So has anyone here actually treated themselves to anything after passing an arbitrary milestone?
Not yet. OTOH, my daughter asked me to walk her through my 'laddered day trading' strategy for monetizing the volatility. She's been sitting on her BTC for just shy of four years now. I guess she's ready.
Well, you going to share some kind of outline of that overall strategy with us (in it's current iteration and how it might vary for your daughter, who likely has a smaller BTC/fiat stash), or is your overall strategy a secret to pass only on to family members?
Oh hell, JJG. It's not secret. In fact, I've divulged it here before*. And indeed, to the extent that you have revealed yours, I think it is largely the same strategy.
You are the one who brought it up, and I am kind of getting another lovey dovey tinglie feeling to be anticipate that I could be having a bit of trade strategy bonding (sharing of commonality) with a picnic food eating bear.
*I've couched it in terms of 'taking value in fiat', in a means that plays off the volatility, that sometimes nets you even more BTC than before starting to pull out fiat value. Either way, maximizes your possible net. Maybe a month or two ago. Let me know if you need me to drag it out again. Though I distinctly remember you commenting upon at at the time.
I have read a few posts of yours on the topic, and surely you have informed me in various ways.. but I thought that you could share the overall essence, rather than just saying that your daughter is interested... I mean give us a bit more than merely that.
The important point is daughter is now interested enough to try to absorb it. I find this an excellent development, as dinner table discussion between the Mrs. and me has transitioned from 'what do you want to do now that we have all this money'? to 'what is the most responsible way to handle dynastic wealth'?
Actually that is a very important point. It takes a long time to put theory into practice and to hone strategies that are comfortable on a personal level and that are personally tailored.. and mistakes are likely to be made, too, in order to learn.. or at least mistakes will likely be made if someone is really engaging with the matter in a meaningful way to attempt to use BTC to reach personalized goals.
Really the only variable for a smaller owner is using smaller amounts. Everything scales to holdings.
Actually, I agree with you, but the owner of a smaller level of assets frequently wants to catch up and gets anxious and then starts to make BIG ASS mistakes.. that has been my experience trying to teach people, many times, they have difficulties keeping down their amounts and exercising restraint because otherwise they either run out of BTC on major price rises or they run out of fiat on major crashes. I have seen that a lot with people I interact, and even with myself it has taken a lot of time, and I am thinking that I am not completely immuned from such overrunning.
I'll simplify to BTC only, and only on GDAX (where makers pay 0%). At least at first. The strategy -- such as it is -- is applicable to other scenarios, perhaps with additional complications.
Actually, I think that it is good to be able to have the zero fee option, and surely if you try to trade in other place, you gotta cushion a bit more to account for those trading fees.
We're divided by a 45 minute drive and infrequent emails & phone. She really needs a full intro. I figure it'll be a written manual, plus live demo when we can get together.
I am kind of in the opinion to give guidance and then let the person practice and the person should practice with smaller amounts and then can get into more of an interaction about what s/he did and learning from mistakes and smart moves, too... so maybe writing less and just going over scenarios and letting the person develop a strategy that fits within some semblance of acceptable parameters.
First installment written and sent, but that is really an overview of available data that a trader might need. I'll post it if you want, but it is likely remedial for Bitcoin wall watchers, and only covers background info. Next installment will be an exchange overview, then third likely the method itself.
hopefully you do not bore her to death with your bear talk? hahahahhahaha..
I am just kidding. Hopefully, she will continue to pay attention through all three treatises... Maybe that is why I have such a love hate relationship with such a picnic bear... reminds me of myself, somewhat.