You would think after almost three years of being involved in the cryptocurrency sphere, that I would know how to trade. But I still am quite clueless. I thought I did well yesterday. I managed to put of few trades together, where I sold higher and then would buy back lower. I didn't catch the absolute crests and troughs, but I did OK with the little bit that I was moving around. I then bought back last night, and left it at that, so I could sleep well at night with a few more satoshis than I had 24 hours ago. This morning, just before work, I saw the market shoot up from a low of almost 2800 USD to a little above $3300. I thought, surely this must be near the peak, so I sold a little bit of my BTC. Now it appears the rally has continued and I find myself stuck with a fiat balance on Gdax. I know that it is recommended not to seek trading advise in this space. However, I really am clueless what to do. Any recommendations? Here are my options.
1) Keep the fiat balance on GDAX, so that I can continue to play around with the market at my leisure, and have both a BTC balance and a fiat balance.
2) Transfer fiat to Paypal and pay off the credit card balance that I have for them. (Coinbase charges a big fee to do this though, and I could probably pay off my balance outright with fiat I already have in the bank anyway.)
3) Buy back your BTC, use this as perfect example that I suck at trading and transfer all my BTC back to cold storage so I can HODL.
Thanks in advance for the advice.
Well, I already said my piece a thousand times, but you do not listen to me.
Let me say it again, maybe for someone else who might read this.
Incrementalism is the key.... Buy on the way down, but not too much because you do not want to run out of fiat.
Sell on the way up, but not too much because you do not want to run out of bitcoins.
When in doubt, HODL.
In other words, when you sold, in this instance, bones261, you were giving a shit too much and betting on the direction of the price, then you get left holding the fiat bag, and you did not want to have that much fiat at that price point.. because the fiat is no longer working, especially when you see BTC prices go up an additional 15% or so after you sold.. and also make that kind of a price jump in about half a day... in other words, you suck.. because you keep playing TOO BIG... and the odds are going to catch up to you sooner or later, even if you are lucky several times before they actually do catch up to you..