Do you have a strategy when buying, trading Bitcoins. I want to know more about in this field. Any input will be appreciated as I am trying to get into cryptocurrency.
Don't know if ill use the word strategy but for me its more like analyzing historical data to make forecasts and predictions as well as observing trends.
@evcj_ Bitcoin tends to be more a value reserve than an asset to be traded. To put you in perspective: you definitely could have a profitable business buying gold and selling it as the market goes up or down, but generally the smartest move would be to just storage it as part of your investments portfolio and try to make profit from other products/services.
My only strategy in every market that you want to get in - buy low and sell high. It's a cliche but this is basically everything you need to do IMO. For example last week when BTC was $55k was okay to buy, now it is not. S&P 500 is at good price at the moment and it's worth getting in.
Hungry for knowledge 🧐
@abelbm So is it advisable to 'hoard' as many as you can and hold on it as long as possible? If so, if decide that I want to sell it, will I be able to sell it all? Or there is only a certain amount I can sell per day?
@anton So you're strategy is somehow related to stocks? I remember reading an online post about it wherein you buy stocks whenever their value is low and sell it whenever their value is high.
@evcj_ Yes, just like the stocks. No matter Gold, Bitcoin, Stocks, ETFs the most important thing is to wait. Wait for the market to go down to buy and wait for the market to go up and sell.
As Buffet said:
“If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.”
Hungry for knowledge 🧐
@anton Since stocks have been mentioned, is it advisable to hoard as many stocks as possible and hold it for as long as I can (for example 10 years) before I sell it?
@anton great summary.. This is how to go but also learn about its trends based on historical data
@abelbm So is it advisable to 'hoard' as many as you can and hold on it as long as possible? If so, if decide that I want to sell it, will I be able to sell it all? Or there is only a certain amount I can sell per day?
If you are willing to give cryptos a chance as part of your investment portfolio, Bitcoin is definitely one to hold for as long as possible since this is the crypto that marks the reference value for the rest of the others.
And as for daily sales limits, no, there is no such thing at all. This is a decentralized market, which automatically implies that it cannot be regulated.
When it comes to trading Bitcoin, I don’t mess around with that “buy low, sell high” fairytale everyone spews, Dive into the charts, read the sentiment, and keep your ear to the ground for whales and news that could wreck or make your day
Like others have mentioned here, buy low sell high. That's the standard strategy. However, while I have a little knowledge in analyzing charts, sometimes I really on tips from friends who do full time trading.
My only strategy in every market that you want to get in - buy low and sell high. It's a cliche but this is basically everything you need to do IMO. For example last week when BTC was $55k was okay to buy, now it is not. S&P 500 is at good price at the moment and it's worth getting in.
This is exactly what I was gonna say ! I don't really have any strategies, I just buy low and sell high.
@divine I want to try learning all this charts analyzing and such but I just can't get the time to do it and i feel like the longer I want, more the opportunities I'll be missing. But regardless, I make some decent profits with buy low, sell high so I guess I'll stick with that for now.
@zeeno Easier said than done sometimes because you never know the bottom or the top!
Just keep buying, the market historically trends upwards...
