I’ve been tracking my various wallets on a spreadsheet and I realised.. this isn’t safe if I get malware or a virus installed on my computer and then I’m ruined. So I’ve preordered a Ledger Nano S, which is highly recommended amongst Crypto users at this point in time. However its a 3 MONTH WAIT before my order is shipped. It’s that popular right now! argh.
Learn as much as you can before buying
The past week or so has been madness. every night I’ve been soaking up as much knowledge about crypto as possible. Trying to cut through the hype. In summary this is what I have done or learned.
- signed up on hacked.com for their insightful analyses of ICOs and their recommendations. Yes, I am paying for their gold membership as well. You get access to their private workspaces group chat.
- Looking and researching into upcoming ICOs by
- Joining all their social media including slack and telegram. Often developers are on slack directly so you can ask questions
- Reading their whitepapers
- ICOs I have joined and investigating: EOS.io , Reddcoin,
- Bought as much ETH as I could. Sold some
- Tried to buy into Bancor ICO but miserably failed.
- More reading more articles
- Got approved on steemit. Took about a week to get the account approved. They must be getting smashed with requests.
- Sold some crappy short term positions at a loss.
- Deposited more bitcoin into my bittrex.
- Discovered one of the telegram crypto call groups is an intricate scam to buy a fake ICO. They would post legit crypto signals and then subtly advise to buy into an ICO with low buyin (Arberncoin scam). Shocking.
The more I read the more I am leaning towards LONG TERM HOLDS for everything I buy. I will probably do 90% long term and 10% day trade with my funds right now.
Todays status (after the current ETH dip):
- Deposited 0.638 BTC. Current value 0.65 BTC . About $31USD profit.
- Save more so I can buy more ETH on Bittrex. I will keep putting money into there for long term holds.
- Start a poloniex account which will be my daytrade account. I’m going to start with about $300USD and see how far I can go from there. I won’t be depositing more money into this account.
After purchasing some Bitcoins. I had to choose a platform so that I could do some trading.
According to the Crypto Trade Signals and other facebook groups, Bittrex and Poloniex seem to be most popular. However I will be choosing bittrex for no other reason than to be able to just get started.
How to transfer to Bittrex from LocalBitCoins
- On Bittrex, clicked on Wallets and on the list of cryptocurrencies, clicked on the PLUS (+) sign next to BTC Bitcoin.
- Being my first transaction I clicked “Generate Address”, it took a few seconds and then I coped the very long string.
- On LocalBitCoins (or whereever you have your Bitcoins stored) click on Wallet then send bitcoins.
- Paste the long address and the amount of BTC you want to transfer, MINUS the transfer fee. It auto converts to your local currency to let you know.
I’ve just moved all my BTC (about $700 USD worth).
- The founder of Crypto Trade Signals does daily postings and I’ve joined his telegram group to see what his recommendations are and test out 10% of bankroll at a time per recommendation. This is the easy way and I will allocate $350 to pick and choose various coins. An hour ago he has recommended to buy BAT on bittrex so I’ll put in $50 and see if I can get a few dollars.
- Crypto Coin Trader FB group has a few more people posting what they hold and what they think are low. Good to start with and I’ll try some trades here too.
- Keeping $350 USD to follow the BHW methodology of day trading. look for low and only sell after 5% increase. This is the slow and more safe way. I KNOW NOTHING RIGHT NOW ABOUT HOW TO USE ANY OF THE TOOLS so it’s going to be a long path
- I’ll probably adjust as we go.
I’m going to read a bit more on crypto trading. I’ve joined the following groups on facebook yesterday
Crypto Traders – News and updates about crypto currency, good to get a macro look at what is happening rather than specific advice on day trading, about 200 members.
Crypto Coin Trader – Seems active, lots of posts as well a mix of ads and other things.
Crypto Trading Madness – Run by a man named Shezz Amin and he seems to know his stuff. about 2,200 members (900 new). Recommend this group.
Crypto Trading Signals – A huge group (10k+) however the content quality does not seem to be moderated well. Lots of advertisements rather than quality advice and its hard to sift through it all. many posts are also not in English.
Advanced Crypto Asset Trading – Originally capped at 900 members, the big recent influx of crypto currenty foragers have allowed an increase in members. They try to keep posts moderated and quality. English friendly and lots of active topics. They also have an even more advanced group for actual traders. I certainly don’t qualify yet fo rit.
I’ve applied for a few more and I’ll update this post as I am accepted and find out more.
I will soon get started on a trading platform (Poloniex?) to start with and just get used to the feel of how to trade.
Could have made $1000 if I listened to my past self
This week BitCoin went up like CRAZY. like immensely. A few weeks prior I saw a lot of facebook ads promoting ETHEREUM. Could be classic pump and dump strategy by the FB groups, who knows.
I made an entry in my calendar a few weeks ago to buy approx $1k of bitcoin and you know what. I didn’t do it because I was too lazy to verify my identity. Shit doubled yesterday. (it has since gone down a bit).
DO WHAT YOU PUT IN YOUR CALENDAR . (GETTING THINGS DONE)
What I did today
- I have trawled through Blackhatworld forums in the past few days, jumping on the CRYPTO bandwagon
- I finally got into the world of PURCHASING MY FIRST BITCOIN CURRENCY! hurrah. I used localbitcoins (affiliate link) and within 2 minutes got about $500AUD // $350USD worth of bitcoin. I purchased $150USD worth from wesellcrypto.com and now I have $500USD worth of bitcoin as of today (0.18209612BTC)
The Cryptocurrency Plan v1.0
- Get the freak out of BTC and start investing in what they call ‘alt’ smaller volume coin currencies. People are hinting at PIVX or just looking at patterns of one or two waves and to ride the next wave to purchase at close to bottom and sell at close to top. There is a guy on BHW who is placing everything at one time to look for 5% gains. Seems to be a sound strategy which I will adopt
- Long term BTC, ETH are agreed to be very good investments. However for short term gain it is easier to get multiple returns with smaller microcent investments.
- might be a victim of shiny object syndrome
I might be a victim of shiny object syndrome
I can think of all the crazy ideas I’ve had or followed. I just never stuck with them. My current shopify store was done out of greed rather than passion. I am lazy. The only thing I am consistent at is trying these new things. Maybe that is my passion. LOL
Day 5 will start in 3 days.
My mum has arrived to visit me and I have been her non-stop chauffer for her friends and especially my brother, who gets anxiety to anything. He thinks any form activity could spell out the end of the world for him. It’s so hard to have him open his eyes to the world, but I will keep trying. His mindset seems like a god-fearing peasant from the dark ages. Really it is. Maybe he will never change – the underlying problem is the overarching and caring mum. I was lucky to escape early… He wasn’t. .. He puked after the plane ride here and he’s not going to like the Great Barrier Reef tomorrow. They will be leaving in 3 days.