How I (mostly) stopped trading and always swapping out coins

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How I (mostly) stopped trading and always swapping out coins

Like most here, I look at charts, my portfolio, and this sub daily. This has led to me often day trading, deciding to swap one coin for another, and generally just meddling with my portfolio.

Anyone whose been in crypto for 4+ years will probably tell you that if they had just not touched their portfolio, they would be better off than they are now. In the last few years, I've done it all:

  • Had over 2 BTC, then traded it all for alts during 2017
  • Traded an alt that hadn't really moved for a year for a different alt, the original would now be worth many tens of thousands
  • Bought the hottest alt at the top of a bull market, held it for years at – 80% only to sell just before it moons again

In order to stop doing this, I've done some of the below:

  • Have a concrete goal in mind. For me, it's earning 10 years worth of post tax salary. Once my crypto reaches this amount (after paying tax on that too) it means I've cut 10 years off my working life. This is a huge goal and means I'm more cautious with my coins
  • Just think about what would happens if you sell and later it moons. If you have a coin you really believe in, just think how painful it would be to sell it to fomo into something else, only to realise later you missed out on the jackpot
  • Earn staking and interest. This is a great one that wasn't as prevalent during 2017. I stake as many coins as I can from their native wallets, and use DeFi platforms to earn interest on others. Not only am I making some great passive income, it keeps me from selling. And yes there is some risk with keeping coins on platforms like BlockFi, Nexo etc, but you can spread them across many sites to help reduce risk
  • if you don't need immediate access, delete the app. I can only log onto these sites by first logging onto my password managers, then logging onto the desktop site. It's not much, but it reduces impulsive decisions
  • Think in longer time frames – I try think in a 10 year time frame now, which helps not worry about chasing the latest pump

Now there's also something to be said for cutting your loses when you're down, and not every coin should be held forever. If you build a portfolio of decent coins you believe in, it should make it easier to hold even when you are 80% down

submitted by /u/loc12
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