As of now, my portfolio is divided more or less randomly in more than 30 different coins. With no good plan. Been just researching coins and when I come across a coin that I find promising, I try to find a cheap point to enter. Haven't had any actual profit targets / exit plans. So mostly I've been exiting too late, often at a point that I should have just holded as I missed the top completely. As for entering, I have many times entered too late aswell. Fortunately I'm better at avoiding that mistake nowadays; If the train has left already, then it has left. Forget about it, and look for the next train. The biggest problem here is that I can't follow so many currency pairs with precision. It cuts my profits.
So here is my revised plan:
I'm going to go over again the fundamentals and roadmaps of all these +30 projects. I will then make a list of 10 of the most promising projects out of these and scrap the rest. I will then invest 2/3 of my total investment capital into these coins in the order that the most solid winner will get the biggest allocation, the 2nd the next.. and the least solid the smallest. The remaining 1/3 I will reserve for day-trading. For this, I don't concern myself so much with fundamentals. I only care for small movements, I'm in and then I'm out. In order to do this well, I will focus on technical analysis and news. For each trade, I will have a plan; an entry point, stop loss and an initial exit point (which can be revised as I follow the movement).
Don't hesitate to tell me what you think about this plan. Is 10 coins too many? Is 2/3 too little or too much? All input is very much appreciated.
I also started with many coins and I am upside down on many of them as I bought close to the ATH in August. I have narrowed my focus to about 6-7 core coins (BTC, ETH, LTC, NEO, OMG) and then will use about 1/4 of my money to day trade and add to my core coins. There was someone that posted on Facebook that talked about aiming for a 5% return on his day trade coins each day. That doesn't seem like a lot but over time it really adds up, and to consistently get 5% can actually be a challenge. Search Daily Compound Calculator and you can put in your starting amount, daily %, and see how much you will have after your specified amount of time. It completely changed the way I thought about trading and now I am okay with setting my sell prices at 5% and I am not always chasing those big returns. I have only done it a couple of days, but so far it is working out well :-). Good Luck!
veltto_keksi
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@papaspumpkin, Thank you for the very thoughtful response! Those are great coin choises. They will be on the top of my list of aswell. :) I'll look up on the Daily Compound Calculator.