Someone recently wrote an article on stopping Elon Musk from causing the volatility in coin prices. I replied that I love what he's doing. I don't mine coins...any more...I used to a few years back. Elon has provided a way for me to get dogecoin, or any coin with crazy volatility, for free...it just takes a little patience and forethought. This is not investment advice-you can go get that from a psychic on the Las Vegas strip or inside a fortune cookie as far as I'm concerned...
Here's what I do...notice my transactions...
It may seem odd that I'm buying and selling the same amount...you'd think I'm dumb...perhaps...
I usually like to do limit orders, but I wanted to illustrate this example for the Hive community, so I took some screenshots for you on Robinhood...
Below, please notice that I spent $20 on buying 80.03 Doge at $0.249556 per coin. It was a spot purchase, or market order:
1 hour and 5 minutes later, I sold $19.97 worth of DOGE. If that's all you saw, you'd think I was silly for spending $20 and then selling 3 cents shy of $20 an hour later. The most important part is the last bit, where I sold 66.52 Doge at $0.299996 per coin.
If you haven't caught on yet, I'll tell you outright- I bought 80.03 Doge and sold 66.52 Doge an hour and 5 minutes later, leaving me 13.51 Doge in my account...for 3 cents, so not exactly free, but close enough I entitled this how I get Doge for free. I didn't mine anything and it certainly didn't take me days to do it. Volatility can be beneficial! I could have lost money, too...or hodl until the price came back. When I see a sharp decline, I buy, just that simple. Then I put in a limit order, usually, to sell enough to get my $$ back but keep the profit in coin form. It's a kind of way to "short" Doge, I suppose...but not really.
This is a limit order. I put in a limit order at $0.263 per Doge coin. I put it in a couple days back. I also have other similar limit orders at $0.20, $0.28, etc. I have them scattered. When I get a ring dingy on my phone saying that a limit order went through, I immediately put in a limit order to sell it at a higher, "reachable" price a couple % higher...it's very hands off, and I only do as much as I'm willing to buy and hodl forever anyway...but I used to do this with Doge when it was 0.000000010 per coin. I'd buy it at 10 satoshi and immediately put in an order to sell it at 11 satoshi to get a quick 10% ROI in a couple days (usually took about 3-7 days to go through).
These dips...I love them...My limit orders catch the bottom pretty regularly. My 0.26 one did! When you buy at $0.26 and sell at 0.294, that's a 13% ROI...and in the matter of an hour...
So...Elon, keep on posting on twitter! Would you make it a little more often and a little more dramatic, though? I need more doge and I'm enjoying seeing it pile up!
Again-this is what I do. You do your own thing. Don't be stupid. You wanna play? Use some of your Hive to fund your first little fund to play with so you have invested nothing...let it grow from there. I do the same with Hive on bittrex...if you want financial advice-you came to the wrong place...