Quote from: jennywhzz on October 06, 2017, 01:07:13 AM

Quote from: marketprice on October 02, 2017, 03:46:50 PM

So many discussions on trading, holding, mining, whats the right one? I can only speak from experience:

1. Mindset - First, you need to be in the mindset that public blockchains will change the world. In the future digital-cryptographic-based assets will be the most sought after of all asset classes. Once you get here, you are no longer frightened by the next negative news story or public condemnation.
(if you don't believe this and can't stick to it, then perhaps this is not the space for you)

2. Start with Bitcoin, it should always be your primary holding. Once you get more comfortable expand into the other well known cryptos (ETH, LTC).

3. Set up a portfolio with at least 50% in BTC, 30% in ETH/LTC and the rest in perhaps 3-5 other cryptos that you believe in and follow. Make sure to do your homework as the risk goes up exponentially as you move down the market cap ladder.

4. Have a long term horizon, 5 years +, if needed trade out of your 3-5 positions back into the top 3 cryptos depending on market conditions, but never leave the market completely.

5. Figure out how much money you need to be happy, lets say $120,000 a year. If that's the case then you would need to have $3M equivalent of crypto in order withdraw an upper limit 4% a year. This way you have your cake and eat it too.

6. You can start selling your BTC when 4% of your holdings will give a retirement-like lifestyle, while at the same time staying vested in a top tier asset class. Don't forget about taxes, hold over a year and pay only capital gains.

7. You Win!

I am agree with your all points, but what about the proper plan. You can't simple start trading and investing probably you need a plan for it. I like your 1st point more than other. Its true we need a positive mind set in order to get positive results . If you have believe in cryto and bitcoins, then this strong belief can lead to great success for you .

Actually the points raised are already good plans to start with. Every point hit a mark and many newbie traders would bemefit if these points are applied. Though i don't think it's a sure win since there's no such thing in crypto, but that's a good start