Diversifying my DCA Investment further

in Project HOPE2 years ago

I have been investing throuhg the dollar cost average in Bitcin and Ethereum since the year 2020 and its still on because I don't want to stop it. DCA is the best way to invest in crypto and I highly recommend following this method if you are here in crypto for the long term. I use bitdroplet to invest in Bitcoin and Etheeum through DCA and this platform provides the option to invest in these 2 cryptos only. I was expecting they will add more options but until now its not done however I wanted to enhance my investment and make it more diversified. Diversification is very important in investment even in SIP because we can't predict the market completely and that's when this strategy helps us to minimize the losses and maximize the profits.

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While I have been continuously investing in Bitcoin and Ether so I also wanted to add Polkadot to the list and I am finally able to do this. I got another option to buy DOT on a daily frequency and I invest INR 100 with no end date decided as of now. These days Polkadot is doing pretty well and in the last 1 year, I have seen its low price as $9 and max around $52 which means this can do great in the next few years. People say that it can be an ethereum killer so we can expect its price to grow like ETH but to be honest, I don't expect that much.

My investment goal with DOT is for the next 3 years and I will try to continue this investment for this period. Here is the snapshot for my daily investment and you will see that there is one buy order every day at 8 am for INR 100 and out of which INR 0.25 was deducted towards the fee and the rest is used for buying the dot coin. I used to get around 0.035 DOT in the last week of November and now in December month, I get more than 0.04 which is good. This is the power of DCA because manually its difficult to buy daily without family but DCA does it for us and if we average out then we will always be in profit. AT the current price I expect that I would get around 1 DOT in a month and I may think of increasing it later however as of ow this is good enough for me.

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Investment is a journey that we need to follow with discipline and keep on reviewing its performance from time to time. There may be a need for some change and with these little changes or additions, we can make it more profitable. The majority of my crypto stake is in HIVE and I know that it will do great in the next few years. In fact, it has done pretty well but that's not my goal and I did not sell anything in the recent price pump for the hive. There is a saying that- "Never put all your eggs in one basket" and that's what I follow strictly in my investment. I try to bag bitcoin and some altcoins because you never know which one can rock and give us great returns.

Who thought DOGE can grow like this but it happen and we know the reason behind this is Elon which actually is not much important. Important thing is that price has grown which benefited DOGE coin holders and this is what matters the most.

Thank you so much

Stay Safe

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hello @reeta0119,
I really like your investment strategy, I think the wisest thing to do is to have a diversified investment portfolio because if one of the coins loses value the whole portfolio will not be compromised, many people invest by putting all their eggs in one basket, this usually causes them to lose the funds, I hope to follow a strategy like the one you are using.

Hello
Investment is something that really require passion dedication and discipline to make it a regular and when we make it our automated then I think it's a great way to go ahead and get the money. Like you mentioned about the diversification which it surely an important part which should not be ignored at all. Nice post

You are doing great job @reeta0119. Is bitdroplet is safe options?

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