Honestly, I think there are no " safe to buy " coins anywhere in that market. But you can just put small amounts into buying multiple meme coins, it’s slightly less risky this way and more chance for a miracle to happen .

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It can be a wild ride! I’ve heard a lot about some of them too and was actually thinking of buying a small amount just to see what happens

I have not too much information about them but the are not reliable, I guess.

So basically a lottery ticket. Yea, that’s a lot of risk!

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Actually, I’m half-tempted to dive in, but also half-afraid I’ll just end up losing all my money

Yeah very risky, but small amount investments are worth it if you ask me.

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The reason I chose to trade in SOL network based alt coins (meme coins specifically) is due to the relatively very low total cost of buy/sell. Some of these are in the region of a few cents to get into and out of a trade, and if you manage to trade when volume is favourable, this can be far less than any gain/loss the trade may involve. The most severe cases I test (to build my profit/loss business case) are investments of less than $2, most of them are around the $10 mark, and (for one longer term scenario only) some are up to $50. You can get a lot of very cheap education trading for $2 a trade. Even if you are low risk and decide you will not risk more than 1% of your portfolio on any one trade, you can start with a $200 portfolio. Think about how much people spend on lottery tickets every month. Or every time you want to have a Costa or Starbucks coffee, just drink a glass of tap water, and “invest” the coffee money. You may not be rich quickly, but you are more likely to be less poor more quickly.

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Oh, that’s an interesting insight It’s really funny how I don’t think twice about spending on coffee but hesitate when it comes to investing a similar amount. Turning those expenses into trading experiments is actually a great way to learn without risking too much. Appreciate the tip

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Hi,
I used to mentor people on personal money management. It was something I did for people I worked with, not a paid role. After all, who am I to talk about personal money management? I have no formal qualifications in anything to do with finance, but from the ripe old age of 16 I figured that if all those “financial advisors” were so clever, why were they not investing their own money, and wasting their time in a job (which stands for just over broke) trying to tell other people what they should do with their money? The best person by far to tell you what to do with your own money is YOU and nobody else. Having said that, I have used a system of budgeting for the past 35 years that has managed to keep us away from the poor house all that time. And it does include a periodic review of mandatory, discretionary, savings (for investment), charitable and taxation contributions as a percentage of total income (that also includes investment income).

That’s actually an interesting way to think about it, with the lottery ticket analogy that really keeps giving you a chance over and over. Compared to a regular lottery ticket, once the drawing is over your ticket is worthless.

That is right. I created this plan, almost by accident, in 2022, and bought into just two of these minnows, for different reasons. Both are “winners”. A winner is defined as an investment where I have been able to recycle 100% or more of the funds at risk back to USDT (or ETH, or SOL, depending on the minnow and the least cost transaction fee). I never get out of any crypto investment completely. The winner can be achieved if the minnow doubles (that doesn’t happen that often) or in the case where I have chosen to buy / sell the minnow over a period of months, and my net cost has reached zero. I still have some of both those participants. On one I made about $600 but on the other I made over $4,000, which amounted to over 20X gain. I sold all of the big gain in Nov23 and bought back into it at 1/3 the price I sold, in Jan24. Since Nov23, I have started my “shootcoin phase 2”, where the total number of participants is just over 30, and I have declared six “winners”. One is up over 500%, so that is the closest to a lottery ticket in my collection. It is not all gains. Two of them are down nearly 80%. But this is a medium term strategy, even though two of the “winners” doubled within two weeks of buying. That was just good luck of timing. The current investment is less than 10% of my crypto and crypto is less than 10% of “all other stuff”, so I can afford to treat this plan exactly as described - a lottery ticket proxy that just keeps on giving. In fact, that has reminded me - my father once bought me some NSI premium bonds over 30 years ago. Never won a prize. I think I will withdraw those bonds and buy just one or two minnows and see how they perform. The inflation value of my premium bonds must have lost at least 50% over 30 years. Thanks for the reminder.

Well, investments are risk right? So the question comes back to are you profitable. Do you look at each coin separately when deciding that, or together, so like your sh*tcoin phase 2 total?

Early this year I took a decision to withdraw all fiat funds I had invested in crypto since starting. That left me with a five figure sum representing profits since 2021. Since then, 80% of those funds are long term BTC, ETH and SOL. I do trade them, but in timeframes of months, not days. The other 20% is split between two funds - the first I call Shootcoin Team, started in Nov23 and doubled the fiat input in Mar24 . That portfolio is up .2.75% YTD, and I have withdrawn 3.6% back to fiat (a present for someone who helped me with no expectation of reward). So overall that part is up 6.3%. I only evaluate that every six months, so that will be 10Jul24. The second I call the Meme Coin Sniper fund started in March 24. That one is up 55% and I have not withdrawn any funds from it. It is important to note that the range of ups and downs in the Meme Coin Sniper fund are extreme. Since March it it has been up nearly 150% and down 40%. It is too early to tell whether this could be a smash hit, but my objective was to grow it 10X by end of 2025. We will just have to see how it goes. My target for the first fund is 100% growth per year. That is why it is such a small proportion of my overall crypto plan. If you want something to double every year, you had better be prepared to lose it all. My target for the 80% of funds is a reasonable 25% per year, and I would even be happy with 15%. The important thing to me is that over a four year period, crypto has been the most profitable pursuit I have put a reasonable amount of money into. And that makes me happy.

Oh man the market tanked since our last chat. How did you fair and did you hold all the way through?

I bought some BRETT a while ago, so good with constant growth, worth checking out for sure.