Topic: how to invest best $2,000-$5,000? (Read 401 times)
Buy bitcoin! Buy Ethereum! Or buy bitcoin and Ethereum, these two projects will give you a ease of mind, they are good for long term hold and you can make lots of money by just holding them, the risk of losing money is small, trading requires skills that's why high risk is present, I'd invest instead of trading
It depends on what you prefer also we have different kinds of trading.
Short term trading this kind of trading makes you earn possible at the target you would like BUT take care this is the riskiest thing you would like to do. The higher the risk the higher the profit.
We have long term trading which is investments you will make to buy in the dip and hodl for a long time. This is the safest thing.
Those are your options it depends on your patience for me I do both but in short term, trading is just an extra fund.
Don't trade you can't afford.
Short term trading this kind of trading makes you earn possible at the target you would like BUT take care this is the riskiest thing you would like to do. The higher the risk the higher the profit.
We have long term trading which is investments you will make to buy in the dip and hodl for a long time. This is the safest thing.
Those are your options it depends on your patience for me I do both but in short term, trading is just an extra fund.
Don't trade you can't afford.
I want to thank you all for your input, I'm now active trader with positive trend of 1-2% daily profit, I think I found a new hobby 
In the end I agree that a newbie with no technical skills (including Maths skills) should stay away from daily trading.
In the end I agree that a newbie with no technical skills (including Maths skills) should stay away from daily trading.
This is my conclusion too, I also opened an ad for buying just $50 to play with trading, still my enthusiasm is fading out as I see people are more paranoid than me as nobody wants to sell.
I still don't understand the big difference from preev.com and binance actual exchange rate, I really hope my calculation about Binance /mining fees from the other thread I opened is correct otherwise the trading will be pure gambling for me.
I still don't understand the big difference from preev.com and binance actual exchange rate, I really hope my calculation about Binance /mining fees from the other thread I opened is correct otherwise the trading will be pure gambling for me.
If you're looking to just park your fiat in crypto then it actually doesn't make sense to buy Bitcoin at the moment (unless you believe it will go even higher when you're looking to cash out) rather use your funds to get a feel for trading and work out which alt coins at this point are down and might give you a better return.
I'd also recommend buying $25 - $50 on a regular basis and build up a modest bag.
I'd also recommend buying $25 - $50 on a regular basis and build up a modest bag.
I used to buy fiat this way, small amounts during several days till I reached the sum I needed, of course it can apply to crypto.
My observation during the years (still, I'm not a trader or any financial analyst or so), during Christmas period, at least in my country, the EUR/USD tends to go down so it's good moment to buy. Now you say for crypto it might go down after NYE, I'm sure others in this crypto world found similar patterns so we'll see...maybe neither a bull nor bear season will start but a rabbit one, whatever that will be haha
I hope this is not in the end pure gambling but more like educated guess, watching the world's events and trends for other currencies should help, right?
My observation during the years (still, I'm not a trader or any financial analyst or so), during Christmas period, at least in my country, the EUR/USD tends to go down so it's good moment to buy. Now you say for crypto it might go down after NYE, I'm sure others in this crypto world found similar patterns so we'll see...maybe neither a bull nor bear season will start but a rabbit one, whatever that will be haha
I hope this is not in the end pure gambling but more like educated guess, watching the world's events and trends for other currencies should help, right?
HODL like you like to say even if I don't understand why
Comes from a legendary older post from someone on BTCTalk who was drunk and couldn't write grammatically correct. As far as I see, it's not the good time to buy now anything but some small amounts to play with in order to learn more about fees and to figure out the best options/services that can be used to get lowest fees when starting with fiat, going through crypto then back to fiat.
This is mostly about luck now, honestly. You never know when the bull run ends, nor do you know whether a bear run is on the way. Most of the time, as far as I've noticed, it ends up as a crash post-NYE and then the real bull run begins months afterwards.But once again, you could start investing a fixed amount every day/week/month so that you get a favorable DCA. Rather than purchasing $25k worth of BTC today and losing half of it if tomorrow Bitcoin falls back to $12k, you could purchase smaller amounts every X days so that the average purchase price moves accordingly. This way, it's much easier to get back to a profit when market crashes happen.
I'll split my investment as something like 80% as BTC for holding (HODL like you like to say even if I don't understand why ), 10% as ETH and maybe 10% to play around to learn trading with those coins that seems to be more popular but with high percentage in variations in a way to cover the transfer/exchanges fees.
I'll try also to figure out if there is any link between the EUR/USD trends and BTC/ETH ones or if there is any psychological factor that is influencing the crypto trends.
As far as I see, it's not the good time to buy now anything but some small amounts to play with in order to learn more about fees and to figure out the best options/services that can be used to get lowest fees when starting with fiat, going through crypto then back to fiat.
), 10% as ETH and maybe 10% to play around to learn trading with those coins that seems to be more popular but with high percentage in variations in a way to cover the transfer/exchanges fees. I'll try also to figure out if there is any link between the EUR/USD trends and BTC/ETH ones or if there is any psychological factor that is influencing the crypto trends.
As far as I see, it's not the good time to buy now anything but some small amounts to play with in order to learn more about fees and to figure out the best options/services that can be used to get lowest fees when starting with fiat, going through crypto then back to fiat.
I suggest you buy bitcoin or Eth and hodl although I won't advise you buy now because of the high price at the moment. Be careful not to fall for scams or buy shit coins. Don't trade unless you know what you are doing. If you eventually do trade don't trade with more than 6% of your capital. I think that's a safe way to invest that much money.
for a coin that has actual real world use (cheap fast used by banks etc) and is fast becoming the currency of the world financial system then ripple xrp.
Fast transactions can also be found via the Lightning Network if you were to set up a node and channels with your Bitcoins.
for a coin that has actual real world use (cheap fast used by banks etc) and is fast becoming the currency of the world financial system then ripple xrp.
....
While I think it's great you're taking precautions to store your Bitcoins safely can I suggest you don't get too detailed in the specifics instead just describe more generally in case some one was wanting to try gaining access to your funds (regardless how meagre they may seem to be)
I'm glad that you know what you are getting into and had the right mindset before investing, of course, you know that diversity should be on top of your priority, and when it comes to investing it should be your own research.
I don't recommend buying and selling Cryptocurrency because of their policy but if you decide to do so be sure not to put all your money here, you can choose PayPal and non-custodial wallet and store your coins there, I always recommend to go for the top coin in the market but leave Ripple because of the issue it's facing right now.
I don't recommend buying and selling Cryptocurrency because of their policy but if you decide to do so be sure not to put all your money here, you can choose PayPal and non-custodial wallet and store your coins there, I always recommend to go for the top coin in the market but leave Ripple because of the issue it's facing right now.
Investing that money in Bitcoin if you think about it when the market price is at 3,000$ in the past month and selling it at 24,000$ would be a huge profit for someone who invested at the right time.
But to be practical you could always invest in popular coins in the market when the market price is low and take a gamble in it.
You could always visit and create an account in Binance and you could always see a lot of options in Binance where you could invest your money, and you could also try some futures or staking.
It's hard to imagine if because what you say is not as beautiful as the right time, if I knew that long ago buying bitcoin at $ 3000 and selling it now might be like but at that time there were different views, some panicked even bitcoin was hard to come back but in reality different and now much higher.But to be practical you could always invest in popular coins in the market when the market price is low and take a gamble in it.
You could always visit and create an account in Binance and you could always see a lot of options in Binance where you could invest your money, and you could also try some futures or staking.
By investing money in bitcoin I think there is no need to worry because this is clearly a popular coin so what we need to hold back is panic when the market is down that's what we have to be able to control because everyone is for a stop-loss and doesn't want to lose big.
On Binance a lot of coins that are at stake can also be a recommendation for the long term.
After several more hours spent on reading and watching youtube tutorials then re-reading your answers I can understand them better (still dollar cost average perhaps I'll have to Google).
What I did so far:
- I created an Ubuntu booting USB key
- that allowed me to access my bitaddress.org locally saved on HDD
- I created a brain wallet that gave me private key and public address
- I created also 7 Paper wallet pairs
- I saved both on HDD as .pdf
I don't feel the need yet to go for Trezor One but that will be my option once I learn more.
Now about storing these .pdf files I created, I intend to apply some personal (symmetrical) ciphering on them (or to embed the keys into pictures), even to break them in pieces that I can restore with hex editor or my own script and to store few copies online (emails, Google drive) -> do you see any risk about such method?
What I did so far:
- I created an Ubuntu booting USB key
- that allowed me to access my bitaddress.org locally saved on HDD
- I created a brain wallet that gave me private key and public address
- I created also 7 Paper wallet pairs
- I saved both on HDD as .pdf
I don't feel the need yet to go for Trezor One but that will be my option once I learn more.
Now about storing these .pdf files I created, I intend to apply some personal (symmetrical) ciphering on them (or to embed the keys into pictures), even to break them in pieces that I can restore with hex editor or my own script and to store few copies online (emails, Google drive) -> do you see any risk about such method?
- Electrum is the best wallet
As of now, I think, yes. Electrum has been around since year 2011 and and I didn't encounter any issues using their wallet, though it does not offer a good GUI for their users but still, there are lots of function which you can use either advance or just the basic "send" and "receive" function. Much better if you can use it along with Ledger products (Hardware wallet).- I was thinking to trade 1-2 times a week or month, so a semi-passive way for making profit (like a bank deposit but with higher interest) => what's still your best recommended approach? (I still hope I won't get addicted to that method whatever it'll be to end staying online 12hrs/day)
Wait? I highly suggest that if you are planning to get into trading using your large chunk of money, it would be a good idea to start first learning first what is a "Risk Management" specifically the risk to reward ratio for every trade you are planning to do on a daily or weekly basis or even on monthly basis or whatever your preference is..Remember that the market does not always favor your bias (long or short), and it could mean that you will consistently make a profit.Complement your risk management with T.A if you want to stay in the long run. Invest in yourself first to avoid losing much of your hard earned money.
Investing that money in Bitcoin if you think about it when the market price is at 3,000$ in the past month and selling it at 24,000$ would be a huge profit for someone who invested at the right time.
But to be practical you could always invest in popular coins in the market when the market price is low and take a gamble in it.
You could always visit and create an account in Binance and you could always see a lot of options in Binance where you could invest your money, and you could also try some futures or staking.
But to be practical you could always invest in popular coins in the market when the market price is low and take a gamble in it.
You could always visit and create an account in Binance and you could always see a lot of options in Binance where you could invest your money, and you could also try some futures or staking.
I'd first invest it all into bitcoin and not even consider altcoins. If bitcoin investment is climbing up a mountain, altcoin investment is like doing the same thing in a war zone with bombs falling all around you and ground shaking. Sometimes something blows up and throws you towards the peak but most of the time you'll slip and fall lower.
Try to get your first investment out as soon as you can. If you invest 2000 and get a 100% profit, take 2000 out of the market and keep the other 2000 invested. This will calm you down and make you feel like the money you're risking is free.
Try to get your first investment out as soon as you can. If you invest 2000 and get a 100% profit, take 2000 out of the market and keep the other 2000 invested. This will calm you down and make you feel like the money you're risking is free.
First of all, I'd advise to stay away from altcoins, especially as a beginner. If you are interested in them, my advice is to start slowly studying them while building your BTC investment.
Dollar Cost Average, which was suggested in the replies above as well, is the strategy I support too. One particular thing I wanted to warn is to be careful about the platform you choose to purchase BTC through and where you want to hold your coins. Revolut, PayPal and other large business names are sometimes not so happy to support their cryptocurrency-investing/trading customers, blocking/freezing their funds for some potentially absurd reasons. As long as you're holding your money on their platform, they pretty much have more power over your coins than you do.
Before anything, just read the Terms and Conditions of the platform you want to start investing on. Be it Binance, PayPal or whatever else, find out if you agree with their terms and if you do, then proceed. Otherwise, find some other company instead - or be your own bank using Electrum as the wallet and HodlHodl or Bisq as the platform to purchase/sell your coins.
Dollar Cost Average, which was suggested in the replies above as well, is the strategy I support too. One particular thing I wanted to warn is to be careful about the platform you choose to purchase BTC through and where you want to hold your coins. Revolut, PayPal and other large business names are sometimes not so happy to support their cryptocurrency-investing/trading customers, blocking/freezing their funds for some potentially absurd reasons. As long as you're holding your money on their platform, they pretty much have more power over your coins than you do.
Before anything, just read the Terms and Conditions of the platform you want to start investing on. Be it Binance, PayPal or whatever else, find out if you agree with their terms and if you do, then proceed. Otherwise, find some other company instead - or be your own bank using Electrum as the wallet and HodlHodl or Bisq as the platform to purchase/sell your coins.
The goal is to increase this balance on monthly basis (how much it's hard to say but 3-5% would be nice), a potential profit will go for buying goods to sustain my hobby (fishing gear).
As a beginner in investing and trading I would recommend to lower your expectations . 3-5% on a monthly basis is a huge profit. If you can sustatin such returns on a long term you make around 50% per year which is a lot. To get these kind of returns you also need to accept a lot of risks. As a beginner it is better to go for less risky trades. In my opinion try to go for a little bit longer time horizon for your trades, when starting out in trading a big problem is trading to often and generate a lot of trading fees. All the fees that you have to pay for buying and selling a coin you will need to earn back.
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