I have about 20-25 000 euros to invest in cryptos, some more if there's a terrific buying opportunity. I'm not rich but I've lived a pretty cheap life and worked hard to be able to tolerate losing maybe 10-20 000 and my life would go on with some more too. As long as it's for a good reason and a piece of mind (by not missing out completely) may be a good enough one.
So what would you guys who actually know about these things suggest? What do you think would be a good plan? Maybe put 10 000 to bitcoin now and wait and see what happens? Or are there some other cryptos I should buy? Maybe spread the money? Is there a better buying opportunity for something else right now? How well has stop loss worked with Bitcoin? Maybe I'd invest 6000 with no stop loss, 6000 with a stop loss to 25% lower? Then see what happens and buy more if there's a dip. I know it's a shame I woke up too late so I don't need to be reminded of that, but I would really really appreciate if you could share your knowledge of how to salvage whatever can be salvaged, thank you!!
20k euro is a lot of money, don't know your situation and what you want to do but there are few things you need to check before you can get involved. First one is that you need to make sure you will absolutely not need this money for at least 5+ more years, this money is gone for five years and you will not touch it, can you guarantee that you will not touch this money as long as you can? If you can guarantee it, you could get involved.
Second thing you need to do is make sure you have a goal in mind, you want to make that 20k into 50k? You want to make it 20k to 50k? Or 20k to 1 million? All of them are different, some of them are easier to achieve whereas others are very difficult and requires risk taking. So, if you want to make sure that you get into this, you first need to know what you want to do in the crypto world before you get in.
This is great advise, thank you! I suppose there's no problem leaving the money untouched for the next 5 years. The amount I put into cryptos depends on what I believe the risk/profit relationship is. If I believe e.g. the following:
15% chance to lose all my money
25% chance to lose something, like half of it
25% chance to make as much profit as stocks/funds may make
15% chance to make quite much more than from stocks (which may always slump down)
20% to make life changing amount (if not alone by investing it to real estates with 70% loan, 30% own funding=the possible money from cryptos)
This would be enough to invest more than I originally thought. But of course I'd need to know what I'm doing and not just invest it for the sake of investing. Obviously just about all interesting pretty well-known cryptos are quite high now? I've looked at some charts and at least some have been coming down lately.