DCA £5 PER DAY - WHICH CRYPTO? | Bitcointalksearch.org

livingfree

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Quote from: 0verseer on June 24, 2022, 10:50:26 AM

I agree with you. The recession is still going and we haven't bottomed out from the bear market yet. Anyone who invests all of their funds now instead of just DCA really doesn't know anything, and fall for FOMO despite all of the signs.

We don't know if the $17k for bitcoin was already the bottom. But, it's true that we might see another low and it can be lower than $17k just to show the bottom.

It's okay if someone who invests all that he got understands what he does and is aware of the risk that he's taking. What's wrong and don't know what they do if they're just listening to the crowd and did it out of pressure and without analysis.

0verseer

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Quote from: Jawhead999 on June 25, 2022, 04:55:49 AM

Quote from: 0verseer on June 23, 2022, 11:57:09 AM

Spread too thin and you get nothing decent enough. I think you should save that £5 per day till it was around £500 and wait for when the market dip enough to invest in. This way, it is easier for you to manage your investment because you know at what price you are in and what price you can take profit. Unless you really don't care and just want to get hold of a coin and keep on it for a very long time.

So you're saying that he need to hold until 100 days to buy the coins that he wanted to buy? What's the difference between DCAing 5 Euro for 100 days and waiting 100 days to buy the coins? which one you think have better volatility?

If you said waiting 100 days have better volatility then you're dumb since a coin doesn't change so much in a day, holding for 100 days is obviously higher volatility.

Because if he spread his DCA too much, every day of 100 days, his average with be all over the place, hard to keep track of what the actual price for him to take profit or cut loss. It's also not a good move since you disregard the market's situation to use it to your advantage. 100 days is roughly 3 months. If 3 months ago he started his DCA with £5 per day up to now, he brought all the way down with his average higher than today's price. If 3 months ago, he save that £5 per day up to now to buy the dip, he would have a nice entry point for both long-term and short-term hold. Don't tell me you don't know that, the market has shown signs of recession and bearish market months ago so most investors stay their hands as well. Even right now, no one DCA all their fund, still looking for some dips to buy in.

killerfrost

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In fact, a regular DC plan is a way to give a lot of security to an investment. If the OP can buy an altcoin that you feel has long-term potential, don't worry too much about the price. Even now, be more confident in your ability to profit from a long-term investment. However, I think the matter of daily monitoring is not a very wise choice. Instead, I spend more time and buy them weekly. I have also applied to buy BNB and have amassed a wonderful fortune with it.

Wildwest

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If you want to invest other than bitcoin then you have to choose some potential altcoins, if you want to bear all the risks then you have to be ready to lose your assets if later the coins you hold do not meet the expectations we expected, top-ranked altcoins such as ethereum and BNB I think are suitable to be held at this time because of the price drop in the coin so for the next few years we will definitely get a big profit.

Wexnident

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Quote from: JamesDaniel90 on June 22, 2022, 09:23:31 AM

Hi all,

I came across a video earlier saying if you had invested £5 per day in a certain crypto for 3 years between 2018 to 2021 you would have ended up with £1m at the top of the bull run in November last year.

I want to do this for the next 2 years and was at first going to go with Bitcoin however the profits will be a lot larger If I go with a riskier Altcoin, just not sure which one to go with.

Altcoins imo are better investments for the short term, not really something I'd recommend that you'd do DCA on. Bitcoin would be your best bet, especially if your goal was in a 2 year span since we'd be able to see the next halving in the next 2 years. Maybe extend it to 2 1/2 to better feel if the halving could bring up something or not. The profit you'd get wouldn't be as big if you took the risk in some altcoins, but it's more reliable compared to looking for altcoin investments. If you really want to profit more, do shorting on altcoins instead of DCA'ing on it.

coin-investor

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Quote from: JamesDaniel90 on June 22, 2022, 09:23:31 AM

I came across a video earlier saying if you had invested £5 per day in a certain crypto for 3 years between 2018 to 2021 you would have ended up with £1m at the top of the bull run in November last year.

Why not post the video so we can verify what you're saying you're not even posting that certain Crypto so we can check if the data is correct we are left speculating what it is.

Quote

I want to do this for the next 2 years and was at first going to go with Bitcoin however the profits will be a lot larger If I go with a riskier Altcoin, just not sure which one to go with.

Bitcoin is still the safest investment you will have to risk investing in altcoins that will not give you you're expected profit, its a big risk or gamble investing in altcoin if the community know where to invest you won't see people complaining of losing their money

Quote

Has anyone done this or currently doing it?

Have done it before but not the kind of yield that you posted I accept whatever profit my investment yield as long as I'm not losing.

bluebit25

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Quote from: JamesDaniel90 on June 22, 2022, 09:23:31 AM

Hi all,

I came across a video earlier saying if you had invested £5 per day in a certain crypto for 3 years between 2018 to 2021 you would have ended up with £1m at the top of the bull run in November last year.

I want to do this for the next 2 years and was at first going to go with Bitcoin however the profits will be a lot larger If I go with a riskier Altcoin, just not sure which one to go with.

Has anyone done this or currently doing it?

What is the best exchange to do this with? Obviously one with little fee's as possible would be best.

So, do you know which coin to use?
I think spending too much time every day buying them is also not necessary, and believe me, you will easily be affected by it over time and gradually become dominated by it if you care about it too much. I also like to refer to some of the successes achieved by others as a lesson for myself, but things don't always work. I would rather choose DCA with a monthly surplus to buy BTC or ETH, and until everything moves, that capital will be reallocated.

Jawhead999

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Quote from: 0verseer on June 23, 2022, 11:57:09 AM

Spread too thin and you get nothing decent enough. I think you should save that £5 per day till it was around £500 and wait for when the market dip enough to invest in. This way, it is easier for you to manage your investment because you know at what price you are in and what price you can take profit. Unless you really don't care and just want to get hold of a coin and keep on it for a very long time.

So you're saying that he need to hold until 100 days to buy the coins that he wanted to buy? What's the difference between DCAing 5 Euro for 100 days and waiting 100 days to buy the coins? which one you think have better volatility?

If you said waiting 100 days have better volatility then you're dumb since a coin doesn't change so much in a day, holding for 100 days is obviously higher volatility.

Quote from: Mr. Magkaisa on June 25, 2022, 04:03:18 AM

And better to Binance, kucoin and Houbi.

Exchanges coins are literally doesn't have any use cases except the bonus if you hold their coins and using their exchanges, if the exchanges collapses, then the coins will collapses too.

Mr. Magkaisa

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Quote from: JamesDaniel90 on June 22, 2022, 09:23:31 AM

Hi all,

I came across a video earlier saying if you had invested £5 per day in a certain crypto for 3 years between 2018 to 2021 you would have ended up with £1m at the top of the bull run in November last year.

I want to do this for the next 2 years and was at first going to go with Bitcoin however the profits will be a lot larger If I go with a riskier Altcoin, just not sure which one to go with.

Has anyone done this or currently doing it?

What is the best exchange to do this with? Obviously one with little fee's as possible would be best.

If you have a large amount of money, it is better to put the 50% of your capital will goes to buy Bitcoin then hold in the long term.
While the rest 50% must goes to altcoins depending in your own way of research in which of them for you is a good to apply in a short-term trading to make you have a passive income anyhow in your pocket. And better to Binance, kucoin and Houbi.

justdimin

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Quote from: robattfield on June 24, 2022, 07:25:27 AM

I don't know what coin you've seen and talked about, but I'm not sure that's a reasonable idea for you. First, reframe how much you understand this market instead of following someone's opinion, and then when a mistake occurs at some stage, you will suffer the consequences. Personally, I don't want to complicate matters when I have to pay too much attention to the cryptocurrency market every day. Instead, I'd rather spend more time on the work that you feel you do best with and, instead of DCA on a daily basis, it may be better than weekly or monthly for you to have a good mind. I figure with a monthly spending of $ 150, what brings profit after a long time is also a lot with the funds involved with the leading coins in the market, such as ETH, BNB, DOT, etc. If you really trust them, you can buy and wait till you make a profit for yourself.

That is a good approach because that means you will be able to actually make sense of the market and that will bring you a lot of profit. I get that it is not going to be a lot of money for everyone, but that means if we are talking about just a regular teacher, or just an accountant, or a clerk at a shop whatever we are talking about, that means they could all do it and they could all profit from it.

This isn't some method for the wealthy alone, this is a method that every single person in the world could follow and do, which is why it is such a great idea. If you do this, doesn't matter how rich or poor you are, you will end up with a good profit eventually.

Xal0lex

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Quote from: JamesDaniel90 on June 23, 2022, 03:13:31 PM

Question is if I should play it safe with Bitcoin or go with a medium risk coin like I have mentioned with Algorand which would return a lot more in 2-3 years IF it lasts the distance which I think it will. I am not talking about a meme coin here, Algorand is one of the sponsors of the FIFA World cup later this year and has a lot of potential.

These are just your expectations, which may have nothing to do with reality. Have you ever tried investing in any altcoins for more than 1 year? Many of them are good only at short distances, and at a distance they often fail or stagnate in one place. I can say the same about Algorand. It's a coin, which didn't give a new ATH in the previous bullrun, and stomped on the place in terms of conquering the price tops. This may indicate that this project is not suitable for long-term investment. There's a 90% chance this project will still be trading in the range it traded in two years from 2019 to 2021. The World Cup is not a fundamental indicator, it is just a reason for short-term growth, the World Cup will pass and everything will go back to the way it was before.

0verseer

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Quote from: ANSEL_2.0 on June 24, 2022, 09:33:13 AM

Quote from: 0verseer on June 23, 2022, 11:57:09 AM

Spread too think and you get nothing decent enough. I think you should save that £5 per day till it was around £500 and wait for when the market dip enough to invest in. This way, it is easier for you to manage your investment because you know at what price you are in and what price you can take profit. Unless you don't care and just want to get hold of a coin and keep on it for a very long time.

Exactly, this is why I am still holding my stable coin, with the recession coming I believe a new low will come, I heard that even Binance and FTX will soon run out of fund because they keep standing for other platforms that got in trouble will the market crashes, too early to think that bear market is over.

I agree with you. The recession is still going and we haven't bottomed out from the bear market yet. Anyone who invests all of their funds now instead of just DCA really doesn't know anything, and fall for FOMO despite all of the signs.

ANSEL_2.0

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Quote from: 0verseer on June 23, 2022, 11:57:09 AM

Spread too think and you get nothing decent enough. I think you should save that £5 per day till it was around £500 and wait for when the market dip enough to invest in. This way, it is easier for you to manage your investment because you know at what price you are in and what price you can take profit. Unless you don't care and just want to get hold of a coin and keep on it for a very long time.

Exactly, this is why I am still holding my stable coin, with the recession coming I believe a new low will come, I heard that even Binance and FTX will soon run out of fund because they keep standing for other platforms that got in trouble will the market crashes, too early to think that bear market is over.

tvplus006

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Quote from: JamesDaniel90 on June 22, 2022, 10:32:42 AM

I am thinking of doing £5 per day on Bitcoin & £2 per day on another strong altcoin, leaning towards Algorand as I believe that it will be around for the long term. ..

You can facilitate the fulfillment of your task and make a purchase not every day, but once a week. In this case, you will have more chances to stick to the coin purchase schedule and will take less time. I do not know why you chose Algorand as the second coin to invest in, but I would prefer investing in ETH.

robattfield

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Quote from: JamesDaniel90 on June 22, 2022, 09:23:31 AM

Hi all,

I came across a video earlier saying if you had invested £5 per day in a certain crypto for 3 years between 2018 to 2021 you would have ended up with £1m at the top of the bull run in November last year.

I want to do this for the next 2 years and was at first going to go with Bitcoin however the profits will be a lot larger If I go with a riskier Altcoin, just not sure which one to go with.

Has anyone done this or currently doing it?

What is the best exchange to do this with? Obviously one with little fee's as possible would be best.

I don't know what coin you've seen and talked about, but I'm not sure that's a reasonable idea for you. First, reframe how much you understand this market instead of following someone's opinion, and then when a mistake occurs at some stage, you will suffer the consequences. Personally, I don't want to complicate matters when I have to pay too much attention to the cryptocurrency market every day. Instead, I'd rather spend more time on the work that you feel you do best with and, instead of DCA on a daily basis, it may be better than weekly or monthly for you to have a good mind. I figure with a monthly spending of $ 150, what brings profit after a long time is also a lot with the funds involved with the leading coins in the market, such as ETH, BNB, DOT, etc. If you really trust them, you can buy and wait till you make a profit for yourself.

JamesDaniel90

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Have decided to go with Bitcoin, £4 per day until it hits £200k so will be a few years at least doing this but it is the safest option and one which will bring good return in the long run.

I will continue doing what I have always done with Algorand and just buy the dip every time price drops 5-10%.

JamesDaniel90

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Quote from: Xal0lex on June 23, 2022, 01:49:38 PM

Quote from: JamesDaniel90 on June 22, 2022, 09:23:31 AM

I want to do this for the next 2 years and was at first going to go with Bitcoin however the profits will be a lot larger If I go with a riskier Altcoin, just not sure which one to go with.

That's the mistake absolutely all beginners make, they always try to increase the risk in their investments, not decrease it. No one wants to get rich slowly, they all want to become millionaires in a couple of years. I can tell you that with 99% probability you won't become one, because you don't understand risk management. You are not willing to invest in projects where there is minimal risk, but in those that offer more profit. That's what the whole altcoin industry is built on, to lure in more people who are expecting quick profits and to just as quickly bankrupt them all.

Buy only those assets that have moderate risk, like bitcoin, buy at any time with free money and in 3-4 years you will earn good money. That's what investing is, and your plan is not investing, it's gambling.

I do not expect to be millionaire in a couple of years but in 2-3 years you can return £2/300k with this strategy but it is just about finding the right coin.

Question is if I should play it safe with Bitcoin or go with a medium risk coin like I have mentioned with Algorand which would return a lot more in 2-3 years IF it lasts the distance which I think it will. I am not talking about a meme coin here, Algorand is one of the sponsors of the FIFA World cup later this year and has a lot of potential.

Xal0lex

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Quote from: JamesDaniel90 on June 22, 2022, 09:23:31 AM

I want to do this for the next 2 years and was at first going to go with Bitcoin however the profits will be a lot larger If I go with a riskier Altcoin, just not sure which one to go with.

That's the mistake absolutely all beginners make, they always try to increase the risk in their investments, not decrease it. No one wants to get rich slowly, they all want to become millionaires in a couple of years. I can tell you that with 99% probability you won't become one, because you don't understand risk management. You are not willing to invest in projects where there is minimal risk, but in those that offer more profit. That's what the whole altcoin industry is built on, to lure in more people who are expecting quick profits and to just as quickly bankrupt them all.

Buy only those assets that have moderate risk, like bitcoin, buy at any time with free money and in 3-4 years you will earn good money. That's what investing is, and your plan is not investing, it's gambling.

wxa7115

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Quote from: JamesDaniel90 on June 22, 2022, 09:23:31 AM

Hi all,

I came across a video earlier saying if you had invested £5 per day in a certain crypto for 3 years between 2018 to 2021 you would have ended up with £1m at the top of the bull run in November last year.

I want to do this for the next 2 years and was at first going to go with Bitcoin however the profits will be a lot larger If I go with a riskier Altcoin, just not sure which one to go with.

Has anyone done this or currently doing it?

What is the best exchange to do this with? Obviously one with little fee's as possible would be best.

You are skipping the most important step, you want for the community to give you the name of a coin which by investing 5 pounds per day is going to give you such profits in three years, but the truth is that even if such a coin exist there are too many obstacles for you to actually get those results.

You need to find the coin, perform the strategy you want no matter what, even if things got worse during the next months, you need to keep holding the coin and then you need to sell at the right time, if any of those steps goes wrong you will most likely sell for a loss, which is the most common scenario that happens to the people which try anything similar to what you are trying to do.

JamesDaniel90

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Quote from: 0verseer on June 23, 2022, 11:57:09 AM

Spread too think and you get nothing decent enough. I think you should save that £5 per day till it was around £500 and wait for when the market dip enough to invest in. This way, it is easier for you to manage your investment because you know at what price you are in and what price you can take profit. Unless you really don't care and just want to get hold of a coin and keep on it for a very long time.

This is what I am thinking, I should just pick one not two to DCA daily as the returns won't be as good if I DCA daily into two.

I will think about it , up till now I have just been buying the dip every time the market drops significantly.

Topic: DCA £5 PER DAY - WHICH CRYPTO? (Read 294 times)