So I started doing this back in August to see how far I would get. The basic strategy was to buy tokens low and sell them high. If they did not go higher than what I purchased them for then I would sit on my hands and wait. I spent my trading time before this in futures chasing the dream which I realised was not sustainable. There was always going to be a dump and then a dump after a dump. So no matter how low your liquidation price is , it's gonna get ya in the end. So I chose to start spot trading which is much more relaxing and you don't need to be checking your phone every 5 minutes or baby sitting trades.
The whole strategy at the start was using the funding rate (in futures) to pin point the tokens I would invest in. I like volatility and how best to find the volatile tokens is when the funding rate is negative or coming close to negative. This was successful in the beginning and I did get to my first $100 then $200 using this method. I would check the chart and if the 1 hour or 4 hour were good and the token did not moon yet then I would jump in. I is not an ideal science but it did get me up the ladder a bit. Between August and January Bitcoin was steadily increasing and there were no major frights. Trading pre Christmas was a dream. Maybe the funding rate thing was just every token going up. But I think I jumped on quite a few good ones.
The more knowledge I was getting in the market I started jumping into the airdropped tokens such as $TIA and $MANTA , $DYM but I realised quite early that I was too late to this party. I got in with a couple like $PIXEL but they were never going to make me a millionaire holding these so I quickly went back to throwing the balance into my spot trading account. The more money i made I divided and conquered. I would invest in 3 tokens and see how I got on. Meme tokens were beginning to take off so I got in on the $PEPE train and he has been good to me. $MEME , $BOME and $WIF also but they never took off quite as much as $PEPE. At the end of March I had $552 dollars to play with which is 2760% increase on my 20 quid. Things were looking up for Milhouse.
Then came halving month. Everyone thinking everything was gonna go up. But I knew. I got stung in the last halving with a 20X long position on EOS. I though Dan Larimer could do no wrong having made Steem and all of that. To be honest it had nothing to do with Dan, everything dropped after the halving. People tend to forget that Bitcoin went down before it soared on that bull run and I was a casualty so I kept me trades close to my chest in April and sold up pre halving waiting for the drop. I wait up until 1am and it halved. But nothing really happened. A little drop but nothing major.
So I brought back in at fairly low prices and then 1 Saturday night Iran send drones into Israel and then all of a sudden a big red candle that blew up everybody. I wouldn't mind. But I was not too affected by the first drop as I was well up. The second dump happened a few days later and wiped out many Future accounts. Now being in spot trading , I just laugh off at the lads and ladies being liquated and crying about it online. One poor soul went to bed with 1 million quid in his trading account and woke up liquidated. Those are the breaks and this is why I am spot from now on.
Now I afraid that we were going to go down again in which we did and I wanted to make back on the way back up so I cut my loses for the first time during this challenge and took a hot of around $300 but I rode PEPE all the way back up which made me only down around $80 in April. I got out alive and lived to fight another day. The only downside was I am stuck in MEME which is not increasing so I have to sit on this. It will moon but whether this is May, June or July is anyone's guess so May may be quiet for me. I think we are over the worst however with Bitcoin just over the 60k. Everyone is waiting for this bull run.
I can now see meme coins waning a bit and I think blockchain tokens such as BASE , TON , MATIC , ARBITREUM, OPTIMISM , KEPLER will now have their day in the sun. I wish I could put $HIVE but we ain't progressing as fast as these guys that seem to have a plan. However I still have my bags in meme tokens so I will have to thread carefully in May to see how they are going. Maybe PEPE is due for one more big moon before it fades into oblivion. Who knows. April was a terrible month. May may be the same. This bull run can't come soon enough and even at this, will alts take off like they did in 2020. Many are saying that they will not. We will wait and see.
I
Posted Using InLeo Alpha
I remember this, it was a sad and sorry sight...
3 years in crypto he said...
If he stayed 4+ he would have experienced the first halving and understood what would happen...
Experience is key at times...
I'm waiting for the Bitcoin bull run too...
Might enter it on forex or just buy a small chunk of it and smile later...
Depends on how much I amass this may I suppose...
May May be good...
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