BECOMING RICH - EP. 1. - Introduction
I will start a new article series talking about my cryptocurrency trading thoughts and experiences. As most of you know, a part of my portfolio consists of actively traded altcoins, that I buy for mid or longterm. I have been talking about money a lot in my past articles, and lately I have been more into politics and philosophy, but I haven't talked about altcoin trading that much, so in this series we will do that.
Of course my goal is to generate a lot of wealth from this, and to basically become very rich, and I have a lot of experience in trading anyways, so now you can perhaps see how I do things. So let's make some money.
Teaser
As for a teaser just check out my old Monero trade, I made a fortune on that one, +247.6197% profit in just a few days, and others:
Some guys were asking in the comments, when I will call another big one. But the truth is that there haven't been many other good opportunities since Monero. I have called the crap on Zcash, and on Synereo:
- https://steemit.com/money/@profitgenerator/z-cash-is-probably-a-scam
- https://steemit.com/steemit/@profitgenerator/why-i-am-not-buying-amp
So those could have probably been shorted, but I try to avoid CFD's, I like to trade in OTC mode, raw coins. But other than these, I didn't know good opportunities, until now, where I have discovered a few undervalued altcoins past week.
I have already been buying into them, and I will reveal them in EPISODE 2 of this series, but I have not yet scaled in all my orders, so it will probably take 1-2 more days, but don't worry the trade is longterm, so there is plenty of time to buy in.
Trading Method
Well I obviously won't reveal my trading strategy, but as a general rule, I use a mixture of market analysis, compared with quant analysis, and together with the analysis of the coin itself and the community, to get a feeling on each coin.
I only buy top coins, possibly in the top 50, sorted by $ marketcap. I don't bother with lower coins, because they are impossible to predict (pump & dump schemes), plus most of the time they are scams. So I prefer to trade established coins.
I also like to trade coins that have a limited inflation, and a fixed final coin supply. I also like to buy low, and sell high, you will be amazed by my timing.
I actually trade with my own money, so this is real, live trading, no demo accounts, no virtual accounts. So if I buy 1000$ worth of an altcoin and the price goes up 1000x, I make 1 million $, right before your eyes.
The duration of my trades will vary, but usually it's more than 1 week, so anywhere from 1 week to 4-5 months. Although I prefer to resolve the trades in less than 1 month if the market doesn't move sufficiently.
My risk % will also vary, depending on how confident I am in that trade, and how much volatility that coin has. If there is a lot of upward potential, then I risk more, if there is less upward potential, then I risk less. As simple as that.
My Radar
I have already bought some coins, that I will reveal in the next episode, because I am not scaled in entirely yet. However I also have new coins on my radar that I haven't bought yet, because I don't think their price is good enough yet, however I might buy them later if the conditions will be OK. One of the coins that is on my radar is: DASH
Website: https://www.dash.org
Current Price: 0.01400001 BTC
Current Volume: 171.850 BTC
Well DASH is a pretty well known cryptocurrency. It has popular libertarians involved in it, just check out the Youtube channel:
So no doubt reputable people are behind it. It has a very easy consensus and built in voting mechanism, that is superior to Bitcoin's. It can scale. It is faster than Bitcoin. And it has a lot of inherent value to it.
However the price is not quite right for me to buy yet. So I will have to wait a bit more, until it becomes cheaper. But it will definitely be a pick of mine, if this happens.
Source: https://www.dash.org/promotional-graphics
Disclaimer: The information provided on this page might be incorrect. I am not responsible if you lose money using the information on this page! This is not an investment advice, just my opinion and analysis for educational purposes.
Upvote, ReSteem & 
MMmm interesting! About what price are you looking to buy dash. Also drop one of the tags for more visibility. because of a bug 5 tags=1 tag so use four only!
It's not just the price, but the speed of the price and other things.
It's hard to tell, but with the current pace, it should be in target range in about 1-2 weeks.
I would definitely not buy above 0.0125 BTC.
MMmm interesting, still a new trader so I am still learning.
Cool, I will buy some then. I actually bought 10 dash at 0.01396821 and it has gone up since thing so thanks for the idea! Going to sell now at about 0.01435
I think your a more strategic long term trader than I am. I still have not fully learned how to chart my buy and sell price "roadmap" as well as you do!
Oh, shit, thanks for the tip about the tags, I was wondering about that.
I am not sure if they have changed it yet or not but I am assuming it will only be fixed on the next hardfork. Until it is definitely fix I would just stick to 4, better visibility!
Sounds fun! Looking forward to it
Oh definitely, I will be looking for 500-1000% profit trades.
Interesting. What is your thoughts on STEEM right now? Is it the right time to go long?
It depends. I haven't invested yet, but I really want to. I think the price will go up eventually, it's just a question of timing, and the post reward deficit that I have talked about
https://steemit.com/steem/@profitgenerator/steem-deficit-problem
I dont know, I am really undecided right now, but I would want to invest in STEEM, it's just that I haven't seen the perfect opportunity to do so.
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This one post got me so motivated it made me want to get another job now just so I can invest another $1000 in coins. Dude, I'm gonna continue following you. DON'T STOP WRITING THESE POSTS :D