I have the same problem with my father...
I think the thought process has changed for younger generations. The old paradigm was to hold, hold, & hold and build wealth over time with accumulation... buying and selling (trading as it were) was and still is considered risky by many...
Younger traders are not as afraid of the risk and are more willing to take chances on quick swaps... Just remember that luck is in play and luck can be fickle...
good luck and happy trading...
Topic: Can somebody answer my question? (Read 616 times)
Did you show your parents the price graph triangles your sell and buy was based on?
I was a professional poker player for years, so I know how parents can be as far as being concerned when they shouldn't be.
My guess is that they simply want to see you treat the money you put into it as a long-term investment rather than a "gamble." While you did profit in this scenario, it won't always work out like that.
My guess is that they simply want to see you treat the money you put into it as a long-term investment rather than a "gamble." While you did profit in this scenario, it won't always work out like that.
Thats what I was telling them, their argument was this example that they made, that if I had bought 1 BTC for $200 and sold at $1100 then bought back around $800ish, that if Bitcoin went to $4000 per coin, than instead of having a profit margin of $3800 I would have a margin of $3200 on the original coin.
There cannot be discussion when even simple math cannot be agreed on
My thoughts exactly after reading the initial post.
No you aren't missing anything - I'm not sure why they're focused on profit per coin, instead of profit overall which is the only important metric.
I don't know either, Maybe their worried because im buying higher than my original price that its more likely to drop into a negative profit margin? I'd ask them but now they just say they're talking to a "Rock" And want to have their financial adviser talk to me. <.< Maybe I can have them read this thread or something.
-Edit Does anybody have a article or such that might help? Or maybe, Something that can compare Bitcoins to something they might understand? I know they understand a bit about bitcoins, But I don't think they really understand it that well, Which might be part of the problem.
Thats what I was telling them, their argument was this example that they made, that if I had bought 1 BTC for $200 and sold at $1100 then bought back around $800ish, that if Bitcoin went to $4000 per coin, than instead of having a profit margin of $3800 I would have a margin of $3200 on the original coin.
There cannot be discussion when even simple math cannot be agreed on
My thoughts exactly after reading the initial post.
No you aren't missing anything - I'm not sure why they're focused on profit per coin, instead of profit overall which is the only important metric.
Thats what I was telling them, their argument was this example that they made, that if I had bought 1 BTC for $200 and sold at $1100 then bought back around $800ish, that if Bitcoin went to $4000 per coin, than instead of having a profit margin of $3800 I would have a margin of $3200 on the original coin.
There cannot be discussion when even simple math cannot be agreed on
Because your holdings are now (probably) worth more USD and you have more BTC? I don't understand what their argument would be. If you had just held and not sold out near the top, you'd have fewer BTC.
True, they could say that you got lucky this time and shouldn't try timing in general, but that's kind of irrelevant at this point.
True, they could say that you got lucky this time and shouldn't try timing in general, but that's kind of irrelevant at this point.
Thats what I was telling them, their argument was this example that they made, that if I had bought 1 BTC for $200 and sold at $1100 then bought back around $800ish, that if Bitcoin went to $4000 per coin, than instead of having a profit margin of $3800 I would have a margin of $3200 on the original coin.
But, I told them that when I bought back in I had more Bitcoins than before, But they stuck with their argument, They have quite a bit in stock, And I believe they are thinking of Bitcoin as a traditional stock, So maybe I am missing something that works in stock and not Bitcoins?
You can't explain that; you have to explain to them why gambling is better than not-gambling. I hope you fail in this regard, as this would mean your parents are a lot wiser than you are, which is good for you.
yes, I think they are saying that you shouldn't trade but instead just hold them.
Are they pro/against bitcoin in general?
You might have completely misunderstood and they actually meant to withdraw with the little profit you had!
Are they pro/against bitcoin in general?
You might have completely misunderstood and they actually meant to withdraw with the little profit you had!
Hmm,
Say you had 10btc bought for 500usd, so 5k then sold 5btc@1100,
Now you have your investment back +500 +5btc.
Then you buy 3btc@800, investing 1900 total for 8btc.
That sounds like you will make money, even if you bailout at 1000/btc = 8000 $ to your 1900 investment.
Makes me want to trade some myself.
But also has its associated risks.
I amJust a noob, don't take as anything to serious
Good luck!
Say you had 10btc bought for 500usd, so 5k then sold 5btc@1100,
Now you have your investment back +500 +5btc.
Then you buy 3btc@800, investing 1900 total for 8btc.
That sounds like you will make money, even if you bailout at 1000/btc = 8000 $ to your 1900 investment.
Makes me want to trade some myself.
But also has its associated risks.
I amJust a noob, don't take as anything to serious
Good luck!
Because your holdings are now (probably) worth more USD and you have more BTC? I don't understand what their argument would be. If you had just held and not sold out near the top, you'd have fewer BTC.
True, they could say that you got lucky this time and shouldn't try timing in general, but that's kind of irrelevant at this point.
True, they could say that you got lucky this time and shouldn't try timing in general, but that's kind of irrelevant at this point.
I have recently told my parents about Bitcoins. (They know a little about it from news ect.) And that I had bought some a few weeks back, And sold at $1100 and bought back lower, But not as low as my original buy in price, And they are mad that I didn't just hold and that I have lost a "Profit margin" Even though I've gained more bitcoins than I had.
So, I guess my question is How can I explain to them why selling high and buying low is better than just holding?
So, I guess my question is How can I explain to them why selling high and buying low is better than just holding?
They know you was just lucky this time, the Bitcoin price could continue to rise after you sold
You can't predict when selling high and buying low.
So it's much better chance, you'll selling low and buying high.
So it's much better chance, you'll selling low and buying high.
I have recently told my parents about Bitcoins. (They know a little about it from news ect.) And that I had bought some a few weeks back, And sold at $1100 and bought back lower, But not as low as my original buy in price, And they are mad that I didn't just hold and that I have lost a "Profit margin" Even though I've gained more bitcoins than I had.
So, I guess my question is How can I explain to them why selling high and buying low is better than just holding?
So, I guess my question is How can I explain to them why selling high and buying low is better than just holding?
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