that we can make a decision when is a good time to sell our assets.

joshy23

sr. member

Activity: 1078

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Quote from: StephenieDuong on December 13, 2019, 03:50:30 AM

I totally agree with your prepare, but i would suggest to add one more session "Holding wallet...". I think prepare a wallet with your own private keys, backup keys... would be safe. This will prevent investors to lost they money just because of holding on exchange. We can not put too much believe on exchange anymore after Idax.

That's right, if you are preparing for long term holdings you also needs to understand the wallets that you need for holding your coins, never to rely your assets inside the exchange as possibilities of being hacked not just your account but the exchange itself is not safe in the eyes of the hackers. After that also take time to learn every securities that you need for protecting your investment, it will be a safe and smooth journey when you are securely holding your asset while waiting for the rise up.

StephenieDuong

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Activity: 602

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—RUSHMOON — Automatic LP & Yield Farm & AMM on BSC

I totally agree with your prepare, but i would suggest to add one more session "Holding wallet...". I think prepare a wallet with your own private keys, backup keys... would be safe. This will prevent investors to lost they money just because of holding on exchange. We can not put too much believe on exchange anymore after Idax.

AirdropNotifyer

member

Activity: 196

Merit: 30

Very useful post OP, I think it will be help for those are long term holders,
I want to add one more thing, Only hold trusted projects for Long term

BeManga

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CryptoDirectories.com

Quote from: Bitbtc8 on August 11, 2019, 09:05:16 AM

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.

i agree this is some of the things we need to know before buying and holding a coin
we always need to make a research about the token or coin before holding longterm
we need to visualize if the coin has a purpose in the near future if yes maybe its a coin good to HODL.

lienfaye

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Activity: 3010

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Quote from: zhengqi on December 03, 2019, 06:51:25 PM

Altcoin season already looks like something unreal. Therefore, to hold coins with the idea that it will suddenly be able to grow is unreasonable. Coins are worth selling immediately when they show a good price.

Indeed, thats what I realized with the tokens I hold. If I can turn back time i'd rather sell of my tokens to earn already since I accumulated it through bounties but now the value is not worth for the months that I spent just to be eligible to get those rewards. It happened already thus I have to be firm to hold for long period, my crypto portfolio is full of worthy coins and if bull run occur I know everything will be worth it. For now I dont monitor the market often to avoid making decisions that I will regret later on.

MWesterweele

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Activity: 1372

Merit: 564

Quote from: zhengqi on December 03, 2019, 06:51:25 PM

Altcoin season already looks like something unreal. Therefore, to hold coins with the idea that it will suddenly be able to grow is unreasonable. Coins are worth selling immediately when they show a good price.

Yes because it will be a regret if we missed the chances that we can able to sell the coin in such a good price and left with nothing. I experienced it before and honestly? It is a regret that hunts me till now, I did not sell my coins because I want it for long term little did not I know that I was holding it already for so long and I need to sell it already but now? It is too late, the coin becomes shit coin now and it does not have a good pricce either.

Russlenat

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Quote from: zhengqi on December 03, 2019, 06:51:25 PM

Altcoin season already looks like something unreal. Therefore, to hold coins with the idea that it will suddenly be able to grow is unreasonable. Coins are worth selling immediately when they show a good price.

That's a wise mentality if you can make good profit in a short period of time, however, some people who are investing are hoping for great return, bigger than it's almost unrealistic so they would hold. We can say that the current situation looks really bad and we can't expect a sudden change from the current price since the market has not showed some kind of stability, still the volatility is high and there's a sudden pump and dump happening from time to time.

bohr

sr. member

Activity: 994

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Quote from: letyouearn on November 28, 2019, 06:57:34 PM

Quote from: Bitbtc8 on August 11, 2019, 09:05:16 AM

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.

Well, I would argue with this:

3.HODL Only Altcoins With Real Use Case

This is not always necessary in my opinion. But it depends on how you define this use case of course. Some big guys use DOGE for playing with hamsters. Is this a good use case?

I will probably argue against the concept of holding altcoins for the long term, altcoins are there to speculate with them and nothing more, you should not hold them and at the first sign that may indicate that you are about to lose money then you should get rid of them, you do not want the same to happen to you that happened to all of those people that invested in altcoins at the end of the year of 2017 and then lose everything that you have just because you were too stubborn to sell your coins.

Barbut

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★Bitvest.io★ Play Plinko or Invest!

Quote from: pcfli on December 03, 2019, 06:38:29 PM

The powerful investors have alternative choices and they can sell the investment in a loss if they don't like something in the market conditions. The long term HODL-ers never care about the short term price movements, you need to be patient and strong. In case of loss, you have no leveraged trades, so it will be easy to sell the trades in a breakeven.

Patient and strong! Volatility is constant in the crypto market, the price moves in both directions without any announcements. Short term traders earn from volatility, some traders lose, it's a risky way to make a profit. Over the time price rising. We can compare prices from five or more years ago and we will notice a significant rise. Who plans to hold for five or more years should invest and just forget about that investment, lock it in a safe wallet and put it away. Don't pay attention to price movement, it will grow and it will drop, but in the long term, we will have more bull runs and price in future will be higher than it's now.

RussiaUkraineTranslation

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Consider hodling some exchange tokens like BNB and ecxx. When the next bull market comes, traders will flock to exchanges and the price of exchange tokens will rise.

Topic: How to prepare for long term HODL - page 8. (Read 8781 times)