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It would seem that way. But it is the power of exponential growth. 3 percent of $5k is a measley $150. Really does not seem like much. But what happens when you do that 50 times. Now you have $25k and it is more like $750 per day. Do 3 percent another 50 times and now you have $100k.
Coinbase is pretty easy to use and buy a couple basic cryptos. I dumped in a few hundred and it transferred almost instantly.
You might think I'm a ####, but I'm really trying to do you a favor and help you protect your principal here.
I appreciate what you are saying. This is a small pot of gambling money. I have savings and assets and income. If I lost this tomorrow, it would sting for about a day. Right now it is a side project I enjoy. I may get to the point where I just decide that it is best to pick a few and hold. In the meantime I am learning a lot about trends and market timing which can still be applied to a longer term strategy which does not involve daily trading. The crypto market is still prettt bearish and this is my way of making it tolerable. As it gets bullish, I will probably adjust.
The most money I ever lost in my life was a Day trade on margin gone sour and got stuck with a bag of a stock I hated but held unto for over a year. @fantasycurse42 Is right, it’s a slippery slope. The people that say all you have to do is buy and wait for it to go up and sell it’s so easy are fools and have no long term experience in the market. I wish you all the best of luck, but please don’t hold the bag, get out and take a minor loss if you have to. Things like this go sour in a hurry. Also, you should be winning about 80% of the days. Stocks go up like stairs and down like elevators. So you could be breaking even on 3% gains as a -12% could be just as likely to wipe them back out. Food for thought, best of luck
If it's play money, ignore the haters and have fun. I'll casually check in here and there out of curiosity. I truly hope you crush it.
You don't think you learn by doing? What do you suggest?If it's play money, ignore the haters and have fun. I'll casually check in here and there out of curiosity.
But as for the bolded...
I think you'll learn plenty. How to "time the market" won't be one of those things. That's all. (Unless I'm misunderstanding your comment about market timing.)
Ok. Let me give you an example. As my GF was getting ready for dinner I saw LINK starting another run. I knew it was another BS pump and dump but I caught it early and jumped in just as it was taking off. I bought in LINK/ETH pair for about $1300 worth at 0.0006800. I could not really watch the sale point so I set to sell at .0007098. By the time I sat down in the restaurant it had gone up to .0007160 and back down .0006730. I had $55 more in my account without much effort. That is called learning market timing. If I was able to watch it, I probably would have been all in as I caught it early enough where there was low risk.
Your approach is called guessing. Or hoping. Maybe more accurately described as praying. But one thing you WILL NOT LEARN IS TIMING. I. WILL. NOT. LEARN. HOW. TO. TIME. THE. MARKET. Write that on the chalk board 100 times. Doesn't matter if you think Crypto is different or more easily predictable. You're guessing, based on nothing other than a hunch.
IDK, these coins bounce off the 25 and 99 5-minute moving averages like it is the Bible. It is very predictable when something is going to break up or down. Figuring out the top is guess work.Your approach is called guessing. Or hoping. Maybe more accurately described as praying. But one thing you WILL NOT LEARN IS TIMING. I. WILL. NOT. LEARN. HOW. TO. TIME. THE. MARKET. Write that on the chalk board 100 times. Doesn't matter if you think Crypto is different or more easily predictable. You're guessing, based on nothing other than a hunch.
Your point appears to be that you can somehow magically tell when a stock is "starting a run." When a "BS pump and dump" is about to be the driving factor behind that run. (I'm actually shaking my head as I type this.) So that's when you buy, and you set a modest gain as when to sell? And I'm assuming you're setting a stop loss as well? If you had set to sell at .00072 instead of .000716, you'd still be sitting on your LINK/ETH...and it's now at .000649.
Man, good luck. As long as you're also setting stop losses this shouldn't end as a bloodbath, but sure seems like you're going to spend an awful lot of time grinding singular 3% gains and losses that leave you sitting in no better position than if you had just shoved the money in a .001% interest bearing savings account.
But I'm in.
good luck
Only if I happened to be in LTC, which I hadn't touched up to this point. So I seriously doubt it.
I use it sometimes. Not too often. I generally park is USDT so I just go directly into NEO, BTC, LTC, or ETH from there . If I play with smaller coins that are not paired with USDT, I may is BNB. Even then the volume is small with BNB pairs so you get scalped more getting in and out of trades.
Do you own BNB coins to decrease the fees on trades?
Meant to put this in the ethereum thread. Tough to keep all these threads straight. Crypto mania babie!
The math being used is just fine. There is a little device which is called a calculator which you may verify if you wish. Thank you. As for an update. Well I had a four day weekend and my gf was feeling neglected because I was spending too much time on crypto. So I fell back to FC42 recommended strategy of buy and hold (despite my far superior results to date). I bought a few major coins like BTC and ETH and the results at first were decent, but then became a total disaster. My account had gone from $5500 down to about $4750 in the several day experiment. My gf was happy, but the results sucked ###. Most of my hard work was down the tubes.
Unless it is a pump and dumper. Then the buy and hold is 5 minutes. I am thinking about a strategy for those as there is potential to make money, but very high risk. But snapping off about 3 percent in a 15 minute window is a nice days work.
Me too. Nothing but best wishes for you guys as you try to get rich with that electronic money
I hope crypto is the answer to our debt-based currency. There is a serious inherent problem with a system which requires the debt to expand in order for the economy to expand. It is an endless game of too little currency chasing around more debt than could ever be paid off. The only way to maintain a standard of living is for an ever increasing population to take on an ever increasing debt load. Crypto has the potential to reduce the need for debt and offer a more efficient payment system without the need for something like VISA to tack on 4 percent to be buried in the cost of everything we purchase.
You know, like doing research, finding something you like, purchasing it, and holding it - sorry if such a simple concept goes beyond you
You're missing the point. The experiment here is to make a million dollars in a year's time. He is not going to do that picking a few and holding them with an initial 4k investment. Especially when you consider most coins move relative to bitcoin's price anyway. This doesn't happen without him taking some gambles and playing the volatility.You know, like doing research, finding something you like, purchasing it, and holding it - sorry if such a simple concept goes beyond you
I'm sorry, I'm not missing the point - nobody day trades successfully, and in the history of the world, nobody has ever taken $4k to $1MM in a year's time day trading.
Bro, he's just looking out for megatons' 4 thousand dollars. He tried daytrading once- it doesn't work. He wants to save him the $4k because daytrading is stupid, crypto isn't even regulated.
