How To Chase Multiple Crypto Tokens Without Losing Focus In 4 Easy Steps
I should give a quick shout-out to @mba2020 who gave me the idea for this blog post by commenting on my New Year blog post about my “Crypto Goals for 2022”:
Original post: https://ctptalk.com/@hirohurl/my-2021-year-end-crypto-challenge-results-or-crypto-goals-for-2022
Okay, so here are some of the steps I take to accumulate multiple crypto currency tokens without going completely off my rocker
Step 1: Decide HOW You Will Accumulate Crypto
In my case, I decided about three years ago that I would accumulate Bitcoin satoshi without investing any out-of-pocket mula. Crypto currencies are volatile investments and come with high Risk/Reward Ratios. One way I control risk is by accumulating without investing any capital.
In the case of Bitcoin I do that by earning free satoshi every day, and by taking affiliate commission payments in Bitcoin, which enables me to dollar-cost-average my way into Bitcoin every month without dipping into my offline income or savings.
Then, when I started accumulating multiple crypto tokens on the Hive.io blockchain, I added blogging, commenting and upvoting to my list of free ways to accumulate crypto.
The point is, no matter HOW you go about accumulating crypto currency tokens, make a conscious decision to define your “HOW” before you start.
Step 2: Set Clear Priorities by Ranking Your Crypto Tokens
As you start to collect various different types of crypto currency it becomes increasingly important to decide which ones are the most important to you and why.
In my case, one of my two top priorities is the Hive.io token. The other is Bitcoin. But I also collect Fun tokens on the funtoken.io blockchain, and a bunch of different second-tier tokens on the Hive blockchain.
So the first thing I do is make a clear distinction in my mind between HIVE (including second tier tokens) and non-HIVE tokens. Then I prioritize the tokens I am accumulating like this:
HIVE Tokens | Non-HIVE Tokens | Priority |
HIVE | BITCOIN | 1 |
HBD | FUN | 2 |
CTP | 3 | |
INDEX | 3 | |
ALIVE | 4 | |
CTPSB | 4 | |
LEN | 4 | |
LEO | 4 | |
LISTNERDS | 4 | |
POB | 4 | |
Everything Else (Exchange for higher- priority tokens) | BitcoinCash (Exchange for Bitcoin) | 0 |
The chart shows what my priorities are and reminds me to sell off all the other “zero priority” tokens that I happen to earn and use the funds to buy tokens that I have prioritized.
Step 3: Set Clear Targets For Each Crypto Token
Now you know which crypto currency tokens you are aiming to accumulate it's time to set some clear targets to aim for.
I set yearly targets and then shorter-term targets during each year. I suggest that you set a big long-term goal, maybe five or ten years out. Then set yearly goals as big steps towards your long term goal. Then set quarterly and maybe even monthly goals so that you can clearly track your progress and make adjustments if necessary.
An important point to think about is this:
Are your targets and accumulation methods, resources or abiliities in sync?
For example, if your goal is to accumulate ten Bitcoin in the next ten years, your average accumulation rate is “one BTC per year.” At current rates, that would require an investment of $41,000-50,000 per year whereas your investment resources may only amount to $10,000 or maybe only $1,000 per year.
Clearly, your target is out of sync with your accumulation resources. Either you should lower your target or find ways to raise your accumulation rate.
Step 4: Take Profits!
Okay, I have to fess up at this point as say that before today I had not set any parameters for taking profits!
But after watching this video by @achim03 I realized that I ought to do so:
Source: https://ctptalk.com/@achim03/epotuijv
After watching Achim's video, I decided to create clearer "top priority token targets." I decided that my top priorities were HIVE and BTC.
Now I must set some "take profit" targets for my "priority 2-4" tokens. When a token hits the "take profit" target I will exchange a predetermined percentage of that token for my #1 priority token. In the case of FUN tokens, they will be exchanged for BTC whereas second tier Hive tokens will be exchanged for Hive. More on that in an upcoming blog post!
David Hurley
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Those are valid steps to keep yourself focused on multiple tokens... I'm doing something similar with exception of regular "check-outs" of tokens... Which one is only sitting there like a store of value, which one can be earned (and how much), what are the benefits of HODLing them, etc... Those are some of the points that I'm using to "prioritize" certain tokens over other ones...
Hive-Engine tribe tokens are very volatile and, except LEO, I didn't notice any other tribe token doing something special to preserve the fall down (very rarely there is a use case that is really used, or burning, or something similar mechanisms)... I'm not saying that they are worthless, but definitely, they are very volatile...
I have picked this post on behalf of the @OurPick project and it will be highlighted in the next post!
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Hi ph1102 - thank you for picking my post for the @OurPick project!
Thanks for the mention! I think that when we are in accumulation mode we shouldn't just be hoarder but rather clever hoarders so that we can bring the value to where we actually want it :-)
I like the idea of being a "clever hoarder" - with your help, @achim03! One of my jobs for tomorrow is to set some parameters for taking profits on my 2nd-4th priority tokens. :)
My top ranked tokens are: HBD HIVE INDEX CTP BBH and LIST. LISTNERDS might end up on the list, too. Non-hive would be Bitcoin, BAT, and doge. !BBH
Hi @fiberfrau - thank you for popping by and posting your top ranked tokens. I haven't looked into BAT at all: what do you like about the token? !ALIVE
@fiberfrau! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @hirohurl. (1/10)
The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want.
I like BAT because I earn it just by using Brave Browser. Passive income from simply doing something I would do anyway.
Because this is such an awesome post, here is a BBH Tip for you. . Keep up the fantastic work
That is a great concept to bring up. Taking profit. A lot of us are treating crypto like a retirement account. I will also look into taking profits from my crytpo investments. I have been reinvesting any gains.
Thanks for the shout out :-D