I invested into cryptocurrency last month. (I hope I’m not that late!) because of my co-workers. I only have few BTC for now and also planning to buy some altcoins.
What about you guys?
I invested into cryptocurrency last month. (I hope I’m not that late!) because of my co-workers. I only have few BTC for now and also planning to buy some altcoins.
What about you guys?
Very firstly, you need to gather all the basic knowledge about the market.
any kind of basic knowledge can be useless if there is no regular level oif practice , so we have to focus on practice first.
I got into BTC cause a lot of people here have been talking about them and I also have a few friends who introduced me to them. Sometimes we even do challenges and bets among ourselves about BTC predictions. And nooo. I think BTC will go even higher soon so you’re definitely not too late.
Hi and Welcome,
A few BTC or a few fractions of a BTC? Each one is worth nearly $60,000! I do not believe that anyone is too late for any venture. The most important gift a trader can have is patience to know when is a good time to buy (and sell) and when is not such a good time. Of course that will be different for each investor, because availability of free funds to invest or trade will depend on other things in his/her life. You could be waiting for a redundancy cheque, or settlement of a dispute, or a fixed period investment anniversary to make funds available.
The advice that seems to be most prevalent on this forum is a sequence of events:
1 Learn as much as you can about trading (generally on here about Forex, but also applicable to stock, commodities, bonds, precious metals and now crypto-currencies.
2 Try to get through the BabyPips Education section School of Pipsology in the order in which the lessons are presented. That will give you a solid background in the terms used and how to build a strategy and a plan that suits your goals and objectives.
3 Before you commit any real money to trading, open a paper trading (or dummy trading) account with a broker - or in the case of Crypto - an exchange via which you buy/sell crypto and via which you exchange fiat currencies like USD or EUR or GBP for crypto currencies such as USDT, BTC, ETH.
4 Make sure you have a plan not to put all your eggs in one basket. Establish a maximum proportion of your overall trading bank balance to each “trade” so if you lose you win to fight another day.
If your first exposure to crypto is having bought some BTC, you are not alone. If you have bought them and do not intend to trade in and out quickly, I would say you have invested in BTC, not bought BTC with a view to trading these tokens against others.
I have recently come to view my investment objectives and my trading objectives as two (connected) parts of the same objective. I spent over 15 years working on both these with completely separate strategies and plans. Now I have combined the two and trading is just a sub-set of investing. The difference, in our case, is the extremes of the timescale involved. We have been investing in gold for over 30 years, and have started investing in crypto (and trading in crypto) only since last May 2020. Our objective for gold is to return 6% to 8% per year on invested capital (designed only to keep up with inflation). Our objective for crypto is more than 100% per year. In terms of what each constitutes to our overall investment portfolio, gold should range between 10% and 20%, and so should crypto. But each year’s performance of each (and other stuff like long term property investment) needs to be adjusted as the performance of each varies hugely from the long term plan.
We have traditionally rebalanced approximately each five years, but this year we have had to rebalance right now because of the relatively large positive impact of crypto on our otherwise boring long term portfolio before crypto came along. I now spend more time thinking about exit planning (month, year, decade) than I spend on setup and entries. I hope this macro-rant is helpful, and good luck with the Cryptos. Not sure they need leverage, too. Their volatility is like Forex on speed.
getting xrp and casinocoin
Dayum. That says a LOT.
Been following along since 2012-2013. A family member introduced me to this “thing” that could instantly send me fractions of a dollar from his cell phone to mine. I didn’t have the attention span to give it much deeper thought and analysis other than, “oh, that is cool!”
Subsequent crashes usually brought the topic back into conversation with my family member, as well as his eventual departure from anything crypto, just before things started getting interesting for the masses in 2016 I think.