Do You Know Your Magic Number for Investing?

Bitcoin and other cryptocurrencies have had a bad couple of days recently and as a result, many people have significant losses in their portfolio. One lesson I will always share for every crash is to LIMIT YOUR POSITION SIZES to amounts that are suitable for your level of risk tolerance. Believe it or not, I'd argue one of the biggest reasons financial advisors even have jobs is because people suck so much at identifying their own levels of risk tolerance and abiding by it.

Steemit Post: https://steemit.com/bitcoin/@cryptovestor/do-you-know-your-magic-number-for-investing

If you are glued to the screen all the time watching the charts, or if you're losing sleep over Bitcoin's / altcoins' fall, then it's time to trim your position sizes to a level where you can make healthy decisions and continue to live comfortably. For some investors / traders, it takes more crashes than others to finally learn this lesson. However, you don't get too many chances in a volatile market in this one so try and figure it out as soon as you can.

In terms of trading, I've decided to pick up some Vechain (VEN) at close to 39k Satoshi flat. This is a short-term trade: I am looking to exit March 16th (or so - depends on if it pumps) before the pre-deadline selloff for the X series nodes.

These nodes encourage investors to hold more VEN, so I am hoping for a pump prior to the deadline to sell into. This is a risky trade as it is possible this is already priced in and that VEN sells off even sooner before than the deadline than I plan to sell. I am not going "big" on this trade, just want to test the waters with catalyst based trading (akin to earnings trading in stocks).

Some updates: I haven't bought Monero yet and don't plan to unless it goes below 2.5m Satoshi (perhaps it will sell off after the hard fork). I still continue to hold Cardano, but won't buy anymore for a long time (lower 1k Satoshi range). Bitcoin is trading close to its 200-day moving average, so should be interesting to see if that holds up as support. I won't be adding any more since I fully allocated at $8.3k during the last crash.

Hope you all enjoyed as usual - Thank you for watching / reading!

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My Recommended Hardware Wallets:

If you want to store your cryptocurrencies safely, the best way is through a hardware wallet. Seriously - look it up and you'll find plenty of information supporting this claim. There are alternatives such as paper wallets, but these are convenient and my choice for cold storage (offline):

Ledger Nano S: http://amzn.to/2hZPj0q
Trezor: http://amzn.to/2AxD9TN
Ledger Blue (expensive): http://amzn.to/2hk7xst

I personally prefer the Ledger Nano S, but the Trezor is such a close second that it really doesn't matter which one you go with. Ledger Blue is premium and convenient, but not necessary.
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My Favorite Book for Investing in Crypto:

Cryptoassets: http://amzn.to/2zKDdCF

This book is, bar none, my favorite book for investing in cryptocurrencies. It doesn't bog you down with technical jargon, but instead focuses on all the elements you should understand before you invest.

It's a comprehensive book for both beginners and experts. Beginners will find information about major cryptocurrencies (not just Bitcoin) as well as details on historical market events (that you can draw on for future) and events to watch for moving into the future. Experts will find the chapters on valuation particularly useful. For those of you involved in traditional investing, this book is even more of a godsend as finance info is explored (correlations with other asset classes, ETFs, etc).
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My Recommended Exchanges: Coinbase / GDAX / Bittrex

https://www.coinbase.com/joi