Greetings guys! Last we left off, this crypto noob was celebrating the fact that he finally got some profit out of his investments, and plotting to further diversify his holdings!
Since then, the market has been taking some turns, and I have solidified my plan – I will now tell you what’s been happening, briefly, and what I intend to do in the future, as well as what I have already done!
Let’s get started, shall we?
1 – The market is weird – but stable
After the commotion that came when the Chinese made their announcement, along with Jamie Dimon’s stupid remarks about Bitcoin, we could all use some stability. And that is what we’ve been having!
Bitcoin has stayed remarkably stable this last week! Consistently between the $4200-4350 mark, it sets the pace for other cryptos as well – many others are not having many oscillations in recent times.
This is both a boon and a curse.
You see, as the prices went down, it became obvious that the bets course of action was to buy. When the prices are stable, it gets harder to make a profit, as you have to time buying the dips and selling in the highs in order to make money quickly.
As such, if short term gain appears hard, maybe the best course of action is to favor long term gain – it’s time to HODL some more!
The question then becomes – what to buy in order to keep long term?
2 – The search for long term value
A very safe candidate comes to mind – Bitcoin! It more or less ses the tone for the rest of the crypto playing field. Only one problem – I already have Bitcoin. I wanted other ones.
Ethereum is the next one to come to mind. Being the coin with the second highest market cap, it also leads the field. I have already acquired it though.
That’s when it hit me – an offshoot of Bitcoin oughta exhibit most of the characteristics one would expect from Bitcoin, being an improved version of it. As such, it’s time to invest a fair bit into it!
Another coin came to my mind as well – NEO. Having already done some DD about this coin for an article, I thought it was quite innovative, if counterintuitive. Looking at how much it soared during this summer however, and how much further it may sore, considering the Chinese crypto news, buying proved an easy call.
Finally, one last one came to mind – Monero. Having heard people rave about it in chatrooms due to its’ identity-hiding abilities, and hearing it proclaimed as a future better version of Bitcoin, I decided to buy some as well.
3 – Time to take action!
With a plan of action somewhat lined out, it was time to act on it - and so I did.
First up was Bitcoin Cash . And boy, did I mess up. I bought it on what I was pretty sure was the absolute bottom it would reach for a while. That was at $420. Yeah. Big loss there.
Next came NEO. Bought that on an actual low point, and sold a few days later, for a cozy profit.
Finally, Monero. I varied from having 0.5% losses or gains every couple of days. Now, it's just losses. Bought it at an awkward place. Ah well.
So overall, my dealings haven't been very successful overall, but I'm still learning! And my profit margins are now .7%! that's something, right? Right??
Still, I have some ideas for the future. Find out what they are... next time!
That wraps this up for now!
If you have any ideas on hw I can up my crypto game, do share! And if you feel like the quality of my posts is slipping, I apologize, it's most likely due to the time constraints I now have :(
I'll keep trying to do my best! Meanwhile, if you have some criticism or question to make, sound off below! I love talking to you guys!
Till the next one! Steem on!