RE: Crypto Market Essentials: Trading vs Investing
I've finally decided to jump in after watching for a while and while at first I was more interested in trading since I bought DGB really cheap and got a 4x on my money but then it swiftly went back down and all more profits vanished.
Since I have a full time job (two actually) and don't have time to watch the market all day I have taken more of the Investor approach. I now have 33,000 DGB for the cost of about $600 total (did a really stupid thing and traded the rest of my BTC into more DGB at 2400 soti since I thought it would hit $0.10 at least) and instead of cashing out to save what little bit was left I decided to consider it an investment and count of the fact that in a year or two it should be worth at least double.
My goal now is to get at least a certain amount of BTC, ETH, LTC & DASH to hold long term then take another amount to move around and use the profits to keep investing.
It's classic beginner mistake, I've been there. You could have prevented the loss even without any specific trading knowledge by using stop-limit order on your trade. Once you see you are in the positive area you put a stop-limit in the green zone and sleep calm. You must only keep in mind that if you have plenty of low volume coin you'll want to make more then one order on different levels, otherwise price might just skip your order if going down fast. And of course if it grows tighten the price-noose. Know what I'm saying?