1 BTC = $8.2k, it’s up 735% this yr UPDATE 5/19: BTC @ $42k :damn:

D.C Young

D.C Young

TMC
Joined
Jun 1, 2012
Messages
4,252
Reputation
549
Daps
10,231
Reppin
NULL
mannyrs13 said:
yeah this just been some craziness lately. like xrp aka Ripple, i had some back in the summer but it wasn't doing much so I sold it for another coin. now this past week or so has been when its really been running. patience is definitely key. motherfukkers were buying bitcoin like 10 years ago when it was like a dollar or whatever it was and now its 18k. buy low and sell high is the game. shyt, it was even at like 4k back in march, wish I would've gotten 1 or just held but I got other coins that got me profit too. there's usually not much change in price on a daily basis for most coins so worth holding and waiting. you still young in the game but reading charts and learning about candlestick patterns helps. I use tradingview.com which is highly rated and great.

far as how people make money on a daily basis, well its simple. coins just like everything else, is gonna change in value all the time. I'll give you an easy example. XRP was at 45 cents at like 1 in the morning last night. lets say you buy 1000 coins at $450. then it goes up to 90 cents this evening. thats double your investment and now you got 900. but of course it was around 25 cents since september so people been waiting patiently for a while. same with other coins everyone invested in. the industry is still fairly new and lot of coins have projects going on themselves. blockchain is a difficult thing to explain since i'm not too knowledgeable with it but its a big industry that is expected to grow more. so you have some coins doing new and interesting projects and others not doing much at all and not worth it. the thing with crypto and stocks as well is that you wanna be patient and hold your investment. you gonna get taxed more if you sell too early plus you wanna make sure you make a profit. risk management and patience is the biggest lesson you can learn. cuz if not you'll suffer. never try to sell at a loss and know that things can improve at any moment.


I'll give you an example I'm currently dealing with. back early in pandemic I was browsing the thread and saw a few people mentioning Link. I got some coins. price was around $6. it went up to like $20 and I didn't sell. Market started going down and the coin dropped back down to like $7 in end of September. Stayed patient and now its reaching back up to nearly $16 and hopefully $20 soon. Bunch of coins did the same thing, I think even Bitcoin, but being patient and smart helped in the long run. Panicking would've cost me a lot more money if I sold at 7 instead of waiting. There'll be some good days and some bad days, but gotta stay focused. one of the guys in the stock thread has this saying that holds true here. "time in the market, instead of timing the market" meaning its best to be patient than impatient. stay focused and patient and keep learning and you'll be ok. just don't overwhelm yourself with this too much. its a great investment for the future and you'll see how profitable it is in the long run.

also if you have a decent amount of coins, get them off an exchange, especially if you plan to hold.
Click to expand...

so people who do these types of short term investing looking for quick short term profits,

does that mean, they need to be constantly vigilant on the state of the market?

i.e are these people spending a great portion of their day monitoring the state of the market?

so in other words, do you need to spend allot of time if you are looking to do these types of short term investing?
 
Eternal Tecate

Eternal Tecate

Superstar
Joined
May 2, 2012
Messages
7,460
Reputation
3,372
Daps
20,229
D.C Young said:
so people who do these types of short term investing looking for quick short term profits,

does that mean, they need to be constantly vigilant on the state of the market?

i.e are these people spending a great portion of their day monitoring the state of the market?

so in other words, do you need to spend allot of time if you are looking to do these types of short term investing?
Click to expand...

Uh, ya
 
the bossman

the bossman

Superstar
Joined
Sep 4, 2012
Messages
10,559
Reputation
2,277
Daps
49,299
Reppin
Norfeast D.C.
D.C Young said:
so people who do these types of short term investing looking for quick short term profits,

does that mean, they need to be constantly vigilant on the state of the market?

i.e are these people spending a great portion of their day monitoring the state of the market?

so in other words, do you need to spend allot of time if you are looking to do these types of short term investing?
Click to expand...
Yep. Crypto market changes stupid fast. So while you can make money fast there is a lot more risk since you have to stay up to date on a lot of projects.

For people with little interest in crypto or just don't have the time to keep up with everything crypto in general, sticking with BTC & ETH is as simple as it gets. You may not make crazy fast gains overnight but you will still make good returns over the long term compare to other options.
 
dterpsss

dterpsss

SOHH OG Class 2004
Joined
Jan 22, 2014
Messages
4,498
Reputation
740
Daps
10,986
Reppin
Home of the terrapins
the bossman said:
Yep. Crypto market changes stupid fast. So while you can make money fast there is a lot more risk since you have to stay up to date on a lot of projects.

For people with little interest in crypto or just don't have the time to keep up with everything crypto in general, sticking with BTC & ETH is as simple as it gets. You may not make crazy fast gains overnight but you will still make good returns over the long term compare to other options.
Click to expand...
. Yea gotta be a hawk on these markets, you snooze you lose, literally
 
mannyrs13

mannyrs13

Compound Kingpin
Supporter
Joined
May 8, 2012
Messages
38,813
Reputation
15,615
Daps
86,400
Reppin
Focusville, USA
D.C Young said:
so people who do these types of short term investing looking for quick short term profits,

does that mean, they need to be constantly vigilant on the state of the market?

i.e are these people spending a great portion of their day monitoring the state of the market?

so in other words, do you need to spend allot of time if you are looking to do these types of short term investing?
Click to expand...
more stress doing day to day trading. you can buy and sell daily but issue with that is you gotta pay a fee for every trade, especially coinbase, plus I'm sure the tax implications are there also, not sure how that works fully tho. when i got back into it earlier this year, I was moving coins around and changing them to others more often but then when I saw I was getting killed with transaction fees, figured its best to just long term hold some stuff.

and yeah you do need to be constantly monitoring things if you heavily active, like news, charts etc. but even me as a long term holder I still keep my eye out on the charts to see what the trend is, or to any news to see what projects or developments may be coming out in the crypto world. good to have some knowledge about whats going on. don;t have to be fully immersive but still helps. its like sports for example. I might read some articles or see some headlines and know about a few things going on, but its not making or potentially making me money like crypto may. so just knowing some shyt about the coins you invest in helps make you feel more secure and things easier.

for the most part no need to worry too much about things if you long term holding. but do monitor things just in case something comes up. crypto is a 24 hour, 7 day a week market, plus with me having some stocks and messing a bit with forex as well, I'm always keeping close tabs on my investments just in case. it's your money, so keep an eye on it.
 
heisenburrr

heisenburrr

Have Fun Staying Poor
Joined
May 5, 2012
Messages
5,775
Reputation
260
Daps
5,021
D.C Young said:
so people who do these types of short term investing looking for quick short term profits,

does that mean, they need to be constantly vigilant on the state of the market?

i.e are these people spending a great portion of their day monitoring the state of the market?

so in other words, do you need to spend allot of time if you are looking to do these types of short term investing?
Click to expand...

Just leave that for others.
 
BornStar

BornStar

Marathon Continues
Joined
Jun 11, 2017
Messages
5,291
Reputation
815
Daps
15,402
Reppin
N.Y.
What do you guys think about charging for free public information?
Is it honest hustling or is it playing on people who don't know any better.
 
You must log in or register to reply here.
Top