Post
Topic
Board Altcoin Discussion
Re: Strategies for minimizing losses
by
Tankdestroyer
on 06/06/2018, 11:30:43 UTC
Some of your strategies are nice but it needs revision. Refer to my comments below for my recommendations about it.
#1 Realize that you don't actually lose anything until you actually sell at a loss.  So you go outside, ride a bike, read a book, resist the urge to check coinmarketcap and just hodl.
Holding is good and going outside to relieve yourself from stress is better but try not to resist the urge to check coinmarketcap. Even if you are frustrated always remember to check the news and the current price as well to make a wiser decision to hold or sell.
#3 Start hedging your bets.  Put more money into similar projects or move things around to balance your portfolio out.
Do not just put it into similar projects. Always try to diversify it into many types of altcoin with potential for growth(similar project or not).
#4 Buy more into the coin you are losing money on while the price is low to reduce your overall cost per coin/token.
This would only work if the altcoin you are holding got the real potential for growth and is not a scam one. To decide if you will buy more of a coin or not, redo your research and look for news concerning it. Only by then(when you finished gathering data) you can decide to buy more or not.