The question of whether you are already rich, whatever might qualify as "rich" to you, does seem quite important, as basically it brings attention to the scale at which you operate.
The more wealth you have earning for you, the lower percent profit you need to attain a given income.
That is, absolute profit and percentage profit are not always the same in effect upon people, depending on their scale.
If you only have a dollar to play with, 25% per year might not seem like much, maybe not even worth the bother.
That is likely a lot of why people use credit cards for convenience, at the level of a few groceries or a bit of gasoline 25% or so a year maybe doesn't seem much at all to pay for the convenience of buying it with a credit card instead of debit or cash.
But scale makes a huge difference to the perceived / experienced variance between a percent profit and an actual dollars or yen or pesos or whatever of profit.
The more wealth you have in play the lower the percent you need to make on it to cover basic expenses day to day.
So there is probably a lot of difference between strategies that arises simply from the scale at which the strategist is able to operate.
Also possibly the less wealth someone has available to play with the more willing they might be to put in some time rather than only put in wealth with as little time-at-keyboard as possible.
Unfortunately there is likely also a nasty perfect storm of bad circumstance where someone is not only low in capital to play with but also so broke they really cannot spare not only capital to play with but also time to do the playing, every spare moment occupied just trying to cover basic expenses so no time left to play at making profit on the markets.
A lot of the advice I see in threads here seems to involve just buying and holding, but even though that can give an impression that they don't want to spend time actually doing the buying and selling part nonetheless they still advocate putting in time since presumably the do your own research part they also typically advocate is also going to take time.
So I suggest re-considering the apparently common idea that one should just buy and hold then someday later sell; particularly at low levels of capital it really might be better to be doing placing buy and sell offers all at once rather than buying soon and selling some future maybe day when/if in profit.
Don't necessarily just run out and try it, but maybe at least look at the idea, do it in your imagination even as it were, as you do your research notice price movements, think about what would have happened had you not simply bought at some given price but also placed back immediately for sale at some higher price what you just bought.
If you have sell prices in mind, why not place those sell offers right now at the price you have in mind, so even if you are asleep when the price gets there your sell happens automatically?
If you figure you will sell N number at price Y, Z number more if it hits price A, why not place those amounts for sale at those prices up front instead of waiting to see whether price ever gets there?
Even in early days when exchanges flew by night maybe even more often than any stuck around long term, there was enough profit in such an approach that the losses from all the hacks and flying by night and so on just ate some of the profit leaving plenty more profit despite it all, nowadays when some exchanges sometimes stick around for several years there is even less reason to be so paranoid about leaving coins on exchanges that you miss out on the profits you could have been making on a lot more of the ups and downs than a pure buy and hold ever sees.
To benefit from the downs as well as the ups you will probably do best with coins that are not themselves fly by night or rugpulls or out and out scams, and it is worth bearing in mind that even things big venture capital goes into are probably often basically scams designed to scam money from venture capitalists, since it is known venture capital actually expects most of the things it goes into to fail so a lot of designed to fail things likely get lots of money from them.
The thing is you can get the best of both worlds by actually trading, if you trade one coin against another and one of them is something real and serious like bitcoin itself even if the other one is some more speculative thing. So consider the concept of investing not in some particular coin but in some particular trading-pair of one against another, the idea being whichever of the two goes up against the other, the other is going down against it, so all the downs are actually ups in the other direction just as all the ups are downs in the other direction.
( Bitcoin isn't going ever upward, fiat is going ever downward, for example!
)
-MarkM-
