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Different attempts at Diversifying my portfolio

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Avatar for HappyBoy
Written by   369
3 weeks ago

This won't be the first time I will go with public opinion. "Diversify your portfolio," they say. And when this hit home the most is when other coins are rising at a fast pace compared to your lead asset. I FOMOed into buying some coins during the recent rise in the price of some cryptos.

So many times I've been advised not to put all my eggs in one basket. Being a noob in crypto trading, I started buying different coins and I lost a lot of money. At some point, I was close to buying $100 worth of SHIBA since they said it was the next Dogecoin. Thankfully I didn't get to buy it before the hype went down. I've tried different coins but I sold them all out. Right now I have less than $10 of 4 to 5 different coins, excluding BCH.

The first coin I got about 4-5 months ago was Litecoin. It was on the rise and was walking at the same pace as BCH. May 2021 BCH was over $1500 and I was expecting it to cross the $2000 mark. On the other side, LTC was also on the rise and my friend who had a lot of it was cashing out steadily each day. This prompted me into buying it. Ever since it's been falling. With the current price, one would think it's best to get more of it but I'm a little bit bias- I stack up more BCH instead.

Screenshot from My remitano app

Cardana (ADA) is another fast-rising coin. It's ranked number 3 on CMC and its value was increasing each day. While reading testimonies of people who invested in it, I decided to get some. I got a few at $1.48 and just like what happened to LTC, it started falling and I was forced to sell some of it, for I didn't buy the coin to Hodl but to trade with. Presently I have 4.04 left.

Screenshot from my Remitano app

Solana is also in the top 10 according to CMC. This month it crossed the $200 threshold. Before that, a friend asked me to get it but I was too scared to. It was close to $150 when he asked me to get it but I was reluctant. The FOMO set in again when I see it cross $200. I rushed in getting it and the usual happened again. Maybe I'm the reason why these coins are falling.

Screenshot from my Remitano app

Dogecoin- The story of Dogecoin and I has never been pleasant. Around February when Dogecoin was still 0.005 or something. I started mining and investing on various platforms. I got over 1000 Dogecoin but due to the low price, I went into Father Christmas mode. I gave out over 200 Dogecoin to people and taught them out to invest. I decided to go all-in and I invested over 1k Dogecoin too. The next day the site stopped working, I got scammed!. A few weeks after. Elon musk started his charade and dogecoin started rising. It got to its ATH and my friend who was also into it withdrew $500. While I was left to bite my finger. I still have a few on my binance but the transaction fee is an eyesore.

Bitcoincash- Our story started nicely and then being covetous I fell into the scam trap again (i talked about it here). I came back and it's been a pleasant story. I got the majority of it from noise and readcash. I bought some during various dips and it's been of help to me. How much do I have? I can't tell. I've deleted the wallet to my major hodling, but I have the seed phrase written down. The only secret I can reveal is that it occupies over 90% of my assets/portfolio.

Conclusion

I hope I've answered your question well friend (you know yourself). And I hope you've seen the reason why I am the wrong person to ask for advice related to the diversification of assets. I sold over 50% of each coin I bought and left a little to hodl till it rises again. Overall the worth of all the coins is below $50. The only coin I go all-in for is BCH.

I could have been patient, and wait for the right time to sell but my mind was never into it. I will hodl on to the few I got left and maybe with time, I will start investing in other coins. And it's always been my dream to have some ETH in my portfolio.

I'm still open to suggestions on which coin one can invest in. I'm planning to stick to the HODL style, so I believe this is the perfect time to buy. Though my story at Diversifying hasn't been pleasant. I'm willing to try again and this time I'll be patient.

Lead image: screenshot from coinmarketcap

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Written by   369
3 weeks ago
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Comments

Hahaha. I am a victims of this too. But at some point in time I realized that it’s never all market one had to dive into because of FOMO

But one market I enjoyed was the time of safemoon. I bought it when it was pumping and sold at the peak. Then it started dropping and never rise to ath since then.

$ 0.00
3 weeks ago

I am going to avoid some for now, the ffact that everything is red scares the hell out of me. You arent the cause of those things, it was just coincidence that you happened to not have it at the right time. You'll be fine brother.

$ 0.00
3 weeks ago

The cryptoverse can be really dicey sometimes and I have come to discover that things can go both ways; up or down.

I don't see diversifying your portfolio as putting all your eggs in different baskets, I see it as putting different eggs (from chicken, turkey, guineafowl) in one basket. The basket is the cryptoverse and the eggs are different coins/tokens, all of them won't hatch at the same time and a single calamity can befall them all

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3 weeks ago

Was planning to collect differet coins but I am still thinking about it. I don't know if I can manage it. However, I still want to hodl more BCH as for the meantime.

$ 0.00
3 weeks ago

I also bought and hold some coins for the future. I have made profit by selling some tokens again. And it was good to see the portfolio wallet. Best of luck.

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3 weeks ago

I also have a different coins in my bag. Still hodling it off course. Some was already sold and ready again to buy some and add in my portfolio. Well Good Luck to us eh.

$ 0.00
3 weeks ago

The cryptos I recently added to my portfolio are chz, kcs and shib. I'm waiting for a burn in the Shib, if that happens it can only rise like that. Otherwise, a serious rise is a little difficult due to the abundance of supply.

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3 weeks ago

You have so much knowledge about these things, I'm jealous haha.. I will stay with BCH because I have been observing trading and other cryptos are diminishing on everyday basis

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3 weeks ago

I really wanted to have the knowledge about crypto trading just as you are. I would love to take risk or hold what I have. Now I have some coins/tokens but still studying on how to make a profit of them

$ 0.02
3 weeks ago

I have little knowledge too. Just learning the ropes...

$ 0.00
3 weeks ago

I think we learn some lessons now hehe. I did the same thing before. So to avoid selling at a loss, I staked them and forgot about them, lol!

$ 0.00
3 weeks ago

I waiting to read your SmartBCH memes coins experiences. I have never gone into buying of coins in the name of diversifying portfolio, am all in for BCH. I invested some while I still have more in my wallet.

$ 0.02
3 weeks ago

I followed the public and i regretted it. I have a draft on my SmartBCH meme coins . I'm planning to drop it on the 29th as part of my monthly review.

$ 0.00
3 weeks ago

That's cool

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3 weeks ago

I think you've really dome enough to be having virtually all the well meaning and purposeful cryptos in your wallet. I'm really happy for you bro

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3 weeks ago

Wow! I can see that you've taken so mmuch advantage of time and understanding of crypto to get so many for yourself. How I wish I was able to have done so when I had the opportunity to do so

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3 weeks ago

I also had a huge loss from buying other coins.. Hoping that this market would recover so we can gain back our losses.. I don't want to invest in other coins for now except for BCH

$ 0.02
3 weeks ago

I'd better stick to BCH too because my journey has been pleasant in other crypto so far

$ 0.00
3 weeks ago