A hard core crypto-trader I'm not. I find it complicated, confusing and feel nervous every time I transact from one place to the next, set a buy or sell. I guess dabbler would be a more fitting way to describe me; A crypto-dabbler since 2017.
This doesn't mean that I'm a novice investor; I've owned multiple properties over the last twenty seven years including residential and commercial spaces and have worked in the property industry at executive level for the last twenty years. I know some things.
I have several other investment strategies, diversity is important, perform research and have trusted advisors...None of which helps me with cryptocurrency of course.
I heard about Bitcoin in 2010 and, to my great annoyance, failed to throw a few hundred dollars into it; I had the money, just not the knowledge or the guidance.
These days I have BTC thanks to my blogging activities and fiat investment. It's not a lot, but I feel good to be in it even in my small way. I'm not expecting to be a millionaire but hope it will someday make a difference to my life.
It's with that thought I spoke to my younger brother @tarazkp recently; He has more of a clue than I do and I wanted to bounce some ideas off him.
I had it in mind to sell some BTC and repurchase later if the price dropped; I have no idea if the strategy will work but it seemed a viable way to increase my holdings. I bought USDT and immediately set BTC buy-backs with it, at much lower market prices of course. If it works out I'll have a little additional BTC; If it goes up though...Well, that's the risk I took, no different to any other investment strategy I've every gone into. Risk it always present.
There may have been better ways to do it, other tokens to purchase, but I just don't know what they are or have any reliable information to work with.
I've only taken $100AUD of BTC into Fiat as a test for my Wirex VISA card; It worked and having that mechanism to get my BTC into the real world feels good. Taking any sizable amount will trigger a text-event but I'll cross that bridge when I get there.
The Australian tax office (ATO) has very stringent laws around crypto and the capital gains and income tax it will incur - Maybe moving elsewhere could mitigate the liability, although I'd need a large amount for that to be possible. A problem for down the track.
I've embarked on a little BTC trading, not my first trading, but the first where my stash of BTC is concerned. I'm nervous, but the reward could be worth the risk and I hope to report a positive trading story eventually.
There are so many who have made cryptocurrency work for them; Bitcoin has changed peoples lives in many cases and I wonder, are you one of those people? Have you traded successfully or had some other successful strategy? Conversely, has trading brought you down through loss, miscalculation or simple bad timing? Feel free to tell me below, or throw down your trading secrets...I could use them!
Design and create your ideal life, don't live it by default - Tomorrow isn't promised.
Be well
Discord: galenkp#9209
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For my taste, it's too risky for trading at the moment. Just HODLING.
90 % of the time I lost my money with trading like probably most of the people did. But they won't admit that.
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I've started with a small amount to see how it goes, I guess just for the exercise of it. With the price staying pretty strong I agree that holding is good at this moment, but I figured I'd have a go at trying to increase it somewhat. Time will how it works out and if it doesn't work out quite to plan I've got little to lose really. Life will go on. That's the benefit of diversified investments I suppose.
If you are going to trade, you ought to check out gold2020.com (Bo Polny). His crypto calls have been uncannily accurate over the last couple of years. Otherwise HODLing is the way to go IMO.
Hey mate, thanks for letting me know I'll take a look. See? My post is working already. :)
I’m keen to follow. In SA we use Luno to cash BTC but haven’t tried it yet. Not that I have anything to bring in 😂. Just planning for the future as you say.
I see it as a bit of fun and a learning experience at the same time. I mean, unless one does something it's difficult to learn right? It's not too risky as I've only begun with a small amount of my BTC holdings, but I'll learn along the way and that's the pay off.
So far I am not a crypto trader. At the moment I am considering buying hive for the first time. Right now I could already have a few thousands of hive if had not bought a puzzle. But at that time I was taking on of my breaks from hive/ was thinking about not returning here. And the money was not wasted- that puzzle will entertain me for probably more than a year and by posting my puzzling adventures here I am still getting some upvotes.
It's not for everyone I guess and to be quite truthful crypto was something I knew nothing about only three and a half years ago. Now I have a reasonable stash of it including BTC, ETH LTC and hive among some others. My recent decision to trade a little BTC, a small amount of my holdings, was about having some fun and trying to increase what I have by a few sats here and there. We'll see how it goes.
You're still around on hive so it might be worth investing if that works with your financial plan.
They say that if you don't have a ticket, you can't catch the bus. So you've got the ticket mate.
Of course I will never have a ticket, as trading is way above my head hahaha.
I follow @daveks advice and simply HODL
Well done and we hope that it works for you.
Why the hell do people write hodl? The world is hold is it not? I wish someone wold explain it to me.
hodl
Hold
On (for)
Dear
Life
and the biggest thing is to trade with just a bit of your stack and not all of it. I am doing the same right now and have made a few sats. I will take out the profits and keep trying to ride the waves.
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Yes, that was my thought; Take a little, try and grow it and see how it goes. I mean that's what trading is all about I guess, I could sit around and hold it but eventually I'll die and my beneficiaries will get it...I'd rather have a bit of fun and have the chance to grow my holdings.
P.s. I find the misspelling of hold a bit dumb. Seems to be popular with every one though.
Holdl is what they call it in the cryptosphere, but yeah kinda dumb lol
I imagine a consultant sitting in an office talking to me about my holdings...He says, you should hodl...only to receive a swift smack in the chops from me as I say, this is adult stuff, not kindergarten, so don't be such a dick.
Hahaha..
Did you get a chance to look at gold2020.com yet? He's got a 2 week free trial I think.
Hahaha, they invent these languages to show us how clever they are my friend.
I love the strategy of buying crypto when its price dropped. I know the strategy will work for long time investment.
Yes, it's a good strategy to buy it low and sell it high.
It's a good strategy, with Goldman Sachs and BlackRock awaiting coinbase public listing approval BTC will only go up. It is also tipped to increase by 10% each year. (Banker research)
A small tip, get your hands on coinbase shares once it is listed. It only generates low profits. I think it was 500m (US) since its inception so shares will be low. But once publicly legal trading of cryptocurrancy emerges that income will quadruple.
There's also Celo that is releasing a pegged stable coin to the Euro in March surely will increase. I threw $100 into it. I also threw $100 into polkadot. It is an Etereum founders creation and tipped at Web 3.0.
Uniswap has a few more $$
I've sunk 1k into compound. I think that coin will reach $5000 - $6000 in the next 5 yrs.
I also threw $70 at NuCypher. I liked what it stood for and its a first of its kind. Currently trading at 27c.
I don't have much cash to play with. Most of it has been here and Leo. Rest is house and mortgage :(
Hey mate, seems like you do your research and are willing to have a go. I'm less inclined to take a punt like that to be honest, simply because I haven't done the research through lack of time and, I'll be honest, interest. Although that's changing and I can see myself getting more involved as time goes by.
I have, many of the market predictions I've made have come to fruit. Unfortunately I have no play money in the game 🤣 my main game is Hive and Leo at current.
I put in what I can when I can. Who knows, maybe one day I might get into it abit more when I get through the current hurdles
Keeping your finger on the pulse and up to date with stuff will put you in a good position when your finances free up a little, and who knows, maybe hive comes good and helps us all out?
Hi @galenkp
Invest in the crypto market? It is a good bet for many if we see it as the future that has already arrived. However, as you well know, all investments involve risks and follow the rational maxim: buy when it goes down and sell when it goes up. Of course, the problem is in predicting the behavior. Like you, I am not an expert investor, but like some, I tend to mistrust common sense in business matters. It is speculated that bitcoin will reach the Moon, and investors are focused on it, soon we will not be able to enter the market with great aspirations, so if you can, take a small portion that you do not fear losing and put it there.
Polkadot is a project that has had lately been sounded by its market capitalization. The project looks interesting, so it's not a bad idea to take a look at the altcoins associated with it. Who removes, let's find a hidden vein of gold in the medium term. At our age, long-term investments will not be for our own enjoyment, but for our children and grandchildren. Those who, in general, will squander it, either through greed or inexperience. Also, who knows what the future will hold for them in a world that has already begun a transition.
My dear friend, do not take my thoughts as investment advice. So alone, I share my impressions. It is preferable that you pay attention to your younger brother @tarazkp, who seems to be clearer than us.
Have a wonderful week.
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I agree with your comment about our age. I often say to my brother that I don't have a lot of time to make stuff happen and so need to do what I can, when I can, and hope for the best. I have no children so everything I have will go to my nieces and nephews including my investments. They can squander it if they wish, I'll be dead so won't care.
For now I have a little fun, play around with it a bit, and see what I can make happen. Theres no real skill or any great knowledge behind what I do where crypto's are concerned but I have a bit of fun and the value keeps score.
I am the same. I call myself "active hodler". I have roughly 1/3 assets in cold wallet, 1/3 in lending (Nexo, Celsius, Binance) and 1/3 in kind of experimental area: staking (Binance, KuCoin), farming (Pancake, Venus) etc. So my portfolio is growing regardless the prices of crypto.
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Rome wasn't built in a day right? Small gains placed all in a row will, more often than not, add up to much bigger ones. That's my hope anyway.
I don't know what cold wallet is, maybe somewhere to store crypto's offline? I'm really showing my novice-dabbler status now huh? 😉
Homa feliz dia. En mi casa es ahora que veo mi momento de aprender sobre las criptomonedas, es ahora de buscar formarme en este cambio de paradigma, y espero tener resultados satisfactorios y salir adelante...
For most there's a learning curve but with some effort it begins to become clearer. I don't have much patience for it to be honest and have other more engaging hobbies and interests however I'm making an effort and have done ok. I hope you manage to get your head around some of it and do some good trades.
Interesting and enjoyable read. I bought my first bitcoin back in 2009 and deeply appreciate how far the entire space has come. For me in the beginning it was a screw around activity to be honest. Buying it was difficult, selling even more so. So when it would have major price moves in the years that followed I'd dump some feeling like the cat that caught the canary... never really believing it would go higher. It wasn't until about five years ago that ... scepticism? Ignorance? One or both made me go from feeling smug to gnashing my teeth.. Yeah I made money, but I could of made more. But become a chronic hodler? Nah. I had to learn. Today I deploy a number of trading tactics and talk about zero of them. Despite getting over feeling like I lost because I could of made more, I'm still in no position to give trading advice. I just don't blog about the new way to make money. I have no place or right. I do blog about what I like though so occasionally/rarely crypto comes up. But, I can say this... especially if you have an investment background.. if you are doing the work, reading the white papers, investing the time and you come across something that you like and see a true use case for then pick up some. Even if it's a little. It's a hobby so keep the moves in that affectionate/labour of love realm. I recently nailed it on Curve Dao just from that approach. I did the same with Pivx years ago when it was at around 0.15 and sold around 9 USD in the last bullrun. Pivx later died, but I offloaded most kept a few. I keep the keys to my Pivx today alongside a number of dead coins I hold. It may come back, it may not. Who knows? I liked the coin and enjoyed the ride. Atm I'm watching a cryptocurrency called Velo and kinda like it. I'm still umm and ahhing over picking up some, but it has caught my eye. It could be a fun ride so I may jump on. Not so fast that my shirt blows off my back, but enough to enjoy the engagement. Great post @galenkp.
It seems you've started very early on and considering you bought BTC at that early stage have probably done well from it. I think back to 2010 these days and remember hearing about BTC and thinking, that sounds cool and interesting but having no clue as to where to start. I'm not the most computer-savvy dude, I know enough to get by, and so it all seemed very hard. I was eating very good money and had plenty to spare so could have thrown a few thousand in no worries...But just didn't know how. Foolish? I don't think so. I mean it's easy to say so in hindsight but in reality it's not as clear cut.
By 2012 I was developing apartment buildings and townhouses in urban-infill areas in my own company. I'd do the property acquisition, feasibility study, design and construction (the latter with consultants and builders) then sell them off-plan and so was busy, far too busy to think about magic internet money. So again I didn't do anything about it and BTC fell off the radar.
The years went by and here I am, dabbling, in BTC and other crypto's trying to make something happen. I often wonder where I'd be if I dropped a thousand on BTC back in 2012.
Thanks for commenting on my post...I know it makes me sound a little novice but I'm ok with that, not everyone is an expert in every area, and only the truly foolish try to pitch themselves that way.
I'm trying to learn about crypto trading as we speak ... And no at this time of life it hasn't been life-changing for me, but I keep hoping it will be in the future once I understand a lot better what I'm doing, and where to look at.
Money to buy crypto is not present, so I have to find other ways. Blogging is one of them, of course, but trading could be another way.
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When I first started blogging and getting crypto as payment Indidnsome trades. I did ok mostly too, but they were safe and not with BTC. As the amount of my BTC holding increased, added to by those trades, I became more interested in it although it has remained a hobby I do it in the hope that one day I will have an amount that helps my life in a positive way.
I'm never going to be rich from crypto whether I trade or not, but I'll have something and a little fun along the way I guess.
That's how I look at it really. I don't want to take it too seriously as that will change the way I approach it, put more pressure on it. I have a lot of other hobbies and am happy with the way this one, blogging/crypto/trading seems to be going. It's moving forward slowly and I'm enjoying it. When I stop enjoying it that's when problems start.
Cryptocurrencies as a whole have influenced my life in a lot of ways, and on top of the list is making me better with money. My fascination with money as a concept made me delve a bit deeper into the game, and I've picked up a thing or two that is helping me cope.
When it comes to trading, I doubt there's anybody that can confidently say that they have it figured out. All you can do is try to strongarm the forces of demand and supply, and then still hope for the best.
My trading strategy is pretty simple and has largely been effective. It is a combination of short to long term techniques that I just rinse and repeat. It is an age-old strategy; buy low and sell high.
Sometimes, I buy at a price and then the coin dumps. I place a sell order for a price that puts me in profit and I'd keep it there for minutes, hours, months or years, depending on how long it will take to get me back my profit. I hate losing.
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Buy low and sell high, yeah, I started doing that 31 years ago on the stock market and it seemed to work pretty well. Good strategy.
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STOPGood luck with your trading shenanigans!
I didn't have the money or the know-how when I heard about bitcoin but both myself and one of the other techies were quite enthusiastic about the idea of it while the other people in our office were like lawl magic internet money blatant obvious scam you guys are so dumb XD
J is still to this day undecided/reluctant/way too bloody conservative, I have proven it works by buying him Magic cards and also cat stuff with hive (well steem back then but anyway) and he keeps asking me if he can retire yet so I guess all I have to do is gt crypto rich enough for him to retire and then maybe he'll play with investments for me XD
Whatever happens will happen. I am not relying on magic internet money in any way so whilst a bad result will be disappointing it won't be life-changing. A good result could be though; Life-changing I mean.
Well I think you deserve more good things.
I think we all do and I hope it happens, that hive does something and we can all find a reason to smile and be thankful we chose to become early adopters.
I don't know what I deserve, maybe very little, but I work towards things nonetheless and hope to make something happen here and there. 😉