With so many new coins, how do you choose the best one?

I’ve been into BTC and crypto for quite a while now. And with the recent developments in NFTs and the Metaverse, things are getting super exciting. :open_mouth: But at the same time, I’m overwhelmed. I recently invested in NFT related coins, and now I’m coming across really new but promising projects like SYN City. :open_mouth: I guess my trouble is I have limited budget, but I want to be able to invest these promising projects. :open_mouth: It’s very new and quickly evolving, so how do you choose the best ones?

Hi @ria_rose
It may be useful to start at the end to lessen your confusion.
How much of your excess income is available to put away as investments? $10 or $100 per month?
Of that amount available to put away as investment money, how much are you allocating to:

  • savings in the bank
  • bonds
  • stocks (shares)
  • other (crypto)
    Now you only have to be concerned about the last category because the others may not require too much work - just some effort to set it up. BTW, I have none of the first three, and started off allocating 3% of our wealth to the last one. So do not try to copy what I do. You will most likely be disappointed. Our situations are very different. I always tell people to look at what I do then quickly run in the opposite direction of risk - so you don’t jump off a balcony when the market crashes. :upside_down_face:

So decide how much of your time you have to learning about crypto, as you should do in analyzing stocks or bonds or cash deposits in banks (or for that matter precious objects like a gold necklace - wait a minute - isn’t that what I think a good NFT may become? something I enjoy owning - especially if it did not cost much?

I split our crypto up into two areas last year - long term hold and trading.
This year, there are two more areas I have created and added to our original portfolio goals and objectives. They are “income” and “NFTs”, which are not necessarily mutually exclusive. Whilst income can be derived from stable coin locking, provision of liquidity pairs of currencies, it can also be derived from choosing the right TYPE of NFT. So now I have two growth areas, the first of which may be funded by a proportion of those cryptos we do not intend to trade (like BTC or ETH), and some of those funds may be used to buy NFTs both for long term objectives - if they have an unearned income potential, or for trading too.

I hope that helps you to sort out the enormous market opportunities for 2022. Just cut up your plan into little bits and manage one bit at a time. That is how you eat an elephant - one bite at a time. :wink:

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You know my opinion, I stick to popular projects because I understand them better.

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I always look forward to your replies Mondeo! Haha. :smiley: They’re always very helpful and I hope you don’t get tired of me cause I get stupid sometimes. :sweat_smile:

Tbh, the only things I have now are crypto, small saving in the bank, and just the money I have in my forex trading account. :sweat_smile: And the crypto I’ve had, I’ve only been holding. :open_mouth: I’ve been trying to diversity but I just get too overwhelmed and easily distracted by the latest big opportunities. I want to take on the same approach and split my crypto into trading and holding, but I’m not sure I have enough crypto to trade tbh. :open_mouth: But, I’ll try to buy some more so I can also try this out!

Definitely! :smiley: Thank youuuu! :blush:

That’s understandable. :open_mouth: And that’s what I’ve been trying to do. But there are just so many that pop up! :open_mouth: It seems to me that there are new popular projects almost every week or every other week! :confused:

I will never get tired of someone who writes delightful posts. If the world were full of @ria_rose personalities it would be a far better place indeed.

I have had the same problem as you recently. I am now spending (I hate to admit it) up to 6 hours per day absorbing all things crypto, and now all things liquidity pair and GameFi. When I feel guilty for spending so much time learning about new subjects, I always remember applying for membership to PMI in the US. The forms asked for “experience”. I had a total of 28,000 hours of project management experience. That really made me think “no wonder I don’t have any problems managing projects” :rofl:

I look forward to the day I can say that about trading, though if you can be profitable without trading the 28 pairs, it’s more than enough. Now when people ask me what I do I say I trade currencies for profit. When they ask me which ones, I say “all 10,000 of them”. The conversation normally stops at that point. LOL. :cold_face:

Sorry - forgot to say. To reduce the scope of what I watch out for I have decided, for NFT and LP investments, to stick only to the Harmony (ONE) ecosystem. I don’t do well contemplating investing in many widgets where currency has to flow on a dedicated network. The ERC20 and ERC721 tokens are bad enough to get your head around without having to contemplate even more. Pretty soon, all the internetworking protocols will be establish and extracted to a level that does not have to involve active management from the participants. But for now, dealing with crypto is a bit like having to navigate a command line interface like MS DOS before Windows 3.1 arrived. Sorry - that was likely before you were born. :crazy_face: