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opened a binance account this weekend

  • 26-04-2021 7:27pm
    #1
    Registered Users Posts: 1,109 ✭✭✭ Minime2.5
    Registered User


    New to crypto. I opened a binance account this weekend. I lodged 2k and bought 1900 bitcoin and 100 Theta. I have since changed half my bitcoin for etherium. Im committed to topping up this account by 2k every month. 1900 will go on a split between bitcoin and etherium and 100 on theta or another coin . Ive heard cosmos ecomi and harmony one are good ones to invest in.Would appreciate advice on my portfolio split


Comments

  • Registered Users Posts: 2,235 ✭✭✭ massdebater
    Registered User


    Your split seems solid, fairly low risk (by crypto standards) with 95% going to btc and eth. My crypto starting split was pretty similar, I had just over half in bitcoin, a third overall in eth and the remaining 1/6th in one other higher risk/more volatile token

    Depending on your risk tolerance, you could increase the 100 as you might find that even if you hit on something, the amount is likely to be fairly small if it's only $100 here and there. Hitting 10x on a random coin would still be less than half your monthly deposit. Best of luck whatever you decide!


  • Registered Users Posts: 7,884 ✭✭✭ Unearthly
    Registered User


    When building portfolios there is always different risk levels, albeit crypto in itself is riskier than a lot of investments due to volatility.

    If you want a portfolio that's the least riskiest you'd build it around Bitcoin and Ethereum. They're tried and tested, gone through apocalyptic corrections, bad PR and came back stronger than ever.

    The negative part is that because they've been around for so long, the % of returns is diminishing over time. You could have got a x100 return on Bitcoin a few years ago over a short period of time, while at this stage if you're looking at the next year the return would be at best 100-400% return.

    So that's where the lower market cap alt coins come in and it's the wild west out there. If you want a high risk but very high reward portfolio, you'd build it around alts that have great fundamentals, low market cap, good tokens, and a good solid team behind it.

    Cosmos and Harmony are good projects and I think they'll have good growth this cycle, but they face a lot of competition.

    Also research areas such as bull/bear markets, temporary corrections to prices, and the timing of when to purchase a coin, just so you're mentally prepared because although there are mornings you will wake up with massive gains, there will be mornings when you wake up with profits wiped out which can impact emotions to make bad knee jerk decisions.

    *not financial advice :p


  • Registered Users Posts: 430 ✭✭ SCOL
    Registered User


    I looking at investing about €200 per month, I trying to learn with youtube clips and reading these messages.

    Anyway, was looking at opening up a coinbase/ Karken account transfer €200 per month and try to start trading,maybe 1/3 spread over bitcoin, ETH and others with these small amounts do I need to get a wallet ? or should I just get one from the start ?

    Do people just buy and hold onto and let it build up sell some at some point and cash out and start again or buying and selling daily etc.

    Also can anyone recommend youtube / podcasts to get into to learn more.


  • Registered Users Posts: 7,884 ✭✭✭ Unearthly
    Registered User


    SCOL wrote: »
    I looking at investing about €200 per month, I trying to learn with youtube clips and reading these messages.

    Anyway, was looking at opening up a coinbase/ Karken account transfer €200 per month and try to start trading,maybe 1/3 spread over bitcoin, ETH and others with these small amounts do I need to get a wallet ? or should I just get one from the start ?

    Do people just buy and hold onto and let it build up sell some at some point and cash out and start again or buying and selling daily etc.

    Also can anyone recommend youtube / podcasts to get into to learn more.

    Ethereum and Bitcoin are expensive to withdraw because of high gas fees so you would be better leaving it in the exchange. Binance are a very big company so although never 100% safe, it's unlikely they will close down.

    In terms of taking profits it depends on the person. I personally like to accumulate heavy during the down time of the market with a view to take profits during the top end. I also like to buy during heavy market corrections. Other people like to swing trade but 95% of people fail at this so need to research a lot if you want to go down that route.

    For youtubers I think Benjamin Cowen is brilliant. He does a lot of videos analysing the market. When you see Crypto over 10 years on a chart you can see exactly what the best times are for accumulating. He also talks a lot about bitcoin and Ethereum. He does live streams if there is a sudden market correction so he calms a lot of people down instead of the click bait youtube people who have thumbnails of panicked faces


  • Registered Users Posts: 1,109 ✭✭✭ Minime2.5
    Registered User


    I have heard of a few coins that may be worth an investment but may also come to nothing , thoughts on the following

    Theta
    cosmos
    ecomi
    Harmony one
    Polygonmatic


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  • Registered Users Posts: 16 ScamAtak
    Registered User


    Avoid them all unless you are prepared to lose 50% of your money.


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