In this bearish market, it's difficult to make money unless you are a day trader, where you can take advantage of wide swings. Unfortunately, trading requires your attention to detail, knowledge and resources, and most of all, patience. It is a full time job by itself. I stopped day trading because it took too much time away from work and family. There is also a major risk factor where one mistake can eliminate all the hard work you did for the day. That's all part of the game and how you learn to avoid the mistakes.
The most difficult challenge that I faced when day trading was the emotional attachment I had for the project. As a day trader, your end goal would be how much you have in USDT (United States Dollar Tether.) You must not be attached to the TOKENS or coins you have. At the end of your trade, you must sell the TOKENS back to USDT because you will need them to trade for tomorrow. The goal is to grow your tether. Day traders take their profit now instead of what tomorrow may bring.
If you want to play the day trader game, I suggest having 2 accounts. One for investment and one for trading. Be strict with yourself and make sure to keep these 2 accounts separate. Be different personalities like Jeykl and Hyde when it comes to managing these account. In addition, try to set an achievable goal like "today, I will make $200.00". In time you will get better and the goals can be loftier.
During this bear market the simplest and most worry free way I found to invest without really sacrificing money and effort is to use "Dollar Cost Average Investing". Simply follow the rules and you should be okay.
- Pick one or two projects that you love, let's say EOS, and CVC. Pick your favorite one.
- Every week (pick a day, lets say Friday) invest $25.00 on each regardless of the price. Do not invest with scared money.
- Be patient and watch it grow over time.
I have a friend that used this method and invested in Litecoin. He started in October 2016. He bought $100 worth of Litecoin every 2 weeks when he got his paycheck. He didn't care how much Litecoin was that day, he didn't even track it, he just loved the project. He used Dollar Cost Average investing and today he is sitting on $10,000 and he is still investing $100 every paycheck. His belief, effort, time and perseverance is paying off.
Use this opportunity to grow your babies. EOS was only started April 2017. CVC was started in June 2017. Litecoin was started 2011 and it's only growing dramatically now. Give your projects time to grow and develop. This is a new and developing market with alot of exciting times to come. As one YouTuber said the best crypto currency has not even been invented yet.
Bill Gates in 1995 said "the best company has not been formed yet" as CEO of Microsoft. Three years later, 2 teenagers working out of the garage invented GOOGLE.
Best Endeavors!
I agree that dollar cost averaging can work but you need to emotionally remove yourself from your investment and be glad when the price plummets (as you’ll pick up more coins when you buy).
On a slightly picky note, lite coin had been around since late 2011!
thanks for the correction on litecoin.
sounds like a good strategy. how many coins do you hold for long term?
I buy as much as I can before I move to the next project. I try to hold between 5k to 100k coins depending on how much they are market value. With DNT you can buy around 1000 tokens per $50.00 at the current price of $.05. I already have 50k so I am moving on the next exciting project. Right now they are ChainLink (LINK) and Enigma Catalyst (ENG) I currently have about 10k each.
but you're cost averaging EOS and CIVIC? i like those projects as well,
Super inspirational to me :D thanks for