I published a post on Hive/Leo a while ago describing the situation I was in. I was not sure if I was a trader or an investor. As I was starting out with Crypto and wanted to confirm my crypto journey in terms of how I want to move ahead. Trading vs investing is a classic dilemma many face when they tread on crypto and I am no exception.
After almost six months since my first Bitcoin purchase, I still could not figure out whether I behaved as a trader or an investor. Having said that, I now own only 10% of the BTC purchases that I made in the last six months. This makes me a no HODLr for sure. I have slippery fingers and it seems really tough for me to hold onto crypto coins.
My intention was to HODL my Ethereum and Bitcoin I purchased when they were priced 320 $ and 8891 $ respectively. The BTC price jumped beyond 10K and ETH price pumped up to 400 $ and I lost my cool. I thought that was a perfect opportunity to make profit on my investment and I sold all of it. GREED was in full display. The price dumped and I bought my original portfolio and made some profit out of it.
I managed to buy ETH and BTC again at a raised price at 365 and 10.8K again.The process continued and we all know the current ETH and BTC price. I am not in a situation in purchasing both assets now coz I am not a trader. I don’t have the technical analysis skill and understanding to back up my trading at this level. The volatility we are in right now may be a perfect opportunity to trade but I am not making my moves which mean I don’t have what it takes to be a trader. On the other hand, I was not able to HODL all coins I purchased back in May which proves I am not an investor.
During this BTC buying and selling spree, I managed to make almost 1K USD in profit. Had I held onto the total BTC I purchased and sold it now, I would be +3K USD positive.
So, it is pretty clear that I am not a skilled trader and I am not a HODLr. Going forward, I may want to clarify my position while making those purchases. I may want to HODL Bitcoin but then trade other coins or may decide to HODL 50% of each purchase of all coins and trade the rest. What do you suggest? I know we have expert traders and HOLDrs here on the platform. Let me know.
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We've probably all had such stories throughout our whole experience in crypto. I would not advise you to trade if you don't know how to do it. My best strategy for this bull market is to simply till extreme greed and euphoria kicks in and dump.
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I am learning about indicators and other trade metric but i am not a pro. Yeah, wait and watch.
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Isshh...when things like that happen to me, I end up blaming myself so much I almost can't sleep. Its crazy.
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I am doing that right now. For next opportunities, i would rather not bother trading BTC.
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In my opinion, if you buy BTC or ETH at your desired amounts and hodl (or just as much as you can) for the next year or so, you'll be much better than if you tried to time the market.
My recommendation.
Keep a ~90% of your portfolio in coins that you're fine holding. BTC, ETH and LEO are good candidates IMHO.
Use the remaining ~10% (even less) to LEARN how to trade (considering yourself a noob).
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Thanks for your suggestion. I will hold from now on.
I definitely regret not holding on to BTC and ETH. Does it matter which coin you choose to learn how to trade? Does it have to ETH or BTC?
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Well, BTC and ETH have the most liquidity. If you want to learn how to trade from a technical standpoint the best would be to try with forex and a demo account (I don't like demo accounts btw).
But obviously, you can trade any coin with enough liquidity :)
Ah, and I forget to mention that I recommend trading 'only' 10% of your portfolio to avoid (in some manner) FOMO and FUD sentiments.
Good luck :)
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A great suggestion. I will focus on one of the altcoins so that i can make profits and invest on BTC. Yeah, 10% of my portfolio 😊💯
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Accumulate as much BTC as possible, that's the first priority. For reaching that target you can day trade other altcoins that, according to you, can have a good future in terms of profitability.
As i said, i now regret that i tested my trading skills with BTC which was an immature decision.
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Hodl.
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I should have. HODL is the best policy.
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H O D L
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Okay. A big HODL.
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